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Romania Construction

  • April 2014
  • -
  • Emerging Markets Direct Media Holdings
  • -
  • 16 pages

Summary

Table of Contents

The construction works index contracted by 1.5% year on year in Q4/2013, after the unexpected robust 8.5% year on year expansion in Q3. In full-year 2013, the index edged down 0.6% year on year, driven downwards by the poor performance in the construction of new non-residential buildings. The construction sector thus returned in the negative area after two years of slight recovery in 2011-2012.



The construction works index in 2013 was by 24% below the pre-crisis peak level reached in 2008, but however it hovered 3.6% above the lowest level reached during the recession period, in 2010.



The activity in the construction sector seems to have stabilized on low level, despite the slight annual decline recorded in 2013. The infrastructure projects, however, maintained sluggish pace in 2013 and prospects for 2014 are rather uncertain. Despite the authorities' declarative efforts, many large scale projects are delayed or stalled, few new projects are launched, while undergoing ones are facing financing difficulties.



The real estate market, on the other hand, was more dynamic in terms of transactions and new supply. The number of real estate transactions advanced by 16.9% year on year in 2013, according to our calculations based on official statistics. Approximately 114,500sqm of new modern retail stock were added to the market last year and prospects are encouraging for 2014 as well, considering that in February alone there were seven retail projects under construction only in Bucharest.



The residential real estate prices inched up by 0.8% year on year in Q3/2013, which is the first annual increase in the past three years. Nonetheless, in Jan-Sep 2013 prices remained by 0.4% year on year lower. The slight annual increase of residential prices is mostly explained by low base comparison and indicates a stabilization of the market and a rising interest of buyers particularly in H2/2013, encouraged by low prices.

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