Real estate transactions decreased by 30% as compared to 2007 in Cluj, central Romania

Luni, 17 noiembrie 2008, 13:49 English | Business

Real estate transactions in Cluj Napoca, central Romania decreased by 30% as compared to last year and some 200 real estate companies will close down in the following period, Napoca Business partner Alexandru Gliga declared on Monday for NewsIn.

He added that in 2008 real estate transactions decreased by 20-30% as compared to last year. He stressed that the current real estate crisis on the market will gradually cause bankruptcy to more and more real estate agencies.

Gliga said that there were 250 real estate companies in Cluj and most probably some 200 will disappear from the market. He added that the effects of the crisis will most probably end in two years time and if the real estate market will redress then the prices will continue to drop. Gliga said that prices will never reach their 2007 maximum level.