Real Estate Property Valuation In Romania And Abroad

Monday

How is it in Romania?

What kind of market data are the real estate professionals using?

For example, the official index calculated by the National Statistics Institute from the data supplied by the National Union Of Notaries Public Of Romania, shows a decrease by 20% of the selling prices of Bucharest apartments in December 2011 compared to December 2010.

Instead, according to another index also based on "thousands of transactions", the EFG Eurobank Index, the decrease is only 9.9% for central Bucharest and 11.3% for peripheral Bucharest!
But what are the real 2010 prices?

According to Darian valuation company, that made another index based on transactions, in Bucharest, the median selling price of old apartments was a bit over 1000 Eur/sqmeter for old apartments and a bit over 1200 Eur/sqmeter for new apartments. This is confirmed by the data and conclusions of the Colliers "ROMANIAN MARKET REAL ESTATE REVIEW for the year ended 31 December 2010". Darian states that they rely on own data containing over 20000 apartment transactions throughout Romania.

Other index reffer only offers(imobiliare.ro, AnunturiParticulari.ro, Imobiliare.TopEstate.ro, etc.)
That's how to establish a causal relation between the median prices and offers at the end of 2011. The question is: does it help us?

There are no public market data; no 2012 transaction prices, no housing types, no area, measurements, quality, neighboring, address (for comps pictures), nothing!

Each pro in valuation or real estate that is not related with a big transaction database company has to buy comps packages from some real estate companies or deal only with offers, discounted by a very well cooked, reality-anchored correction. What to do to have access to public market data in Romania?

The professional associations in real estate and valuation, ARAI, APAIR, ABI, ANEVAR and the new UNEAR will have a heavy word to say and play a major role if they will integer all their efforts to the mutual outcome for them and their customers.
About how is valuation abroad, next time.