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EVOLUTION OF CONSTRUCTION UNDER THE IMPACT OF ECONOMIC CRISIS
Abstract
The economic crisis triggered in 2008 in US, affected all countries, with consequences in many fields, construction buildings domain facing a drastic decrease compared to the period 2006-2007. This situation led to the inability of people to do real estate acquisitions, which led clearly to changes in market demands. Experts and real estate developers from all over the world have tried to find different recovery solutions, given that its effects affected a huge number of people and companies. It is known that the activity of the construction is one of the oldest preoccupation of people, since the ultimate objective is the place where life unfolds, the artificial/built environment where human day-to-day activities take place. Since ancient times, it is considered that the builder/constructor bears a great responsibility and will incur penalties when it fails to achieve a building that meets the goals set by the employer. In the current market economy, investment is an essential tool for achieving economic modernization, creating through it new structures that are more efficient, that are aligned with strategic perspectives of the society of pursuing and obtaining useful effects of economic, social, environmental nature. In Romania after 1989's revolution, construction and assembly activity, passed through a relatively short period of 2-3 years of stagnation and disorganization, a clear attempt to adapt to economic freedom recently installed, after that the first signs of recovery appeared. This period meant a reorganization of the existing construction companies with majority state ownership and privatization of some, many of them having already privately owned capital. Almost five years of crisis after 2008, brought a decline from year to year the purchasing power of Romanians that was fully felt on the real estate market, both on the acquisition values of the houses/building and on the consumer behaviour in borrowing capital. This paper presents a study on the evolution of the field of construction and impact on the environment from the beginning of the economic crisis until now, a nationwide study, especially at the local level in Cluj-Napoca, a city that experienced a real estate and economic boom in last 10 years.
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http://www.imobiliare.ro/indicele-imobiliare-ro/cluj-napoca, 2017
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