“We have to carry on expanding, despite the current market situation. Demand is currently inhibited due to the financial institutions which are finding it hard to evaluate their own state of affairs. However, companies driven by a vision have already started to look for a link to the international brands with a local presence, so that they can remain functional in three to six months' time, when we expect the local real estate market to become active again. After six months, we expect a surge in accumulated demand,” said Norbert Hockl, Coldwell Banker's local vice-president of strategy.
Currently, the firm has nine subsidiaries, five located in Bucharest and four more countrywide. According to Hockl, the companies delivering real estate consultancy services must have in their portfolio a minimum number of properties which could be of interest to their customers, which can be achieved by joining a wider and more powerful network.
In Hockl's opinion, housing demand currently exists and is growing because of an increasing urban population.
The American company, which specializes in real estate consultancy and brokerage services, entered the local market at the beginning of 2007 when its expansion plans included the opening of 20 offices in the first three operational years in Romania. Globally, the company runs 3,800 offices in 41 countries and is represented by 120,000 brokers worldwide.