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Real estate transactions dropped more than 50% in 2008

de Radu Rizea     HotNews.ro
Joi, 12 februarie 2009, 14:12 English | Business

Romania recorded in 2008 a decrease in both number and total value of real estate transactions. The major commercial transactions reached only 970 million Euros, half of the value in 2007, a study conducted by the real estate consultancy company Cushman & Wakefield reveals. The largest transactions took place on the retail and office buildings segments, which stood for 46 % and 33%, respectively, of the overall real estate investments. On a global level, the value of investments in commercial properties dropped 56%, down to 433 billion dollars, a level last reached in 2004.

In 2008, the most important transaction was the Upground project, sold by Deutsche Bank for 340 million Euros (35% of all investments). The investments also slowed sown in the office buildings area, the transactions adding up to 323 million Euros, 53% of the value in 2007.

The most important decrease was noted in transactions involving hotels (a 79% fall, down to 18 million Euros) and industrial buildings (-71%, down to 44 million Euros).

The real estate investments will continue to decrease in 2009, on a worldwide level, the Cushman & Wakefield analysts say, the market being expected to reach only 412 billion dollars at the end of the year. 


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