“Because international banks have become more prudent in offering loans, investors will face hard times in getting the needed money to buy projects,” Momiceanu added. However, the investment segment was only temporarily halted, Atisreal officials suggested.
“Current financing conditions on the international market indicate that the first half of 2008 will see a slightly slower pace or a stabilization, but the second half of the year will see an aggressive warm -up preparing a new growth period on the real estate market, due to real estate investors' interest in Romania,” said Henri Faure, deputy managing director of BNP Paribas Real Estate and president of Atisreal.
According to Atisreal's local market overview, prime net office yields in Bucharest were easier to achieve due to the shortage of available products and ever-increasing demand, with prime office yields reaching six percent in 2007.
Atisreal entered the Romanian market in February this year by taking over Cornerstone, the former Romanian-based franchise of the American company CB Richard Ellis. It is planning a EUR 4.8 million turnover in 2008.
This major transaction added to another important take over on the local real estate market, as Eurisko was bought with $35 million by the American group CB Richard Ellis (CBRE). By acquiring Eurisko, CBRE re-entered the Romanian market directly, after the American group withdrew the franchise from the Cornerstone team in 2007.
The Cornerstone annual turnover growth of 60 percent was exceeded in 2007. Representatives of Atisreal Romania expect a 60 percent growth in 2008.