Real estate market in Romania and the growth of new residential developments

• Author: Munteanu G.M.
• Pages: 303-308

Bulletin of the Transilvania University of Braşov

Series V: Economic Sciences • Vol. 10 (59) No. 2 - 2017

Real estate market in Romania and the growth of new

residential developments

George Marius MUNTEANU1

Abstract: This paper presents the results of a quantitative marketing research conducted on

Romanian people who bought a new apartment in the past three years. The purpose of this

research is to understand the consumer behaviour, their attitudes and opinions regarding the

most important criteria they take into consideration in the decision-making process of buying

a new property. This article su mmarizes the results of the research.

Key-words: real estate, quantitative research, buying new apartments, buying process,

consumer behaviour, attitudes towards financing sources, residential development

1. Introduction

The development of the real estate market and the sales records of the renowned real

estate projects in the country are a daily topic of discussion in Romania and this is

proven by the average sales of new apartments which surpassed 80

apartments/month in the main cities like Brașov, București, Cluj and Timișoara.

This research has the purpose to identify the methods used by real estate

consumers to purchase new apartments and to determine the most important criteria

that buyers utilize when they buy a new home.

The main purpose of this paper is to examine the new real estate market in

Romania from the perspective of opinions, attitudes and consumer behaviour.

2. Literature review

Most consumer behaviour studies focus on the decision-making process of the

consumer. The utility theory in economy and the attitude theory in social

psychology are similar and they represent the basis of the process of choice and of

the decision-making process of the consumer.

Consumers purchase goods and services for the benefits they obtain from

using them.

1 Transilvania University of Braşov, munteanu.g.marius@unitbv.ro