The growth includes not only new loans but also refinancings, conversions, transfers, and loan restructurings.

Additionally, the total stock  of mortgage loans reached €21.7 billion  at the end of Q3, up by 2% compared to the level recorded at the end of 2023, according to data from the National Bank of Romania (BNR). Mortgage loans now account for 58% of all outstanding loans, while the rest are consumer loans.

“2024 was the year of recovery for the mortgage market in Romania. The trend of decreasing mortgage interest rates will continue throughout 2025, with further room for rate reductions,' said Alexandru Rădulescu, managing partner of SVN Romania | Credit & Financial Solutions.

This year, mortgage interest rates have decreased by 13.7% in the fixed-rate segment, which represents over 95% of new mortgage loans granted, while the variable-rate segment saw a 2% increase due to IRCC fluctuations, according to an analysis by SVN Credit Romania and Ipotecare.ro.

Variable-rate mortgage rates will see a new decrease from January 1, 2025, when the IRCC will be 5.66% compared to 5.99%, resulting in a new average variable rate of approximately 8.11%