Romanian Govt. gives EUR 558 mln for First House program

The Romanian Government plans to allocate about EUR 557 million for the "First House" (Prima Casa) program in 2015, and the ceiling will increase with the unused amounts from the 2014 budget, according to a draft government decision, cited by local Agerpres. The "First House" program was implemented in 2009, when the real estate market was blocked by the real estate bubble. The program has granted so far about 130,000 guarantees for EUR 2.52 billion in financings, 31% of which are for buildings constructed between 2008 and 2014. About 300 guarantees were executed during this period, representing a 0.2% default rate. editor@romania-insider.com