Real estate gets cheaper on bourse by over 80 percent in past two years

The main first 15 real estate companies on Bucharest Stock Exchange (BVB) lost over 1.3 billion euros from their maximum value which they had reached in mid 2007, with both the capital market and the real estate sector were among the first affected by the financial and economic crisis in the past two years, writes daily Ziarul Financiar on Thursday.

If in July 2997, the value of the biggest companies listed in the real estate sector exceeded 1,57 billion euros, currently the same companies together have a value of 261 million euros, less, for example, than the capitalization of Impact developer two years ago.

All the companies with exposure in the real estate sector lost much from their value, be they real estate developers, such as Impact, Imotrust and Comnrod, of companies holding commercial and logistic spaces, such as Bucur and Metav, or of companies holding large land areas in Bucharest, such as Romaero and Timpuri Noi.

The most valuable company is real estate currently is Unirea Shopping Center, controlled by businessman Dan Adamescu, who owns Unirea shopping center, in downtown Bucharest. The value of this company fell 52 percent in the past two years.

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