Romanian real estate market will maintain for a long period its devel¬oping trend, in spite of the regressive tendency also imprinted to a consid¬erable part of the European space by the high risk mortgage credits crisis from the United States, which result is, for some time now, a state of uncer¬tainty and decrease on the regional markets.
The conviction that the real estate in¬vestment is the least risky in Romania is again dominating the agencies rep¬resentatives opinion. At the beginning of the real estate crisis in the United States, agents strongly believed that the internal market will not take the step backwards; then the course of things made them more moderate, but still defending the same position: the real estate remains the reference domain for profitable investments in Romania. A still growing domain that will continue to grow for quite a while until it reaches the point of a maybe prices adjustment. In other words, still “as safe as the Bank of England”.
Arguments supporting this idea, pub¬lished in the central daily newspapers and promoted by the national news agencies, are based on data and fig¬ures revealing that the internal market has still enough not covered space, and the time and money necessary for a long term continuous development. Also for a physical growth of prices.
There is much potential left. Pro¬vided mainly – according to RE/MAX Bastion specialists – by the banking system, the development of which made more permissive the warrant¬ed mortgage credits, the approx. 6% growth of a 70% private economy, a constant of the last years, the sala¬ries increasing as well as the grow¬ing demand for dwellings, coun-terbalancing the still low levelled offer. As a consequence, as long as demand and offer, the fundamental factors speaking for the real-opti¬mistically expressed opinion, remain on the same coordinates, the Roma¬nian real estate will continue its way forwards. Dwelling and land prices will not very soon go down.
Another fact speaking for this is that, differently from the European market that moved very quickly after the social events from before the 90’s, Romania did not build too much until 2005, and the residential projects only made their appearance two or three years ago. A noticeable difference, then, from countries hav¬ing built for tens of years and now forced to prices adjustments. The time-difference now offers Romania perspectives for the following years and a sooner entrance in the EU, the result of which was the prices imme-diate increase by 20% while aligning themselves to those of the member countries. At the same time, it is a significant fact that Romanians working abroad – a total of 2.5 mil¬lions – have opened a new gate for the real estate from inside the Romanian borders, known being that more and more of them can now af¬ford to buy here new houses.
Following this, only during this sum¬mer, in Bacau and its surroundings, for example, apartments and land prices recorded a 35% increase. Statistics still has more figures to support the expressed positive thinking: 87,397 transactions signed in the last month of this year’s first semester, semester counting a total of 227,235 transac¬tions; Romania, the fifth of the EU members concerning construction rhythm, three times more alert than the European average; 26,000 con¬struction licenses issued during the first semester, an increase by 28.4% as compared to the same period of last year and so on. Eventually, the limited exposure to the high risk mortgage credits market and the actual plans of certain giant companies as Microsoft and Renault to open centres in Roma¬nia constitute another advantage for the domain in discussion.
Opinion shared by the agencies rep¬resentatives activating in Romania is convergent – particularities like the exposed ones ensure the local mar¬ket’s emergence. The real estate offer in Romania is on-growing and at least the following two or three years will not bring the touch of the general crisis.
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