ADAMA: The need for cash has changed the residential market

After a few years of developer domination, when home prices were rising from one month to the next, and properties would sell like hotcakes, the residential market has slowed down and shifted power to the buyers. This last year, potential buyers opted to wait, to feel the market, to make sure they"re making the best choice, says the management of Adama, a well known local residential developer.

Because Adama"s has long term plans for Romania, the Israeli developer now offers some new methods of payment: partnership with major banks such as BCR or Bank Leumi in order to remove bureaucracy, just 5% downpayment, support for the the payment of homes under the "First Home" program, payment of installments for the "First Home" program during the first year.

In a press release sent to our editors, Adama officials said that the need for cash changed the residential market by causing a drop in prices, most of the time in a reasonable proportion. But this drop had a dramatic effect: buyers took a "wait-and-see" approach, until the market would stabilize.

The projects of Adama bearing the Evo Casa brand, are built in central areas of Iaşi, Bacău, Ploieşti, Braşov, and in Bucharest, - in Titan, keeping the ultracentral area of Bucharest for the Evocasa Selecta luxury project, built in the Foişorul de Foc area. This year, Adama will deliver over 500 apartments. The company has several thousand apartments under construction, which illustrates their conviction that the economy will recover, said Asher Lax, Sales & Marketing Manager at Adama