Despite the world real estate crisis, the Romanian market continued to have the most dynamic development within the EU in 2008, a National Prognosis Institute report shows. Thus in the first semester a 33.3 % increase registered with a GDP contribution of 8.1%.
In the first 8 months of the year, the activity of the sector increased by 31.5% as compared to the similar period, in 2007. Eurostat, gathering up data from all 27 member states, showed that Romania registered the fastest growth pace in the EU despite the decrease of the sector in other EU countries.
An important indicator for the real estate dynamics is the number of authorizations released for the construction of residential houses:
- in the first eight months of the year, there were 41,290 authorizations, a 11.2% increase as compared to the similar year in 2007
- in August 2008 there were 6,057 authorizations released, with an increase of 3.7% as compared to July 2008
- of the total authorizations, 61.7% were for the rural area