Banks are starting to pressure developers whose projects theyfinanced to drop prices and accept lower profit margins in order tosell the buildings they erected, says Sergiu Oprescu, chiefexecutive of Alpha Bank. "The concept of prices the developers wantceased to exist a long time ago, because all the buildings werefinanced by the banking system, which is pressuring for a pricedrop, thus eliminating much of the profit margins companies set outto get for these apartments," Sergiu Oprescu was quoted as sayingby Mediafax. At the same time, banks are offering preferentialloans to those clients who buy apartments in the projects theyfinanced, thus trying to drive sales, so that developers would notfall on hard times for lack of cash. Oprescu believes the "FirstHome" governmental programme has had its positive effects, such asthe stabilisation of prices, which had been going down on the realestate market before that, and the premises for creating a moreactive secondary market in the real estate sector. "Still, theprogramme is not enough because very few of the applicationsreceived were directed to new buildings. Very little of the moneyavailable through the programme is used to buy real estatedevelopments completed over the last two years, which are thosethat could really reboot the real estate market."
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