property buyers could get cheap homes in bucharest
News Posted On: 19 May 2009
Property abroad prices in Bucharest, Romania are likely to fall by as much as 20 per cent this year, an industry expert has suggested.
According to a study by global real estate consultancy Jones Lang LaSalle, the city is one of a number in the region that are likely to see a further slump in the property market this year, reports the Sofia Echo.
The publication asserted that the decline in the market could be attributed in part to the withdrawal of foreign investors.
However, the tight credit conditions have also contributed by making it increasingly difficult for local investors to acquire the necessary funds.
Analysts at Jones Lang LaSalle said the cyclical real estate sector is likely to carry on throughout 2009 and there is unlikely to be a turnaround before 2010.
Data compiled by Romanian publication Ziarul Financiar earlier this month revealed that the worst price fall in Romania was in the Drummel Taberei district, where the cost of property fell by over 25 per cent.
Written by Jamie Arthur
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