Real estates markets in Romania and Bulgaria will continue to register significant decreases, leading to a price drop by almost 20% a Jones lang LaSelle report reveals. The Bulgarian real estate market registered a continuous increase for the last seven years but now, for the first time since the two countries entered the Union, both countries will have to face a significant stall.
Thus, experts estimate that 2009 will prove to be a difficult year for the residential sector in the two countries, NewsIn informs. The situation got even worse as several projects were not finished in time while others were even abandoned.
According to Romanian data, real estate transactions in the first couple of months of the year dropped by 37.43% compared to the similar period, last year. Thus, in January- February 2009, there were some 48, 610 real estate transactions, a 29,000 drop compared to January - February 2008 with 77,695 transactions.