Real estate market remains stuck to 2009 level

The statistics of notaries public on real estate transactions concluded last year did not reveal major changes to the situation recorded in 2009, with the market experiencing a relative stagnation.

According to data of the National Union of the Romanian Notaries Public, real estate transactions concluded last year reached 352,272, slightly down against the 2009 level, when they totalled 352,541.

December saw 31,012 real estate transactions concluded, down from 31,413 in December 2009.

The residential segment remained the most affected one on the Romanian market, with relevant transactions concluded almost exclusively through the “First Home” scheme.

Consultants say, however, that on this segment funding has started to thaw, so that new projects might begin construction this year.

The number of real estate transactions exceeded levels in similar months of 2009 only in three months of 2010, March, June and August.

Data from the National Agency For Cadastre and Land Registration indicate a slight rise in the number of real estate transactions concluded in Romania in 2010, by 2.5% against 2009, from 562,637 to 577,023 deals.