The main problem is the lack of confidence in the market, and not the money shortage”
Calin Bucur, consultant at Residential Department of Colliers International and leader of the team that drew BREI indice (Bucharest Real Estate Index) said the best moment to buy a house is when you have money and you need to move.
“A stable market, and mounting scores, are also some of the favorable conditions to make acquisitions. Currently, although you the home loan you can obtain is low, there are many banks urging to draw market share on loan segment and provides better conditions than the traditional ones”, said Calin Bucur (photo).
According people with cash, but who are feared to make any acquisition that prices will fall even to a lower margin is one of the reasons why sales backed down, combined with the fear of sagging individual financial strength and with the fear that the developer will not complete the project.
“However, I think there is a significant cash supply, considering that in 2006, when the interest for a loan was equal to the interest of today, people would still buy apartments on cash. For example, many of the Central Park’s residences were sold to end users who didn’t contract a banking loan,” Bucur added.
Colliers’ consultant concluded that the main problem for the residential market is the lack of confidence in the market rather than restricted money supply.
Translated by Camelia Oancea
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