The National Association of Romanian Valuers (ANEVAR) considersthe value of Romanian real estate deals is not reliable as theactual value differs from the one declared at the moment ownershiptransfer documents are sealed. "In Germany, over 85% of real estatedeals are completed through banks, while in Romania 85% of dealswere cash ones and this is why price information is nottrustworthy," stated Adrian Vascu, former ANEVAR chairman and headof KPMG assessment department. He added that together with the NBR,ANEVAR is working to draw up some joint valuation norms that areset to be applied by banks during the assessment process prior totheir granting of funding. "We've had several meetings with the NBRand the Banks' Association to draw up some collateral monitoringmethodologies. The role is to support valuation processes," Vascusaid. He explained that during the past years, banks had acceptedcollateral whose value was supposed to rise in the future, but theissue of revaluation came up once the real estate marketcollapsed.
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