Real estate transactions in Romania go down 20.8% y/y in October, following the financial turmoilPublish date: 16-12-2008
The number of real estate transactions in Romania dropped 20.8 percent in October versus the same month in the previous year, following the economic crisis, according to data from the country's statistics body (INS).
As many to 41,672 real estate transactions were completed in October, versus 52,646 in the same month last year.
The number of real estate transactions stood at 33,478 in January, following seasonal variations, INS also showed.
The volume of real estate transactions fell 70 percent from the beginning of the year until November compared to the same period in 2007.
Constructions hiked 31.1 percent in the first nine months over the similar period last year, contributing with 2.4 percentage points at the economic growth registered from January to September.
Starting with 2002 and until now, prices on the Romanian real estate market grew at a spectacular pace and in the last five years, the market value of apartments, villas and land grew more than 500 to 600 percent.
Once the financial crisis knocked on Romania's door, the real estate sector was among the first to feel the effects. The local construction market is expected to decrease next year by as much as 15 percent, subscribing to the domino effect created by the economic crisis.
The local real estate market will escape the crisis at the debut of 2011 when it reaches maturity and investors no longer cash profits following speculations, but from developing lasting projects, the executive manager of real estate developer Futureal Group, Gabor Futo, said at the end of October.
- 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