Romania's central bank to carry on talks with notaries over future indicator of real estate market

Publish date: 12-09-2008
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The representatives of Romania's Central Bank (BNR) will meet again by the end of this month with representatives of the statistics body and of the public notaries to approve the final reading of draft to elaborate the indicator of the real estate market, said Ion Dragulin, one of BNR's directors.

BNR members have several times met notaries to get a better insight on the real estate market, having as doubt that real estate prices mirror the real value of lodgings.
The notaries are to provide most of the necessary data to elaborate the index, though BNR also contributes with statistics.

However, analysts deem this index could not reflect the real sums on the market, as prices requested by sellers are huge and the ones registered at the notaries offices are below the real level in most of the cases, since people try to pay lower taxes for transactions.

The head of the National Union of the Romanian Notaries Public (UNNPR), Dumitru Viorel Manescu, said in April UNNPR will collaborate with the National Agency for Fiscal Administration (ANAF) and the National Association of Romanian Valuers (ANEVAR) to create a database consisting of transactions and real estate prices. This is a move to boost transparency in this area.


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