UAE Money to Boost Romania Property Market

On the 26th of December an announcement was made that could herald the beginning of a period of significant and positive change in Romania.  The Fortune Group from Dubai announced the results of its two year research programme into the viability of investment into the property market in Romania. 

The Fortune Group, which has over 7 billion dirhams invested in property based projects in the UAE, conducted extensive investigations into the property market, the economy of Romania and international interest in the nation commercially and from both a tourism and second home standpoint.  As a result of their research, the Fortune Group have decided to commit to two multi-billion euro property based projects in Romania, and this UAE sourced money will no doubt boost Romania’s property market significantly.

According to news reports from the December announcement, the first project that the Fortune Group are financially backing will be a waterfront multipurpose development covering over 6 million square feet and combining high end residential real estate with commercial premises to service the newly developed community.  In addition to the residential property, the attractive development will also feature a five star hotel and wellness facilities, and the emphasis on the residential side of things will be the construction of luxury apartments with commanding views.

The second project will have the mountains of the Transylvania region as a backdrop to the golfing and residential development.  The project will see the creation of exclusively residential real estate within a recreational development that will feature the likes of golf courses and even ski slopes.

The thinking behind the vision for each development is targeting the international purchaser seeking a new location to explore; a location that has as yet remained under-explored and lesser developed and so which remains exclusive yet affordable.  The research the Fortune Group undertook helped them identify that their likely customers will herald from the UK, France and Italy as well as GCC nations.

One of the driving factors behind the Fortune Group’s final commitment to develop property in Romania was the fact that, following EU entry in January 2007, significant funding was given to Romania by the European Union to help it develop and improve its infrastructure.  This gave confidence to the UAE based company that there is long term potential to tap into in Romania and that there is a general international commitment to help the nation raise its standards.  If all goes according to plan, the Fortune Group will bring their properties to market as Romania’s reputation and standing improves meaning there will be a strong consumer base for the properties being sold off plan, and there will be plenty of room for ongoing profitability for those who buy in early.

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