Developers may accept older properties (which must fulfill some evaluation criteria) and the difference in cash, in exchange for new apartments, says Livia Berghiu, a real estate consultant with Re/Max Bastion. The main advantage for the consumers is that the smaller amount to be paid is easier to access via bank credits. The Re/Max Bastion agency is already in an advanced stage of negotiations with two developers and estimates that properties exchanges may be launched at the end of this month.
According to the latest Central Bank (BNR) regulations, banks will be allowed to offer real estate and mortgage credits only for client able to contribute with 20-25% of the property price, regardless the debt / income percentage accepted by the bank. The high level of interest and the lack of certainty regarding the future earnings put severe limits to the individual access to credits, and raise even more important problems in paying the monthly rates.
"The property exchange may represent an efficient method to unlock the few remaining cash on the market, and still satisfy, at least in part, the targets the sellers and the buyers have", said the Re/Max Bastion consultant.