Omilos Group manager: Retailers and developers revise plans downwards

The Romanian real estate market has been affected by the global financial crisis, which has lead to higher borrowing costs, and raises doubts among developers and retailers, which are re-evaluating their positions. “Both developers and retailers are revising their forecasts downwards, they are less optimistic and less enthusiastic than last year. I also think the effects of the financial crisis could be felt even more strongly in Romania next year,” says Nicolae Danciu, general manager of Omilos Group, which yesterday inaugurated its first project on the Romanian market, ERA Shopping Park in Iasi. The project, which has also included a Praktiker store since early August, has so far been expanded to comprise a Carrefour store and a 62-store shopping gallery. The exclusive rental agent is consulting firm CB Richard Ellis Eurisko.