BUSINESS

Gelin: A quick relaunching could happen in real estate

The timing of the end of the crisis is very uncertain, depending on the evolution of the economy of the Western states, but a quick relaunching could take place in the real estate sector, BRD-Societe Generale president, Patrick Gelin, said yesterday in a press conference. “The relaunching could occur in the real estate sector, but the market is now frozen. When the investors consider that the price is correct, the sector could restart very quickly,” Gelin declared, quoted by Mediafax. Gelin pointed out that BRD prepared the budget of the bank for 2010 relying on a zero economic growth, with a slight decline in the first half of the year, and a small growth in the second half. The president of the bank considers that the current crisis is not over, the timing of its cessation being uncertain, and the stake remains on the medium term. “The effects of the crisis on Romania were quick and violent. The crisis was predictable, because at the beginning of 2008 the economy was overheated,” Gelin added. He recalled that from the moment of the beginning of the crisis, the risks in the banking sector have increased significantly, the weight of the bad credits doubling vs. the end of the past year.

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