Expensive apartments, of over 200,000 euros, are currentlyselling only to clients with important cash reserves or with assetsthey can sell to buy a house, as outside the First Home schemebanks grant mortgage loans "only theoretically", according to realestate developers.
"Out of 50 apartments sold, only two clients bought on loans.Many sold other properties before buying from us. Others haddeposits. Around one third of buyers are foreigners, while the restare Romanians, mostly entrepreneurs, but also lawyers or managersof the advertising market or production," says Tamara Marinescu, acountry manager with Spanish Alia company, which developed a124-apartment complex close to Arcul de Triumf of Bucharest.
Banks' reluctance in granting mortgage loans is justified by thehigh number of apartments foreclosed lately. Despite this, realestate developers are upbeat about the chances of selling the builtapartments.
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