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Colliers study: Real estate market would have chocked even without a financial crisis

de Radu Rizea     HotNews.ro
Marţi, 17 martie 2009, 18:20 English | Business

The real estate market would have been blocked anyway, even without any financial crisis, because of the lack of coherence between demand and offers, said the experts working with the Colliers International consultancy company. "The global crisis saved us from a local crisis", said Bogdan Georgescu, managing partner at Colliers International, during the launching of the latest report on the Romanian real estate market in 2009.

According to Georgescu, the Romanian market was over-optimistic, filled with opportunism and shallowness. "The greed and the shallowness made us blind to the needs of the market. The time when everything was sold at any price is gone", said the Colliers official.

The need for apartments in Romania is real, but the offer must be correlated with the demand. The example saying it all was the city of Arad, where between 7 and 10 projects for malls were put up, but the true need was of one or two such commercial centers.

The expert also said that an unblocking of the segment seem less than probable for the near future, since clients are afraid to buy or invest.


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