Arabesque: Real estate turmoil will be felt next year

Arabesque, the largest distributor of construction materials on the local market, with annual turnover worth 450 million euros, expects the constructions materials market to slowdown in 2009, amid real estate turmoil. In the first half of the year, the number of transactions concluded on the real estate market was down against the first half of last year, in the wake of the international financial crisis, and due to tougher lending terms. “Consumption of construction materials has been affected by tougher lending terms. However, the effect has not been as strongly felt as in other countries. We expect to feel the consequences of real estate market stagnation more strongly after some of the projects, which started in the last few years, are completed”, said Florina Necula, Arabesque?s marketing manager. The company posted a 20% sales rise in the first half of the year, against the first half of 2007, due to the large number of construction works underway.