“The Romanian appraisal market stands at EUR35 million. More than half of this comes from relations with banks. It’s not a very large market, compared to the financial audit market, which tops EUR120 million, It’s a growing market,” said Vascu.
He added the Romanian appraisal market is the most developed among neighboring countries.
“We are way ahead of Bulgaria, we are well organized, but we still have a long way to go. Compared to Poland, we are better organized and our legislation is more modern and dynamic, but we are behind Poland in terms of purchasing power and fees,” he added.
Although ANEVAR includes around 4,000 licensed appraisers, the average revenue is estimated at around EUR20,000 a year.
“At a market of EUR35 million, we have 4,000 appraisers registered, which would result in an average of EUR8,000. It’s not realistic because this is not a core business for many of them. A more accurate evaluation would place the average annual revenue at around EUR20,000,” Vascu said.