Hercesa: Bucharest residential market, back in the game

Bucharest’s real estate market offers opportunities for residential developments, due to the increasing purchasing power and the cheaper loans in national currency, said Mauricio Mesa Gomez, the director of Spanish real estate developer Hercesa. After 2007, house prices went down by 30-40%, but starting 2015, the demand for new houses has increased, which has also triggered an increase in prices. Bucharest sees many new projects, said Gomez, cited by local Economica.net. “At the last real estate fair I saw 17 new projects.” The customers’ mindset has also changed, and clients are not as impulsive as in 2007, Gomez added. Hercesa has recently inaugurated the third phase of its residential project Vivienda Residencias. It will bring 123 new homes, following a EUR 14 million investment. The final project, which is due in the fall of 2016, will include 1,400 homes. editor@romania-insider.com