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It's official: Decline of real estate market continued into 2010 by 10%

" Tentative fees in notaries' scale, which are used to calculate fees and taxes for real estate transactions, will be cut by 10% as of September 1st in Bucharest and in Călăraşi, Giurgiu, Ialomiţa, Ilfov, and Teleorman counties. This has been caused by the "trend of the Romanian real estate market in the first seven months of 2010 as a result of economic recession," according to the Union of Notaries.

It is for the first time that the decline of the real estate market prompts notaries to change the scale in the course of the year, after almost seven years of it being published only once a year, on January 1st. Last year, however, another 15% cut in the price of real estate was made in order to offset the exchange rate depreciation, with the scale being expressed in euros.
One of the expert valuators involved in drawing up the notaries' Guide, Marin Badea, of Expert Valuation, says the price adjustment followed the significant market decline this year, with further revisions due because forecasts for 2010 were made last autumn." writen by Izabela Badarau