Colliers reports 17% turnover decline

Real estate consulting company Colliers International, which has been the market leader over the last few years, posted a 45 million-RON (17.6 million-euro) turnover in 2008, down 17% against 2007, when the company recorded revenues worth 21.2 million euros, the company has announced. Colliers repeatedly adjusted its turnover estimates last year, after in late 2007, company representatives expected an around 30% turnover rise, to 29 million euros. “The global financial crisis primarily affected the sales markets – residential, plots and investments – which in 2008 recorded significant declines, while the rental markets, which involve strategic, long-term planning, continued their upward trend,” said Bogdan Georgescu, Colliers managing partner, as comment on the results.