Romania could witness the doubling of its mortgage loans market by 2009, bank official says
Publish date: 06-02-2008Romania's mortgage credits market could double next year reaching to 8 billion euros, according to the estimates of mortgage loans division manager with Bancpost, Ana Cernat.
Cernat deems in the future people will contract more loans in euro rather than in other currencies partially because most of the clients' spendings, including utilities, are calculated according the to single European currency.
Cernat also estimated that the total mortgage guaranteed loans will reach 10 billion euros in 2009. Although the mortgage loans market could double, it still has a very low percentage within the GDP compared to most of the European countries.
Mortgage loans stood at 3.4 percent of the GDP at the end of November last year. GDP on 2007 is estimated at 389.8 billion lei. Bancpost is Romania's sixth lender by assets. The bank last year held a 4.9 percent stake in the market, regarding the total volume of loans. Bancpost reported a 25.5 million lei net profit last year after suffering loses the year before.
NewsIn
Latest News:
- Insurance market stagnated in 2013 while GDP chare dropped to 1.3%
- The Romanian Leasing Market as of December 31, 2013
- Millennium Bank reports best results since its launch, helped by stronger banking income and cost cuts
- BCR cheapens First Home loans and lowers interest loans for loans in lei
- Millennium Bank's new Salary account clients receive up to 600 lei bonus and their utility bills' payment
- GarantiBank and Seamless introduce SEQR in Romania: the newest mobile payment solution
- Bancpost telecom services, now provided exclusively by Romtelecom and COSMOTE Romania
- Millennium Bank cards offer discounts in Domo stores
- BCR Supervisory Board reshuffles Management Board
- NBR decide to lower the monetary policy rate to 4.25 percent per annum
- Common appointments in Romtelecom and COSMOTE Romania
- Up to 5.5% annual interest rate for Millennium Bank's promotional three-month lei deposit
- Eurozone in recovery mode but gap between North and South still widening
- UniCredit Tiriac Bank and RBS Romania announce the successful completion of the retail clients' migration
- Millennium Bank grants First House loans in lei