15 April 2009
Large-scale property projects in Romania worth a combined £2.7bn have either been scrapped or suspended, according to research carried out by the Ziarul Financiar newspaper.
It is estimated that as many as 6,000 homes in residential projects in and around the city of Bucharest have been put on hold by developers such as EFG, Martinsa-Fadesa, Africa Israel and Copper Beech.
The credit crunch and consequence fall in demand for property in Romania, have been cited as the main cause for the suspension of these projects.
See Also: Romania (5)
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