On the residential segment, Darian officials estimate a drop of up to 50 percent in the value of housing units from the peak reached in 2007, while the price of land, which rose due to speculation, could plunge by up to 90 percent.
Darian’s General Manager, Adrian Crivii, said that no new foreign investors are expected to enter the real estate market in 2009. The only companies which could still be interested in Romania are those that want to take advantage of properties, at ten cents to every dollar, according to the company official.
The company, which has a 15 percent share of the valuating market, posted RON 14 mln (€3.8 mln) in turnover in 2008, up 12 percent year-on-year.
Crivii said that spectacular moves can still be made on the market, with modest amounts of money. “We were hit by the crisis one and a half years after it started and I think that the recovery will take less. However, the sign that the market is rebounding will come from the country in which the crisis started,” Darian’s General Manager added.
