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.

Send us your comment.

Refresh Captcha

mySpitogatos

Useful links: 

Other Services: 

Just added:: 

1
https://en.spitogatos.gr/mySpitogatos/service/login/check
https://en.spitogatos.gr/mySpitogatos/service/view/menu
https://en.spitogatos.gr/mySpitogatos/service/view/login
Please wait...