The residential construction sector will first rebound in small towns and only then in Bucharest, amid lower stocks of residential buildings outside Bucharest, believes Luca Serena, chairman of Italian group Euroholding.
“The residential sector experienced a boom especially in
Bucharest, there is demand, a lot has been built, but the stock has
largely remained unsold. In smaller towns, on the other hand, not
so much has been built,” believes Serena, who in Romania runs
Italian group Euroholding, with operations in the construction,
textile industry and real estate.
In fact, he says Romania should not miss the train of European
funds dedicated to infrastructure, because otherwise the government
does not have the economic force to invest in building motorways on
its own.
“It is an often-made mistake to believe that only after you build
houses or hotels should one build infrastructure. Or, it is the
other way round: we first have to build infrastructure. There’s no
point in building hotels or promoting Romania as a travel
destination if there are no motorways or airports close to the
tourist attractions,” Serena explains.