The volume of new mortgage loans amounted to €1.1 billion in Q1 2024, up by around 29% compared to the same period of last year, according to a report by SVN Romania | Credit & Financial Solutions.
The volume climbed to €2.15 billion during Q1, if we consider refinancing, conversion, transfers and restructuring operations for mortgages. This amount was more than 95% higher compared to Q1 2023.
“The mortgage loan market in Romania has been recovering fast, coordinated with the increase of sold homes, which was up by 19% in the first three months of this year compared to the same period of last year,” said Alexandru Rădulescu, Managing Partner SVN Romania | Credit & Financial Solutions.
The growth of the mortgage market in the first months of this year has been recorded on the backdrop of a falling trends for fixed interest rates, which have fallen under 5%.
In 2023, the national average value of a mortgage loan in 2023 was around €62,000, while the national average price of a property transacted through a mortgage loan in 2023 was €85,000, up from €82,000 in 2022, according to data by SVN Romania | Credit & Financial Solutions.
In total, around 48,000 new mortgage loans were granted last year, compared with a level of around 55,000 new mortgage loans granted in 2022.
