Tentative fees in notaries' scale, which are used to calculatefees and taxes for real estate transactions, will be cut by 10% asof September 1st in Bucharest and in Călăraşi, Giurgiu, Ialomiţa,Ilfov, and Teleorman counties. This has been caused by the "trendof the Romanian real estate market in the first seven months of2010 as a result of economic recession," according to the Union ofNotaries.
It is for the first time that the decline of the real estatemarket prompts notaries to change the scale in the course of theyear, after almost seven years of it being published only once ayear, on January 1st. Last year, however, another 15% cut in theprice of real estate was made in order to offset the exchange ratedepreciation, with the scale being expressed in euros.
One of the expert valuators involved in drawing up the notaries'Guide, Marin Badea, of Expert Valuation, says the price adjustmentfollowed the significant market decline this year, with furtherrevisions due because forecasts for 2010 were made last autumn.
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