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Property Valuations

We are a team of property valuators licensed by ANEVAR (National Association of Romanian Valuators) dedicated to our profession and oriented toward full satisfaction of our customers’ needs.

The National Association of Romanian Valuators was founded in 1992 as a professional, non-profit, non-governmental, independent association that acts for the public interest (as supported by the Government Decision no. 1447/09.09.2004) promoting the evaluation methods and techniques by specific means. 

As far as we are concerned, we make evaluation reports on various types of real and movable property such as:

  • non-residential lands, agricultural lands, residential lands with or without buildings on them;
  • properties including various buildings: office buildings, business centres, residential buildings, apartments, shopping facilities, industrial or storage facilities or special purpose constructions;
  • movable property: means of transportation, special and utility vehicles, production equipment and work plants, process lines, stand-alone operation machinery, measurement, control and adjustment instrumentation. 

These evaluations are necessary to our customers for such purposes as:

  • Sale or purchase of real property; 
  • Value certification for emigration purposes; 
  • Credit security, including for mortgage loans (pledges, mortgages, guarantees);
  • Contribution in kind for the capital increase;
  • Co-financing (in kind) as part of investment programs;
  • Cost estimates for upgrading works or change of use;
  • Real estate evaluations for embassy, required by those who wish to emigrate;
  • Compensation in case of expropriation;
  • Financing, insurance, leases, revaluations, contribution in kind, title conveyance for movable property.

For whom are these services designed?

The users of the evaluation reports drawn up by the members of our company are: financial-bank institutions, lease companies, financial non-bank institutions, national and multi-national companies, small enterprises, state institutions, autonomous state-owned companies, individual persons, associations and foundations.

We render property evaluation and revaluation services in line with the  professional and ethical principles, methods and standards promoted by ANEVAR (National Association of Romanian Valuators), with the purpose of assessing the value of a property as close as possible to the value determined by the market transactions. The evaluation process generates an evaluation report. 

Particularly we draw up evaluation reports for various types of real estate, such as: apartments; houses, mansions; shopping facilities; office facilities; industrial bays or storage facilities; production facilities; special constructions; residential areas with or without buildings on them, non-residential areas, agricultural lands.

Value is a conventional feature of an item, which is determined following calculations or an expert examination.

The following types of values are estimated:

  1. Market Value: According to the eighth edition of the International Valuation Standards IVS, 2007, it is „the estimated amount for which a property should be exchanged on the date of valuation between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently, and without compulsion”.
  2. The Investment (or subjective) Value is defined as the value of a property to a particular investor or class of investors for individual investment or operational objectives. It is a subjective concept that relates an individual property to an individual investor, group of investors or entity which have identifiable investment goals and/or criteria.
  3. The Fair Value is the amount for which an asset can be exchanged between two willing knowledgeable parties in an objective transaction at objectively determined price. The International Financial Reporting Standards (IFRS/IAS) define the fair value as equal to the market value. IVS 2 however see the fair value as a concept wider than the market value. 
  4. The Specific Value is an amount of money in addition to the market value which reflects the special features / characteristics of an asset which have a value only for a specific buyer. A specific buyer is a buyer for whom an individual asset has a specific value owing to the advantages arising from the title thereof which are not relevant for other buyers. The specific value may occur when an asset has some features / characteristics that make it more attractive to a specific buyer or a limited category of buyers unlike other buyers. Such features / characteristics may refer to physical, geographical, economic or legal aspects of the asset.
  5. The Synergistic Value is an additional value item, which is created by the combination / merger of two or several properties, where the value resulting from combination / merger is higher than the sum of the individual property values. The synergistic value may be a form of specific value, which occurs particularly in the combination of two or several assets from which a new asset arises at a value that is higher than the sum of the individual assets. 

