Romanian land values 'will drop 90 per cent'

The value of land in Romania could drop by up to 90 per cent during 2009, it has been claimed.

According to Property Secrets, a report in Romanian newspaper the Standard has suggested that the value of housing units will also be halved from their 2007 levels due to the lack of foreign investment.

The statement comes from the valuation and consultancy firm Darian, with general manager Adrian Crivii stating that there is no overseas investment scheduled to take place in the country during 2009.

He noted that the only interest may come from those who want to take advantage of cheap properties, something which investors looking to buy property abroad may wish to consider.

Mr Crivii added that purchases can still be made despite the economic climate, telling the news source: "The sign that the market is rebounding will come from the country in which the crisis started."

Earlier this month, BNP Paribas told media fax that there is an opportunity for Romanian property developers to build cheaper housing, noting that they must adapt to a changing market.