Bucharest apartment prices fell by as much as 30% below deal taxation level

Gaps of as much of 30% or more have emerged between current trading values and minimum prices depending on which taxes and notary fees are paid. The minimum value of the real estate deal tax and of notary fees is set depending on prices included in the “Handbook on real estate properties’ guide values”, known as “The chart or notaries public”, drawn up by appraisal firms at the beginning of each year for the Chamber of Notaries Public. In the context where the prices of apartments in certain areas of Bucharest have further dropped during this year by more than appraisers had estimated, chart values in some cases are even 30% bigger, a percentage that is reflected in paid taxes. There may be differences in the reverse sense, with basic values set in the chart being even 30% smaller than trading ones. “Chart modifications may be requested during a year if large differences between chart values and trading values are noticed. The Finance Ministry has to approve changes,” says Alin Briceag, a spokesperson for the National Union of Notaries Public in Romania.