The chairman of the Romanian Savings House (CEC) Constantin Radulescu believes that the house prices will continue to rise as the mortgage and real estate loans are becoming more accessible, and the building pace of residences will accelerate. Radulescu says it is likely that the annual 30,000 average will be exceeded in 2006.
CEC and Romania Owners Union together with Romania Concrete Company signed on Wednesday an accord that entails residence building with new technology that saves construction costs. The price of 370 Euros/sqm for a residence is below the current prices on the market.
CEC will grant loans for 35 years, with an annual RON interest of 9.5 percent.
