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Construction market growth due to residential development

Publicat la 05.11.2007, 22:00:00

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Construction market growth due to residential development

"Owing to the fact that there are less infrastructure projects than expected and that the lack of skilled personnel is impacting on the market, this rise is surprising," said Executive Director of the Constuction Companies Employers Union, Adriana Iftime. She added that total growth of the construction market was estimated at some 20 percent at the beginning of 2007.

Engineering construction rose 36.4 percent year-on-year, while growth on the non-residential building segment amounted to 35.2 percent.

"We must also factor in the evolution in prices of construction materials and labor in this growth," according to Adriana Iftime.

The Technical Director of construction company Astaldi's, Luca Canino, also indicated that he had not expected such spectacular growth on the market. "We had estimated a 20 percent increase for this year," he said.

According to consultancy companies in the real estate field, investments made in the most important residential complexes finalized this year exceed €500 million in Bucharest alone. These projects comprise some 3,500-4,000 new homes and apartments.

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