The volume of mortgages dropped by half in April

The National Bank of Romania (BNR) reports a slowing of mortgages due to uncertainty on the real estate market, with the volume of such loans dropping by half in April, to €73 million. This is the lowest level in the past year, in absolute terms, and the highest percentual drop since October 2007.

The total value of loans amounted to some €4.5 billion, a mere 1.6 percent higher than in March 2008, and three times lower than in February, due to a slight drop in average interest for lei and foreign currency denominated mortgages.