The National Statistics Institute will introduce a real estate in the methodology used to calculate the inflation rate, said Napoleon Pop, a member of the Board of the National Bank of Romania.
The real estate index was accomplished by the National Statistics Institute (INS), in cooperation with the National Bank and the National Union of Notaries (UNNPR).
This index will be calculated by the National Statistics Institute based on prices communicated by public notaries. They will provide the prices for making these transactions, as well as information pertaining to the building (year of construction, number of floors, the area of the apartment). The INS will also be informed whether the building was paid in cash or by bank loan.
This practice is already customary in the European Union, meaning anyone can know the real prices of homes and land in the area, whether they are sellers, potential buyers or real estate agents.