Romanian mortgage market still extremely dependent on the Prima Casa programme

Vitalie Iambla, Construction Analyst, PMR
The Prima Casa (First Home) subsidised mortgage support programme is by far the most popular residential construction support programme in Romania. It was initiated in mid-2009 in order to revive the residential construction sector, as well as the real estate market, which had experienced a collapse. The key advantage of the Prima Casa programme is the fact that beneficiaries could buy a residential property by making an advance payment of at least 5%, compared to at least 15% for regular mortgage loans. The Romanian government shared the risks with banks in a 50%-to-50% scheme for loans awarded within the…

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