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Average mortgages twice as high in Bucharest as in the rest of Romania

The average mortgage granted in Bucharest in the past 12 months amounted to 70,000 euros, while that in the rest of the country amounted to 30,000-40,000 euros, daily Business Standard quotes the head of National Bank of Romania’s (BNR) Financial Stability Department, Ion Dragulin as saying on April 17.
Furthermore, some 13,000 mortgages were granted in Bucharest in the past 12 months, compared to an average 2,000 mortgages in each county, he said.
According to Dragulin, the number of mortgages granted in the past few years to individuals is lower. However, Real estate loans for companies have risen in the past few years. Given increasing living standards in Romania, a positive economic forecast, and the moderate impact of international market turmoil on the local market, mortgages for individuals could rise again shortly, added Dragulin.
Speaking about the real estate market, Dragulin indicated that supply is increasing, compared to previous years, and risks of a housing surplus could occur in small towns. Many real estate deals are made with no banking mediation. “The number of real estate transactions is significantly higher than the number of mortgages,” he said.
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