“The number of transactions fell even more, because through real estate transactions we also understand pre-contracts for new apartments, in projects which are being developed. People no longer trust projects; they want a finalized or almost finalized apartment. On the whole, I believe the decline is of 50 percent. Let us not forget that the first three months, when the market was frozen, make up a large share of the figures of these six months. Things started to change, and I am optimistic about the future evolution of this market,” said Ruxandra Cleciu, Manager of the Neocasa real estate company and former President of the Romanian Agency of Real Estate Agencies.
According to a report by Cushman&Wakefield, the volume of real estate transactions was of €23.6 billion in the first half of this year, down 66 percent year-on-year. In Romania, transactions totaled €62 million in H1, a 92 percent drop compared to the first six months of 2008.
Transactions totaled a mere €12 mln in the second quarter. “This is the lowest quarterly level registered in the past five years. Compared to the corresponding period of 2008, there was a 98 percent drop, reflecting the deadlock on the market,” said Costel Florea, Partner and Head of the Investment Department of Cushman&Wakefield Romania.
