Romanian Property Values To Be Reduced By 15% In Property Guide

The 2009 guideline for values of real estate in capital city Bucharest and southern Romanian counties of Calarasi, Giurgiu, Ialomita, Ilfov and Teleorman, drawn up by SC Euro-Expert SRL and SC Expert Valuation SRL, was notified, according to the Fiscal Code, to all notaries public and public finance offices under the jurisdiction of the Bucharest Court of Appeals. The guideline is applicable as of January 1.

The values presented in the guideline have been estimated taking into account the global economic crisis, the Bucharest Chamber of Notaries Public said in a pres release Wednesday.

"Unfortunately, since the reference period considered for the guide, several elements have intervened and, in our opinion, they call for the introduction of a global correction quotient for the values estimated in the guide,” the institution said.

It added the respective elements are the sharp depreciation of the Romanian leu to the euro, and estimate property values in the guideline are expressed in euro. Also, the effects of the economic crisis have deepened and affected the real estate market further.