Published on 20 April 2008 at 10:11 am
Filed in Property News for Romania » Why is the Romanian Property Market Expanding?
The rest of the world is worried about the lack of credit available from mortgage lenders, the high levels of debt that many consumers and businesses have found themselves in, the gloomy economic prospects in the likes of the US and the UK and the fact that housing markets everywhere are starting to feel the pinch of all this negative financial energy…so why is the Romanian property market expanding?
Seriously – why?
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As Romania continues its progress towards EU accession with its entry date confirmed as January 2007, so the rules relating to foreign freehold ownership of land and property in Romania are changing to come in line with the European Union’s regulations.
This bodes well for the investment property market in Romania because currently non-Romanian citizens are not permitted to own land in Romania unless they purchase it through a Romanian company structure.
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The property investment potential in Romania is quite possibly unrivalled across all of the European emerging markets because property prices in Romania are currently so low and the demand for residential and commercial property in Romania is increasing rapidly.
The majority of best returning investments are currently to be found in the higher end residential property market in the major towns and cities, the winter sports tourism market and in industrial property such as retail and office space.
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Romania is a stunningly beautiful country of sharp contrasts offering property investors the potential for massive growth and the chance to own some stunning real estate. But the real estate market in Romania is in its absolute infancy and this Eastern European country is only just joining the European Union so profiting from the property sector in Romania is not 100% straightforward.
However, there is absolutely no denying the charm of the country and the class of property on offer for sale in Bucharest, on the Black Sea Coast and in Transylvania - and there is also no denying the incredible room for growth in Romania and the commitment of the government to maximise their country’s economic expansion possibilities and manage EU accession by January 2007.
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