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Central Bank demands transparent real estate transactions

Central Bank (BNR) Governor Mugur Isarescu has informed that he would require public notaries to provide information on the actual prices properties sell for, including data on the Romanian real estate market trends.

During a seminar organised by ‘Saptamana Financiara’ on Tuesday, he said that he may arrange a meeting with the representatives of the ‘association of notaries’ the following week, to address the named subject. ‘We are not happy with the statistical data that we have. We will probably meet up with the association of public notaries next week to see where we can start in our approach, to be able to take into account property price, to have statistical data that reflect reality’ Mugur Isarescu said. According to the ‘Adevarul’ daily, the representatives of the National Union of Public Notaries of Romania say they have repeatedly asked to be seen by the heads of BNR to discuss real estate pricing, but they have always been turned down. They also indicate that they are in possession of all the information needed for that purpose. First official data expected in 2009 Currently, only the public notaries know the exact prices as they appear in the sale-purchase agreements they notarise. As property prices have exploded triggering bank loans up, BNR is now in a situation where it is unable to thoroughly regulate the banking market without having the necessary statistical data’ ‘Adevarul’ further notes. However, the same source says that the first official information on the genuine value of real estate transactions should be expected in 2009, to be produced by the National Statistical Institute. Sursa: http://www.nineoclock.ro

Tags: estate notaries bnr

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