Europolis forecasts record real estate deals in 2007

23. Oktober 2006, 00:00

Stefan Gheorghiu from Austrian real estate fund Europolis told business daily Ziarul Financiar that there could be...

Stefan Gheorghiu from Austrian real estate fund Europolis told business daily Ziarul Financiar that there could be record real estate deals on the Romanian market next year.

"The value of deals on the real estate market will get higher next year and we will see several acquisitions worth above EUR 100 million being concluded by the end of 2007. There will be a period of successive records," stated Stefan Gheorghiu, 33, general manager with Europolis Real Estate Asset Management.

"The real estate market has been growing since Romania joined the NATO and the EU integration will bring more investors to Romania. Nonetheless, we cannot anticipate what is going to happen with the market after EU integration," Gheorghiu said. Most real estate projects under development do not meet high quality standards because investors did not have the necessary experience, he added.

Many foreign real estate companies have entered the Romanian market since 2003. The market has been dominated bu Austrian and Irish investors but British companies have lately started important investments too.
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