The Romania Property Market -
on this page you will find links to details of
Romania homes for sale, Romania rental accommodation, holiday
homes and shared housing in Romania. Romania has been tipped as
one of the countries in Eastern Europe with the most potential in terms of
likely returns on investment in property. Many people have been attracted by
the cheap prices, potential of the economy and breathtaking scenery. House
process are still relatively cheap but set to soar over the next 10 years as
Romania becomes established within the EU and more people decide to buy there.
As for now Romania still has much to offer the potential investor and there is
a wealth of properties to choose from. For example chalets in the mountains,
rural properties, villas on the coast and chic off plan apartments in Bucharest
and Constanta. So far much of Romania remains free from major development.
Similarly to other East European countries foreigners can own a building but not
the land. This presents no problems when purchasing an apartment but could be a
difficulty to overcome when
buying a house. The simple way around this is to
set up a limited company within Romania and it is then this company that owns
the land. This is set to change with the joining of the EU. As with any
property purchase abroad it is essential to do the research. Any buyer needs to
be certain that they are buying in the right location and for the right reasons,
especially if property is being bought to rent out. Otherwise the process is
fairly straightforward. Having found a property and agreed a price via the
estate agent a non-refundable 10% deposit is paid. Should the vendor pull out
at this stage they have to pay back the deposit plus a further 10%. A notary
draws up a contract and the remainder of the money is passed over. The sale is
registered and various taxes paid. It is important to establish the exact
amount of tax payable in order to add this into any costings. As with all
purchases abroad it is crucial to engage the services of an English speaking
lawyer and preferably engage the services of a UK based firm experienced in the
purchasing of property in Romania.
Economy - Romania joined the EU at the beginning of 2007. After a shaky
start it has become a stable and prosperous economy and the largest
high-income member of the Union located in Central Eastern Europe. Its
economy is growing at around 7% per annum and as such is one of the fastest
growing of all member countries. This in some part due to the port of
Constanta which is the busiest on the Black Sea and is also helped by a
developing infrastructure and education system which provides a skilled
workforce. One of Romania’s most important industries is wine and it is now
one of the largest producers in the entire world. Its wines are good value
for money in comparison with many other wine growing countries.
Geography - Romania is located in South East Europe. It borders on the
Black Sea between Bulgaria and Moldovia. It covers an area of 220,000 square
kilometres and borders with Hungary, Serbia, Bulgaria and the Ukraine. It has
225 kilometres of coastline. Romania is famous for the River Danube which forms
a natural border with Bulgaria. The Danube Delta is rich with wildlife and home
to many species of migrating birds. Over 50 % of the terrain is made up of the
Carpathian mountain range. The population of Romania is 22,000,000. Its
capital is Bucharest with some 2.5 million residents. Constanta on the Black
Sea coast is the country’s main sea port.
History - Romania was once part of the Ottoman Empire and became
independent in 1878. Lying somewhere in between East and West Europe Romania
differs from other countries in that it is more influenced by the West than the
East in many respects. This dates from the late middle ages when the Turks
allowed it to be ruled as suzerainty. After world war two, Romania became a
satellite of the Soviet Union under communist rule. The most infamous leader
being Nicolai Ceausescu who destroyed so much of the country’s culture and
spirit. He was overthrown during Perestroika and he and his wife met a violent
end at the hands of the crowd. Romania is strongly linked to the myth of
Count Dracula. This stems from the rule of Vlad Dracula (who was not a vampire
but a prince) from 1456 to 1462. He repelled the Turkish armies and was famous
for impaling them; hence his nickname Vlad the Impaler. Romania never fully
succumbed to rule by the East which is why it retains a Latin based language.
Culture -
the main language is Romanian with large numbers of Hungarian and German
speakers. The main religion is Eastern Orthodox Christian but with a
significant proportion of Muslim and other Christian denominations. Romania has
a very strong association with folklore and tradition. Romania has a varied and
interesting architectural heritage. In Moldavia can be found beautiful
religious buildings containing beautiful frescos of the Byzantine period. There
are many quaint medieval towns and magnificent castles.
Tourism -
From forested mountains with wild bears and wolves to long sandy beaches,
Romania has something to offer all travellers whether they seek more energetic
walking, trekking or skiing holidays or more relaxing breaks in the spas or on
the hot, sandy beaches along the coast. For cultural activities there are
plenty of castles and old medieval towns to explore. Romania is easy to get to
by plane: Bucharest has two airports Henri Coanda and Auriel Vlaicu. Getting
there by rail is not so easy but the internal rail network is good there is a
wide variety of accommodation on offer to suit all budgets and more recently
more choice of privately owned houses to
rent. In major towns the
traveller has to be wary of petty crime such as pick pocketing and rabies is
endemic, particularly in rural areas.
Climate - Romania has a temperate climate bordering on continental.
The winters are cold with plenty of snow in the higher regions allowing for a
thriving skiing industry. Summers are warm to hot; rainfall is generally
low. Winter temperatures range from -7oC to 5oC and summer temperatures from
14oC to 30oC.
