US EditionRecord Apartment Sales in the Residential Market During the Final Month of Reduced VAT
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The residential market in Romania accelerated powerfully in July, registering record sales of apartments both in Bucharest and in...
The residential market in Romania accelerated strongly in July by registering flat-rate sales in both Bucharest and large cities, the purchasers were determined to eliminate reduced VAT rates and the standard VAT growth from 19% to 21%, applied from 1 August.
Apartment sales reached a record high in July on the Romanian residential market, both in Bucharest and in major cities, driven by buyers' fear of the elimination of the reduced VAT rate and the tax increase from 19% to 21%, which came into effect on August 1.
Record apartment sales in the residential market during the final month of reduced VAT
Romania’s residential market saw a sharp acceleration in July, recording record apartment sales both in Bucharest and in other major cities. Buyers rushed to complete transactions ahead of the removal of the reduced VAT rate and the increase in the standard VAT from 19 percent to 21 percent, effective from 1 August. In the capital, just over 5,000 apartments were sold – the third-best performance in the past two and a half years – with nearly ha…
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