ANCPI Disruption Comes as the Residential Market Rebounds, with Effects rippling across the Entire Economy

The cyberattack that took ANCPI’s systems offline occurred amid a sustained recovery in the residential market. After a difficult start to the year, when apartment transactions declined by 16.6% in the first three months compared with the same period in 2025, April, May, and June recorded three consecutive year-on-year increases of 2.2%, nearly 16%, and more than 26%, respectively, according to ANCPI data compiled by Crosspoint Real Estate, the International Associate of Savills in Romania.

One week after the cyberattack, Land Book excerpts and property title registrations, the documents without which no transaction can be completed, remain unavailable. The blockage comes just days before August 1, the date on which VAT rises from 9% to 21% for new homes pre-contracted before August 1, 2025 and for which a 20% down payment has been paid. The additional cost may reach €14,000 for a single unit.

“The impact of the ANCPI crisis already extends beyond the VAT-related tax implications. Any document that depends on Land Book excerpts or property title registration is on hold. The delays are also affecting permitting documentation and the entire transaction chain, not only the signing of the sale agreement”, said Oana Popescu, Head of Residential at Crosspoint Real Estate. “If the disruption lasts more than two weeks, the risk increases significantly. Buyers begin to have doubts, explore other offers and question whether they agreed to the right price. These are emotional reactions and they may lead to the cancellation of transactions that would otherwise have been completed”, Oana Popescu added.

For buyers already under a pre-sale agreement, the effects are already visible. Contracts fall under force majeure and require addenda. Because transactions are usually conducted in euros, any exchange rate fluctuation during this period adds a financial risk on top of the administrative one.

“Beyond the residential market, the effect is broader. When real estate transactions get stuck, the money that should have been invested there doesn’t automatically flow elsewhere in the economy. It’s a broken cycle, with an indirect impact on consumption as well”, concludes Oana Popescu.