also employ the services of a good lawyer and potentially a reputable real estate agent as well. In terms of market segment opportunities, Bucharest offers the property investor two angles to target for example. An investor could consider either prime residential property in the best city locations or office space - both market sectors are highly in demand and both have seen the greatest price increases in Romania in recent months. Other areas of the country generally accepted as worth considering by property investors are Ploiesti, Constanta, Cluj, Oradea, Brasov, and Timisoara.
An alternative field a real estate investor in Romania could consider is the tourism market with limited opportunities on the coast and more prolific opportunities in the country’s most popular and stunningly beautiful ski resorts of Poiana Brasov (pictured), Predeal and Sinaia. Here there is an increasing demand for chalets and apartments to let out during the Romania’s long ski season and the shorter summer season and possibly more interestingly for an international property developer there is an intense demand growing among Western Europeans for off plan ski property to purchase in Romania.
It’s important to remember that foreign freehold ownership of land in Romania is not currently permitted according to the country’s constitution - in this way it is a similar country to Bulgaria. In Bulgaria there are currently changes afoot that will see this old fashioned rule become obsolete in the next eight years or so, and a provisional date has been set for an amendment to the Romanian constitution based on when the country gains accession to the EU. Foreign buyers can own property and real estate in Romania but to own land they have to establish a Romanian based ‘foundation’ which is permitted to own land.
Property investment opportunities are diverse in Romania and the potential for capital appreciation is huge. The Romanian property market is a genuine emerging real estate market built on very solid foundations and currently enjoying a growing level of overseas investor interest. For long term gains and some short term yields Romania is a truly interesting prospect. |
_07.jpg)
.jpg)
