The real estate market in Iaşi shows signs of recovery

Doru Mocanu Iaşi

The number of real estate transactions involving plots of land as well as transactions has increased significantly in June 2009, compared to the previous month, according to data published by the Office of the Land Registry and Real Estate Publicity (OCPI) Iaşi. "The real estate market in Iaşi shows signs of recovery and seems to maintain the momentum it displayed in the previous months. OCPI Iaşi recorded a total of 1,342 real estate transactions involving both buildings and plots of land", Narciza Nedelcu, managing director of OCPI Iaşi said. The number of real estate transactions concluded in the same period of 2008 was 1,927.

"The number of buildings newly registered in the land registry reached 851 in June, up 162 over the previous month. Also, the number of mortgages reached 1,172", Mrs. Nedelcu said.

According to OCPI officials, the largest number of real estate transactions this year occurred in March and May. Also, in the first half of 2009, the OCPI recorded a number of 7,855 real estate transactions, 5,220 new building registrations and 2,120 mortgages and privileges. H1 2008 saw a number of 11,257 transactions, 6,927 new buildings and 6,090 mortgages. "While waiting for the recovery of the real estate market, inhabitants of Iaşi are still requesting land book excerpts and ownership certificates, which means they are getting ready for new transactions. Last month alone, the OCPI issued 967 land book excerpts and 2,365 ownership certificates. This will reflect on the number of transactions that will be concluded in the coming period", Narciza Nedelcu concluded.