Newsblog \ Romania \ Romania's real estate market to suffer in '09 - Cushman&Wakefield

Sunday, 10 May 2009

Romania's real estate market to suffer in '09 - Cushman&Wakefield

The domestic real estate market will face heavy losses in 2009, being hit by the global crunch, Cushman&Wakefield said. ''The scenario will be as follows: less credits, therefore less housing units, less furniture, less home appliances, companies will stop developing, and there will be fewer rentals. As a result, we will witness a 'domino effect', a chain of shortfalls triggered by a flat economy. The absence of credit will lead to declines and restrictions in economy and the adjacent sectors will be severely affected,'' said Razvan Gheorghe, partner managing director of Cushman&Wakefield.

Gheorge added that amid financial crisis, job losses are inevitable. ''I expect the layoff percentage to reach 10% of the active population,'' he said.

Over 44.000 employees are expected to be laid off by March 2009, the National Employment Agency (ANOFM), has said.

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