Monday, July 28, 2008

Notaries: Real estate deals down by 5% in June

The number of deals on the domestic real estate market has gone down over the last two months, by as much as 5% in June, compared with the same time last year, according to the data the National Union of Notaries Public of Romania (UNNPR) sent to ZF. After growth rates of 10.3%, 32.3%, 11.2% and 22.5% from January through to April compared with the same time last year, the number real estate deals fell in May and June by 3.5% and 5.3%. Therefore notaries certified 43,196 deals in May, compared with 44,749 in May 2007, and the number of transactions involving buildings fell to 40,383 in June, compared with 42,648 in June 2007. Over the last few months, the real estate market slowed down as a result of the bad news concerning the money troubles of some foreign funds, as well as expectations created on the market about price declines due to the new lending restrictions prepared by the NBR and to the increase in rates on RON and euros.



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