Romanians are no longer rushing to take "First Home" loans, withdemand dropping 40% after the launch of the second stage of thescheme in April, to some 80-100 applications per day, governmentdata reveal. Customers are more reluctant because the economy isworse and also because the overhaul of the scheme did not go asexpected, so that it continues to favour transactions involving oldhomes.
At the same time, interest margins remained the same as in 2009,even though conditions have significantly improved on theinternational financial markets.
"I believe demand went down because of market conditions first ofall, which make people think this is not the right time for suchinvestments. Yet the scheme has not been overhauled and it isobvious it should be in order to encourage people to buy newhomes," says Dragos Cabat, managing partner of FinancialView.
Some real estate agencies are even saying that the number ofcustomers working with them to buy a home via the "First Home"scheme loan is down to one fourth of what it was last autumn,because many clients own a plot of land and are waiting for theenforcement guidelines for home building loans to come out.
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