January real estate transactions dawn 50%
27 February 2009
The number of real estate transactions could drop by a minimum 30% this year, considering worsening market conditions and a 50% decline registered in January, Vice President of the National Union of Romanian Notaries Public (UNNPR), Ion Marin, said. Marin added that he hopes that the real estate market will begin to recover this summer, when banks are expected to resume lending.
The number of real estate transactions fell 25% in the last four months of 2008, and by over 7% year-on-year in 2008. The downward trend, which began in September, continued in the final month of 2008, when the number of transactions dropped to 33.000, some 35% lower on the year. However, the sharpest drop, of 54%, was registered in November.
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