A black market of 30m euros: apartment owners without rental contracts

On the average segment, consultants consider a third of rented housing units at most have a contract registered with tax authorities.

ANAF yesterday answered a ZF request on the number of house rental contracts registered with tax administrations. However, the answer provides data about all the housing units rented by individuals and shows the number of rental contracts inked by Bucharest residents holding properties in various areas, and not of effectively rented housing units in Bucharest.
In line with ANAF data, almost 63,000 Bucharest residents have rental contracts for almost 84,000 real estate units, for which they generated gross revenues of 304m euros in 2010.
Bucharest currently holds around 850,000 housing units, out of which consultants estimate around 15% are rented, namely almost 130,000, almost double the data reported by ANAF.
In this context, at the level of Bucharest, the number of rented apartments may be double the declared one, meaning non-cashed taxes of around 30m euros, in line with ZF estimates.