“Price was the problem, not housing demand. The market will rebound”

The Romanian real estate market has in recent years attracted a lot of foreign investors through the fast profits it brought, but this is not the model that will lead to long-term economic growth, believe the lawyers of Fuster Gascia-Berdoy firm, the Madrid associates of Tuca Zbarcea & Asociatii law firm. Nevertheless, despite the current freeze, real estate development is necessary, the lawyers believe, considering old housing units still prevail. "(...) In Romania, real estate development will have to rebound as price was the problem, and not housing demand," considers Jaime Fuster, a partner with the Spanish firm. "The real estate market will pick up in Romania, as well, with its advantage coming from by the high number of owned housing units, a solid base for new projects (...)," says Pablo Garcia-Berdoy, the second partner of the firm and former Spanish ambassador to Bucharest. The two organised several meetings between the representatives of 15 Spanish engineering firms and local authorities, as well as potential clients this month in order to start some investments in Romania.