DTZ Echinox reports that the level of demand for real estate valuations in Romania has grown considerably over the past 12 months. The successful development of DTZs Valuation Department has seen the team undertake valuations totaling over €600 million throughout Romania in the last 6 months alone.
The 2nd half of 2005 saw strong demand from the banking and financial sectors for international standard real estate valuations. The development of property financing facilities in Romania and the active interest of a large number of property investors has fuelled this demand and is set to continue.
Several major valuation instructions were commissioned to DTZ during 2005 including several large portfolio valuations for an international bank, together comprising over 1,500 properties around Romania. In addition to large one-off instructions, there is an increasing demand for regular valuations by individuals or organizations that have property holdings, requiring annual or bi-annual valuations of their real estate portfolios.
As DTZs Valuation Department in Romania approaches its 2nd anniversary, the future of this market sector is extremely positive. Tim Wilkinson, a British qualified valuer and the Head of DTZs Commercial Property Department commented that our clients seek a high level of professionalism and the use of international standards adopted to meet Romanian market conditions, something which we base our success on. The market has moved fast over the past 3 years and techniques and standards have needed to be one step ahead of these changes.
Source: DTZ Echinox