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Businessman Dinu Patriciu: apartment prices will continue to drop / Euro to reach 4.8 lei by the end of the year

de A.C.
Marţi, 7 iulie 2009, 18:16 English | Business

The real estate market will continue to drop until apartment prices will manage the purchase power and the euro could register, by the end of the year, 4.7 to 4.8 lei, renowned businessman Dinu Patriciu declared, quoted by Romanian news agency Mediafax.

Dinu Patriciu, who recently purchased two investment funds with properties in Germany said that the Romanian real estate market will drop more than the German one and will continue to drop until prices in Bucharest will reach 700 euro/sq meter, a level close enough to be able to match the purchasing power.

He declared that he plans to use the money he gets from rents in Germany, some 100 million euro/year for investments in office buildings in Romania. Total investments in these projects might total some 1 billion euro.

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