Market of real estate leasing to go up 65 percent in 2008

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The market of real estate leasing will go up some 65 percent in 2008 and 2009 given the development of the real state market, the biggest rise being estimated in the industrial and office sector, Vasile Cristescu, sales manager at Immorent IFN Romania said on April 16 at news conference devoted to real estate sector.
 
‘’The market will go up this year by 65 percent, up to 700 million euros and in 2009 we hope it will reach one billion euros. The rise is influenced by the demand on the real state market, the rise in the land prices and the economic growth, which attracts investors,’’ said the representative of IFN Romania, member of Erste Bank Group.
 
He said the industrial leasing for halls and storages will have the biggest rise, followed by the office sector and residential leasing. Also due to develop is leasing devoted to small and mediumsized enterprises and leasing for projects under public-private partnership.
 
According to the figures of the Leasing Association and Non-Banking Financial Services, the real estate market reached in 2007 as many as 461.38 million euros, up 213 percent compared to 2006 when the market stood at 147.48 million euros.
 
The biggest rise was registered by industrial leasing, which stood at 214.58 million euros in 2007, followed by office real estate leasing, which went up 327 percent to 151.06 million euros.
 
The real estate leasing for the residential sector grew in 2007 by 259 percent up to 86.82 million euros.
 
Real estate leasing accounts for about 10 percent of the leasing market in Romania, which reached 4.5 billion euros in 2007, up 51 percent as against 2006. At present, the banking sector finances, however, over 95 percent of real estate projects for population, whereas non-banking financial companies cover only 1.23 percent of financing.
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