Romania in freefall?

Prices of Romanian property are expected to fall by up to 60 per cent during 2009, it has been predicted...

According to Romanian newspaper Gandul, the coming months are likely to bring similar market conditions to those seen in 2008, when prices in and surrounding the capital Bucharest dropped by between 40 and 50 per cent, Balkan Travellers reports.

Ionut Ciocan, Senior Consultant at real estate firm DTZ Echinoz, told the news source that reductions of between 30 and 60 per cent are expected across the sector, with the values of more upmarket properties expected to decrease by between ten and 30 per cent.

"The sellers are on the market but more and more of them are squeezed by loans, while buyers don't tend to offer as much money as before," he was quoted as saying.

Earlier this month the BBC noted that Romania is one country that may become popular among British tourists looking for alternative holiday destinations during the credit crunch.

Source: www.propertyshowrooms.com