Bermo to freeze real estate projects in 2009
09 January 2009
Real estate developer Bermo Group, controlled by Imotrust, is considering postponing its projects scheduled for 2009 until the market bounces back, the company said. The company is currently in the final stage of the development of three residential projects, which include five buildings with a total 170 apartments.
''The crisis has caught us on the wrong foot, with projects in mid-construction,'' Flavius Esnican, the group's marketing manager, said. The company official said that the pace of sales fell abruptly in the past months.
There has been a sharp decline in interest in the local real estate market for home acquisitions since the second half of 2008. By year-end, players began admitting that the market is affected by the financial crisis, changing their investment plans in an attempt to cut costs.
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