Record apartment sales registered in Romania ahead of VAT hike - Colliers report

Romania’s residential market posted record apartment sales in July as buyers rushed to finalize transactions before the removal of the reduced VAT rate and the increase in the standard VAT from 19% to 21%, according to real estate consultancy Colliers. The VAT change came into effect as of August 1, driving a surge of last-minute deals in Bucharest and other major cities.

Bucharest recorded just over 5,000 apartment sales in July, the third-strongest month in the past two and a half years. Nearly half of these transactions were concentrated in Districts 3 and 6, reaffirming their role as the city’s main residential development hubs.