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Data collected by INS for real estate index

The National Institute of Statistics /INS/ has started to gather data from the public notaries with a view to complete the first official real estate index, after it has recently signed with the National Bank of Romania /BNR/ and the National Union of the Notaries Public of Romania /UNNPR/ a cooperation protocol on this index, the daily Ziarul financiar reads.

'In the past years, once with the facilities promoted by the commercial banks with a view to obtain a mortgage loan a bigger interest is seen to draft and develop an information system in the real estate field. Thus, the INS is determined, by benefitting from the BNR support, to have by the end of 2008 all the information necessary to elaborate a statistical research at national level regarding the residential properties' prices evolution', said the INS representtaives on the occasion of the launching of the project.

The BNR officials too have appreciated the utility of shaping up a real estate index. 'An index would be very useful for the market and I suppose the notary chambers would be an appropriate source. Such an index should display the total amount of transactions completed in a year, as well as their value', Mugur Stet, the BNR spokesman said.

On the other hand, Robert Teodorescu, director of the Regatta residential sales department said that even if the index will reflect the reality, it will not be of big usefulness for the real estate agencies because 'it will be something similar to the tables currently used by the notaries public to calculate taxes when selling the real estates, and such tables are not market trendy'.

The stages the INS has in view to carry out the first real estate index foresee the set up of a methodology of calculation, to find the data sources and to draft a questionnaire.

Although the INS has announced its intention to make public this month its first report on the prices evolution on the real estate market, the actual index could not be calculated in 2008, but the most probably in the fall of 2009, because the existence of a reporting grounds is neded, the INS director Mihai Gheorghe said.

'The index will be calculated the most probably quarterly, and at the end of this year we hope to complete the methodology of calculation', the INS representative added.

Currently in Romania there is no official real estate index of the prices of the apartments, so the above mentioned daily has built a real estate index based on the ads which give the sale price of the three-room apartments in Bucharest.

According to this real estate index, the three-room apartments in Bucharest became cheaper by 15 pc since the beginning of the year until October, the average price on sqm of the apartments built over 1980-1990 reaching 1,686 euros. If in January 2008 the price requested by a seller for a three-room apartment of 70 sqm was an average 140,000 euro, in November its price downsized to 118,000 euros.

On the other hand, the National Agency for Cadastre and Real Estate Publicity /ANCPI/ announced its intention to complete in its turn a real estate index in cooperation with the homologue authorities in the Netherlands which could cover the entire country at the earliest in three years.

In a first stage, ANCPI has commenced a pilot-project in Buzau /north-east of Bucharest/ which is to be finalized in the first months of 2009.

 

Sursa: http://www.rompress.ro

Tags: index first national estate euro bnr

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