Real estate transactions drop by 3.8% in July

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The Romanian real estate transactions dropped by 3.8% in July from the same period a year ago, with July being the third consecutive month seeing shrinkage, show figures supplied by the Romanian Public Notaries’ National Union.
The notaries recorded 43,239 real estate transactions in July, down from 40,383 in June. The number of such transactions stood at nearly 45,000 in last July.
There have been conducted 293,031 real estate transactions in the domestic market since the beginning of the year.
 
The growth pace slowed down compared to the level recorded in the first six months, when it was more than 10%. The drop comes amid maintained uncertainty over the developments in the real estate market. Since access to funding has become more difficult for the developers and buyers alike, there are now expectations related to price corrections and, therefore, the potential buyers choose to wait.
 
The taxes levied by the notaries on the income from the transfer of real estate property went down by 13.7% to 94.1 million lei or 26.3 million euros.
According to Ziarul financiar daily, the prices of three-room flats in Bucharest have dropped by 5% from the beginning of the year, with the depreciation being the result of the developments seen in the real estate market in the last 2 months.
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