Romanians' financial and real estate wealth declined in 2008, for the first time since they started to be calculated. The crisis has so far eaten around 4.3 billion euros into Romanians' financial wealth, to which real estate losses estimated at 54 billion euros are added, bringing the overall loss to 60 billion euros. For the first time in the last few years, in 2008 Romanians saw financial assets account for a lower share of the GDP, with the crisis generating a 6% decline against 2007, from 33% to 27% of the GDP, according to an analysis of the UniCredit group. Although salaries continued to record two-digit growth last year, the RON's depreciation by around 16% against the previous year, the sharp fall of the Stock Exchange and the 20% decline in the average price of homes ended up biting more and more into the value of financial and real estate assets. "The declines on the Stock Exchange and in the real estate sector have been impressive and will be even more impressive in the coming period. On the real estate market, I expect another price correction by 20-50%. It will probably be four or five years before we return to the 2008 peak in terms of wealth," says Dragos Cabat, chairman of CFA Romania, the association of internationally chartered financial analysts.
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