Romania's real estate market in stagnation, not crisis
29 October 2008
The local real estate market is not undergoing crisis, but a stagnation phase, due to lack of a regulation system for the sector, the President of Impact developer, Dan Ioan Popp, said.
State involvement in housing acquisitions would lead to market revival, Impact's head said during a seminar. "Some 10-13 industries are depending on the Realestate industry, totalling 30% of Romania's gross domestic product (GDP).
If the state invested EUR 1 billion to purchase 20,000 housing units, it could save the market from falling and prevent GDP losses up to EUR 3 billion - EUR 5 billion," Popp said.
<<< back to Romanian news >>>
International Property News
Latest World News