These values can be assessed using three major evaluation methods:

  1. Net Replacement Cost  – is the main evaluation method for the fixed assets necessary for operation. It is a procedure outside the market in which the result is conditional on appropriate potential profitability and medium- and long-term reliability.
  2. Income-Based Method – is part of the investor’s view, when they wish to purchase the future income-generating capacity of a property. 
  3. Comparative Method – is based on a logical process in which the market value is determined by analyzing the transactions with similar and relevant properties, comparing those properties to the evaluated property and finally assessing the value of the evaluated property using conversion keys. The sale prices are analyzed using appropriate comparative items and are adjusted according to the differences between the comparative items and the evaluated asset / property. This method serves most often for evaluating the market value and the liquidation value. 

1. Property valuator’s documentation about the property 

  • identification of the property;
  • identification of the titles in the object of the evaluation;
  • to determine the purpose of the property evaluation and the type of the value to be determined;
  • to visit effectively the property to be evaluated, to take pictures both inside and outside, request copies of the property documentation (the title, the sale-purchase agreement, the donation, inheritance deed, cadastre drawing, building permit, etc.).

2. Centralization and analysis of the data and information

  • to collect and to analyze the relevant data and information; such data and information must contain the items that are necessary for implementing the evaluation methods (cost method, the highest and best use analysis, direct comparison approach, etc.);
  • to determine the compliance with the standards, the specific assumptions, the limiting conditions and the sources of information.

3. Generation of a Property Evaluation Report 

The property evaluation process is completed with the generation of an evaluation report. It is a written document indicating the instructions for the evaluation process, the evaluation basis  – the type of value, the purpose of the evaluation and the results of the analysis that led to the evaluation opinion. The property evaluation report explains the analysis processes that were conducted during the evaluation and displays the significant information that was used in the analysis. The type, the dimension and the content of an evaluation report depend on the property type, on the legal requirements and the nature, the complexity of the property evaluation process. 

The corporate fixed assets of the state institutions are revaluated according to the Order of the Ministry of Economy and Finance 3471/2008, with the purpose of determining the fair value thereof as of the balance sheet day, taking into consideration the inflation, the asset usefulness, the asset condition and the market price.

The documents listed below are indicated only for information purposes. According to the property type, the valuator may request further documents that are necessary in order to generate the evaluation report.

Therefore, the documents necessary in order to evaluate an apartment are: the Property Title; Cadaster documentation; Land Register Entry Conclusion; Land Register Copy for information; Technical Memo;  Property layout and indication of borders / development site plan (scale 1:5000); Property Record Sheet; Apartment sketch to scale; customer’s Identity Document copy /copy of the Tax Registration Certificate (companies).

For the evaluation of residential, industrial properties and lands, the following are necessary:

  • Property Title and the Land Register Entry Conclusion; 
  • Land Register Copy for information; 
  • Development Site Plan (scale 1:5000);
  • Property layout / indication of borders (scale 1:2000/1:500);
  • Building / Demolition permit (as applicable);
  • City Planning Certificate;
  • Work Reception Protocol;
  • Architectural Memo; 
  • Structural Engineering Memo;
  • Property Record Sheet;
  • Sketch to scale/per each level of the building;
  • Customer’s Identity Document copy /copy of the Tax Registration Certificate (companies).

For the evaluation of the lands that are regarded available, the following are necessary: 

  1. The document showing the title in the evaluated land; 
  2. Land Register Copy for information; 
  3. Development Site Plan (scale 1:5000);
  4. Property layout / indication of borders (scale 1:2000/1:500);
  5. Building / Demolition permit (as applicable);
  6. City Planning Certificate;
  7. Customer’s Identity Document copy /copy of the Tax Registration Certificate (companies).

For further details, please call us at the telephone number 0726.11.99.88  or e-mail to:

The rates for the property evaluations vary according to the description and the complexity of each service. Thus, the pricing will take into consideration such factors as the number of services under contract, the period of service requested by the customer, the distance to the property, the property type and the property special features. 

Discounts may be granted for the services that regard a large number of premises and for the long-term evaluation agreements. This proposal will apply also to the evaluation reports whose users are foundations and non-profit associations and organizations. 

For further details or in order to receive our price offer, please send us your inquiry filled with your identification details to the address: Bucureşti, Str. Anton Pavlovici Cehov nr. 2, etajul 5, sector 1 or e-mail to:; Fax: +40 31 080 90 40.