This is things are done in Romania. What can we expect from the government. In the nebula by the IRS to recover VAT on sales of property by individuals appeared yesterday and an association of buyers, who claims that there is a danger that they will be brought to the situation of retroactive pay since 19% of transaction price VAT as the seller, because the latter state we deliver. NAFA started in summer 2009 to review more than 7,000 developers have made on individual transactions before 2008, in order to recover VAT. So far checks have been completed for 200 people, the damage being recovered over 240 million lei (60 euros). A lawyer, Ionut Mateescu, said that at least in Bucharest had already been sent notices to buyers from sellers who announce that they have to pay VAT on purchase price and value. NAFA not involved in this situation because their cover only controls vendors. “Inspections are tax on sellers of apartments on a continuing basis and is not intended buyers of apartments, officials say NAFA. “Responsibility for the situation created is shared among developers, who must think twice before you sign on individual commercial transactions, in conditions which have been approved under various signals, and between tax payers are not informed and ordered to pay and did not take preventive measures, “said Emilian Duca, partner at audit and consulting firm BDO Romania. Anunturi Imobiliare Many investors who have released two billion of real estate Time’s right Siminel gave Andrew, head NCH, which has sold 400 million euros in real estate 2006-2008. Main winner of the property boom could be considered American investment fund NCH, Andrew Siminel given to Bucharest, which won almost 400 million euros from the sale of properties bought and sold at dumping prices in the very building momentum. Winmarkt shopping network, stake at Cotroceni Tricodava Park and land plants, and Electrical Electroaparataj, bought at liquidation prices and brought a highly profitable exit in real estate. The list of companies that have also managed to sell on the domestic market of 100 million euros properties still include at least nine other real estate groups, including the GTC, BelRom, Avrig 35, but still have a large exposure in the market on projects that could at this time to pull down overall profitability of real estate operations. Outside funds and real estate development companies, properties over 100 million sold and Romanian entrepreneurs, including businessman Ion Radulea and Tanasoiu family, who have put money in the first office projects developed – Sema ( on the Dambovita bank, opposite the complex Director) and S-Park (behind House Free Press). After NCH But the two companies according to exit is made Avrig 35 real estate sites, managed by Alexander Hergan, which managed to sell projects with an aggregate value of around 337 million euros. All around this value could be the situation and project developers Upground Bucharest (Ioannis Papalekas and other investors) at the end of the transaction with Deutsche Bank, whose closing is scheduled for the second half of this year, with completion of Two blocks of flats. Papalekas has been involved in projects and PGV Tower City Mall, which also managed exit notable sites. Then, the barrier of 200 million has been last two developers of shopping centers: Belgium’s BelRom, which sold three retail parks (in Sibiu, Targu Mures and Braila) for 238 million euros and the group Hungarian TriGranit, which earned a 210 million euros from selling firewood project Polus Center in Cluj, the Immoeast. TriGranit this year could reach the exit sites of nearly 400 million euros on the domestic market, provided you finish the project Polus Center in Constanta, which should be taken for all of Immoeast initially circulated amount to 185 million euros. Performs best seller of office projects in Piata Victoriei, Bucharest, however, is the developer GTC, which earned almost 150 million euros on projects Europe House (headquarters Orange) and America House (for a good time the largest transaction with a building office). Another investor, less visible during this period, which managed to sell properties but over 100 million euros in Romania is the Israeli Moshe Turgeman, who leads the group Euromall, and managed to sell an early stage in City Mall project Bucharest (for about 20 euros) and then Euromall Pitesti to almost 90 million euros. Now he leads the firm has a project underway Euromall Galati, whose short-term future is quite uncertain. In other words, investors can breathe or just lucky they managed to make money in real estate. But who will be here to catch a second cycle of the market?
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