Romania: BNR’s Restrictions Affect Real Estate Market
The Romanian real estate market has already been affected from the recent restrictions issued by the National Bank (BNR) relating to the credit-extension, in an effort aimed to boost national leu currency lending, ACT Media news agency reports.
A first result is that owners no longer sell, while buyers no longer apply for a national currency loan, waiting for the interest rates to drop.
However, a precise evaluation can be made only in a few months, as the players preferred to wait for the situation to clarify, real estators said.
At this moment, most affected are the speculators, those who had bought so as to re-sell at a better price and who now have their money blocked.
The crisis brought about by the enforcement of the BNR norms has so far made an impact on the residential market only, while land transactions seem for the moment unaffected by the central bank’s decision.
