Number of real estate transactions down 30%, value halves

The number of real estate transactions fell significantly last year, by almost 30% against 2008, while their value halved, amid more difficult access to financing due to the tougher lending terms in the context of the crisis. According to data from the National Union of the Romanian Notaries Public (UNNPR), the number of transactions involving homes and land fell to 352,518, from 484,767 in 2008. The downward trend was apparent throughout the year, but the fall was steeper in the first six months of the year, which saw declines of 30-40% compared with the corresponding months of 2008. January 2009 saw the lowest number of transactions – 22,182 sale-purchase contracts, while October saw the highest number of contracts sealed (33,086 deals).

Towards the end of last year, the decline of real estate transactions slowed down, after the market of real estate transactions first started to drop at the end of 2008.