EU Membership Boosts Property Prices In Romania
Recent entry into the European Union has been a catalyst for a property boom in Romania and Bulgaria. Both countries have seen some properties double in price in the past three years and experts predict that the boom will continue for some time, in both cases due to an increase in tourism, foreign investment and domestic demand.
Many Romanians are looking to move out of the small apartments that were so prevalent under the rule of Ceausescu - last year alone 80,000 people signed up for mortgage deals. In Bulgaria, 31,000 people applied for mortgages in 2006. Agricultural land in Romania is also sought after and some experts are predicting price increases of up to 40% this year as a result of interest from foreign developers.
Apartments in Romania rose in price by an average of 8 to 10% in 2006 while those in Bulgaria increased by an average of 15 to 20% over the same period. However, the increases in the capital cities of Bucharest and Sofia were significantly higher – return on investment rates in these areas were some of the largest in Europe.
Market experts believe that Romania and Bulgaria’s EU membership has been the main contributing factor to the price growth both countries are experiencing; investors are attracted to the countries due to their heightened credibility since EU entry.
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Many Romanians are looking to move out of the small apartments that were so prevalent under the rule of Ceausescu - last year alone 80,000 people signed up for mortgage deals. In Bulgaria, 31,000 people applied for mortgages in 2006. Agricultural land in Romania is also sought after and some experts are predicting price increases of up to 40% this year as a result of interest from foreign developers.
Apartments in Romania rose in price by an average of 8 to 10% in 2006 while those in Bulgaria increased by an average of 15 to 20% over the same period. However, the increases in the capital cities of Bucharest and Sofia were significantly higher – return on investment rates in these areas were some of the largest in Europe.
Market experts believe that Romania and Bulgaria’s EU membership has been the main contributing factor to the price growth both countries are experiencing; investors are attracted to the countries due to their heightened credibility since EU entry.
If you wish to see the original article please click here
posted by Obelisk International at 5:14 pm
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