Low interest for real estate investments in Romania at the Expo Real Munich
22 October 2009
Only five foreign companies showed interest in investing this year in the real estate sector in Romania at Expo Real Munich, one of the largest real estate exhibition in Europe, as against 142 investors in 2007 the CEO of a consulting company declared on Tuesday.
While in 2007 there were 142 foreign investors interested in the real estate sector in Romania, in 2008 their number dropped to 35 investors because this year at Expo Real Munich only five companies were interested in investing in this sector. Romania is not interesting for investors. These investors had very clear demands referring to the market in Romania, but have a very bad opinion about the way in which business is made here, Ilias Papageorgiadis, the general manager of More Real Estate Services declared on Tuesday at a press conference.
The five foreign companies are interested in properties generating income, farming land, alternate energies and cultivating forests or other framing projects, Ilias Papageorgiadis also said. At the same time he did not reveal the names of those companies. The CEO of More Real Estate Services mentioned the fact that we should not treat foreign investors who come to Romania as people who do not know what they are buying. “They really know when they are cheated. If the Romanians do not change their attitude the investors will not come to invest the following year”, Papageorgiadis said.
He added that the Romanian investors’ attitude in the real estate market was optimistic in 2005-2006, arrogant in 2007, denying reality in 2008 and they should wake up from a deep sleep in 2009.
More Real Estate Services is a consulting company which entered the Romanian market in 2004. Until now the company consulted transactions whose value exceeds 400 million euros.
Besides consulting More Real Estate Services is looking for properties and finances them being specialized in commercial and retail sectors (which means projects in agriculture and energy).
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