Pros and Cons to Buying properties in Romania
As a result, the country has emerged as hotspot for investors. In fact, Amberland reported recently that the country had benefited from slowdowns in the property markets in Spain and other European countries.
In particular, the site tipped the resorts south of the coastal town of Constanta as good places for people looking for holiday homes. romdeals Property Group currently sell in the resort of Costinesti, which is the most popular yet inexpensive beach resort in Romania. It explained that new Ryanair flights would link the city with Europe and that house price growth was still possible for many years to come.
"Unlike in Bulgaria where if you want to make any profit you'll stay well away from the Black Sea coast, Romania's Black Sea coast is fairly undiscovered and actually ripe for investment," the site added. "It is as stunning as Bulgaria's was before the mass of high-rise, low quality apartment blocks popped up all along it."
According to the site, a one-bedroom apartment in the region will cost around 48,000 EURO. In contrast, large "beach-side villas with five bedrooms, four bathrooms and extensive gardens" only cost around 400,000 EURO.
The Global Property Guide also suggested that buying in Romania could be a good idea. It pointed out that prices in the country have risen by between eight and ten per cent annually for the last couple of years, but that it is still possible to find good value homes.
According to the site, the average price of property in Romania is, at 2,350 per square metre, still cheaper than the Czech Republic or Estonia. It noted that many people opt to purchase in Bucharest, where homes typically cost around 1,667 EURO to 2,300 EURO per square metre.
However, the site did point out: "Of course, the foreigners are less interested in Bucharest than in Romania's beautiful countryside, where prices may be very significantly lower." According to the guide, rural homes with extensive grounds can be purchased for as little as 220,000 EURO and can cost up to 700,000 EURO.