EnglishBucharest real estate prices increased continuously last year and will gain another 15-20% this year, realtors believe. Among the factors contributing to the increase are the introduction of the VAT payment for individuals buying property and the increase by 0.8 percentage points in the interest rate for RON-denominated loans.
Eugen Paternic, general manager of the real estate agency City Expert believes these factors have caused a moment of confusion on the market as some developers are thinking it is better to rent than to sell the homes they build to avoid paying the profit tax. The new conditions are likely to affect middle-class buyers who borrow the necessary funds from banks.
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