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A New Perspective for Understanding Real Estate Market in Romania

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  • Ion ANGHEL1 si Vlad POENARU2

Abstract

This paper introduces an analysis of the factors influencing the real estate market participants' purchase decision, focusing on the residential segment study, on grounds of its visibility. A good knowledge of the set of intertwined factors leveraging the buyer's behavior can provide an explanation to the way the buyers act. The key concept underpinning the study draws on Philip Kotler's classification regarded as one of the most relevant. In order to better highlight these factors and the way they act, a whole theory has been developed around this analysis - The theory of mono-centered and poly-centered cities. The most interesting part of the article comes with its case study, shifting from theory to practice. The graphs therein illustrate the behavior and perception of the buyers of residential real estate properties in the capital city during the period 1990-2014. The work goes on to present forecasts and general conclusions to the residential real estate property demand. The article provides answers to key questions for the real estate professionals. However, since the answers and the analysis actually impart the authors' own interpretation, they can be viewed in a different light as well. This article builds on both accurate and intuitive information, the latter not lending itself to mathematical demonstration.

Suggested Citation

  • Ion ANGHEL1 si Vlad POENARU2, 2014. "A New Perspective for Understanding Real Estate Market in Romania," The Valuation Journal, The National Association of Authorized Romanian Valuers, vol. 9(2), pages 56-89.
    • Handle: RePEc:vaj:journl:v:9:y:2014:i:2:p:56-89
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    More about this item

    JEL classification:

    • D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • J10 - Labor and Demographic Economics - - Demographic Economics - - - General
    • J60 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - General
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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