Notaries: The number of real estate transactions in Romania dropped 36.3% during the first 2009 quarter

The first four months of 2009 saw the number of real estate transactions drop with 36.3% against the same period in 2008. The real estate market recorded a total of 105.793 transactions, the general manager of the National Union of Notaries Public of Romania (UNNPR) Nicolae Liviu Popa declared on Thursday for HotNews.ro. April 2009 recorded a 35.8% drop in sales compared with April 2008. The notaries predict that the number of real estate sales will contract with 30 to 50% in 2009 in Romania.

There were 27.472 transactions in April 2009, a clear drop from 42.821, the number recorded in April 2008 in the real estate sector. The first 2008 quarter recorded 166.213 transactions, as opposed to a weaker 2009 quarter, which saw only 105.793 transactions.

The February prediction of UNNPR vice-president Ion Marin, according to which the real estate transactions will shrink with 30% to 50%, is still supported today by the UNPPR general manager Liviu Popa. The prediction goes on to say the real estate market will bounce back at the end of the current year, but it will not reach the level recording during the last years.

According to the notaries’ data, last year saw a number of 484.765 real estate transactions, still a 7.07% drop compared with the figures recorded in 2007.