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Romanian 1H Real Estate Transactions Dn 35% On Yr, Total Taxes Dn 63% On Yr- Notary Union

The number of real estate transactions was down 34.8% on the year in the first half, at 162,724, while the value of taxes on property deal revenues dropped 63%, to 214.3 million lei (EUR1=RON4.2143), according to the National Union of Notaries Public In Romania, or UNNPR.
Romanian 1H Real Estate Transactions Dn 35% On Yr, Total Taxes Dn 63% On Yr- Notary Union
12 aug. 2009, 11:51, English

In the first half of the year, a total 162,724 transactions were closed, compared with 249,792 transactions in the same period a year ago.

In June 2009, a total 28,228 transactions were closed, down 30% from 40,383 in June 2008.

The decrease in the number of transactions, in January-June 2009, and in real estate prices triggered a 63% decrease in the value of taxes on property deal revenues, to RON214.3 million, compared with RON585.5 million in the first half of 2008.

The tax ranges from 1% to 3%, depending on the value of property and the date of purchase.

UNNPR representatives estimated in February a 30-50% decrease in the number of real estate transactions in 2009, given the evolution of the local real estate market in January, when transactions were down 50%.

In 2008, a total 484,765 real estate transactions were closed, down 7% from 521,636 transactions in 2007.