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New mortgage regulations in Romania

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The National Bank of Romania (NBR) reintroduced limits for the maximum indebtedness levels (relative to net earnings) for individuals/families seeking out consumer or mortgage loans.


These debt-service-to-income (DSTI) ratios will become 40% for RON loans and 20% for hard currency starting 2019; as an exception, banks can ignore these limits for 15% of their new clients, as well as for first-home buyers, who can benefit from a maximum indebtedness level of 45% for RON loans. Currently, DSTI could move significantly above 60% in some cases.

On a short term, we expect to see a resurgence in buying activity in the final part of the year, but we don’t expect this to stoke prices again; developers will be rather glad to cash in on their current supply given the prospect of curbed demand starting 2019.

On medium-to-longer term, the impact in terms of prices will be uneven, geared more towards the low and medium-low segments of the residential market; climbing up the price ranges, the impact will be dimmer and might be absent altogether (as suggested by DSTI ratios for those with below-average income).

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New mortgage regulations in Romania

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Silviu Pop



Before joining Colliers mid-2017 as Head of Research for Romania, Silviu Pop worked with ING Bank for close to three years as an economist, covering macroeconomic/financial market themes for Romania, Bulgaria, Serbia and Croatia. As of October 2022, he holds the position of Director for Research for the CEE and Romania. His previous professional experience includes working almost 7 years as a financial journalist at various media outlets in Romania, including the sole business-oriented TV station in Romania, where he hosted a daily show for a period of time; during this interval,  he won a number of scholarships, including a stint with Reuters. He holds a BSc in economics at the Bucharest University of Economic Studies.

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