'SIMPLE ECONOMIC FACTORS' TO DRIVE ROMANIAN MARKET
Monday, 20 Aug 2007
A set of simple economic factors will drive a heated Romanian property market over the near future, one expert claims.
Investment specialist Property Secrets says that there will be a huge surge house prices in Romania - as finance providers in the country start to offer 100 per cent mortgage products. This will make much more money available to Romanians, who will be chasing a limited supply of property.
This inevitably will lead to pronounced growth in prices, says Simon Blakebrough, an investment broker at Property Secrets.
"Well, the mortgage market is set for a major and rapid expansion that will see the number of lenders approved by the central bank to offer 100 per cent mortgages rocket from precisely one to double figures," he told news and classifieds site Easier.
"In fact, as many as 15 more banks are likely to win 100 per cent loan to value approval from the National Bank. That's how many applications are still up for approval.
"What we'll see is a further aggressive drive among mortgage lenders to win market share in the increasingly competitive Romanian market. I think what we'll actually see mortgage rates driven down to near margin as lenders compete for business."
Despite the fact that Romania's growing middle class are increasingly becoming alert to the opportunities offered by buying off-plan, supply still remains some way short of demand, with only 3,000 new units built in Bucharest in 2006.
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