The real estate market is practically frozen, private and public constructions are decreasing, investors target very few projects or development sites in adjacent areas and a lot of public projects are on hold partly because of extended blockage in European funding.
In Romania, the value of real estate has continued to drop in the past 12 months, but quite moderately, with more pressure in terms of development sites, their value having decreased by 5% over the last year.
The chronic financial crisis, which influenced both the global and, to a larger extent, the local economy, has also had negative effects on the consulting and valuation market. In the field of real estate consulting major companies went through a rough time between 2009-2010, a period which dramatically decreased their turnover and profitability. A period of consolidation and restructuring followed naturally, and with it a realignment of priorities towards still functional areas, developing new products and services but on a much smaller scale.
Legislative changes in regulating valuation, changes in fiscal legislation and unlocking of farmland transactions would open new market sectors. The future of consulting resides in innovation, creativity and useful services rendered to increasingly more demanding clients at more competitive prices.
The chance of economic revival, implicitly boosting the real estate industry and consulting, lies in re-financing. This is possible through accessing European funding for the budget of 2014-2020, eliminating financial losses in economy, financial transparency in using public funding and investment efficiency.