Romania's stagnating real estate market to revive in 2009
03 November 2008
The local real estate market will revive in 2009, with a boost in demand, following several months of stagnation, real estate developer Gea Prasa's General Manager, Rafael Ordas Dieguez, said.
"The local residential market is almost in a dea end. Potential buyers are scared, but the fear is not caused by the real estate market, but by the storm of information from abroad. Too many bad news come upon us every day and the financial crisis has an impact on Bucharest," Dieguez said.
Gea Prasa is currently developing the Laguna Residence project in northeastern Bucharest. The company plans to launch a new residential project in Bucharest next year. It will include 2,000 apartments for the middle class, worth a total EUR 300 million.
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