Romania''s EU integration will generate significant moves on the Romanian market, especially owing to the fact that the country will become an intermediary area for the populations of countries that are not EU members yet, considers Iosif Pop, Imofinance group chairman.
"There has been a similar phenomenon in Hungary, where there is a significant community of Romanians. However, we will be an attractive area for the states that are already EU members, too, particularly for investors, as well as for the pensioners who will settle here for a peaceful living. In this context, the market will see accelerated growth both in terms of volume and value, and in a short while domestic real estate prices will be adjusted to Western European ones," stated the chairman of Imofinance, a group specialising in investments and real estate lending.
The group''s short-term strategy is designed to turn Imocredit into a mortgage bank by the end of this year at the latest. "As early as three years ago, when we launched the Imofinance group, it was clear to us, to all shareholders, that we were going to set up a mortgage bank at a certain moment. At this moment, the legal framework exists and regulation norms are going to be set by May. Once these norms come out, we will have six months for the authorisation process," Iosif Pop also stated.
He added that by May the group would increase its share capital by 13 million euros, a move that would allow for the transformation of Imocredit into a mortgage bank. The necessary financing will be secured from shareholders'' own resources, but the group''s management does not rule out the possibility of including another real estate investment company into the group. According to Imofinance chairman, in the wake of the new set of laws on mortgage banks, these will have a much larger scope of activity, from settlements, banking transfers, forex market operations, to placements in government bonds and even arbitrage operations. "In this context, mortgage banks will be able to compete, in terms of costs, with commercial banks. Also, the possibility of issuing mortgage bonds and of listing the mortgage portfolio on the stock exchange will bring mortgage banks new growth opportunities (...)," said Pop.
In his opinion, the mortgage sector and the capital market will be the main investment directions over the next years.
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