How is the real estate market in Romania?

Romania’s real estate market has evolved beyond expectations in 2020 and the prospects for 2021 are moderately optimistic, given the strong connections between this sector and the industries it serves. The economy rebounded by 5.8\% in Q3 and by 4.8\% in Q4, after a 12.2\% contraction in the second quarter of 2020.

Is Romania good for business?

Apart from a great business environment in Romania for small and medium-sized enterprises, companies and investors also have access to an affordable multilingual workforce in most cities. The government there is also very supportive of foreign investors and grants them many incentives for reinvested profits.

Can a foreigner buy a house in Romania?

EU citizens can own land, apartments or houses in Romania, just like any Romanian citizen. On the other hand, non-EU citizens cannot own land in Romania. Even if you want to own a flat or house without land, in practice they are usually sold together and cannot be separated.

What’s the average price of a house in Romania?

Romania’s house prices continue to rise, albeit at a slower pace, amidst a struggling economy due to the pandemic. During 2020, the average selling price of apartments in Romania rose modestly by 2.44\% y-o-y (0.95\% inflation-adjusted) to €1,371 (US$ 1,662) per square metre (sq.

What is taboo in Romania?

In Romania, there are no real taboos. However, there are some subjects that could cause offence and should be avoided, including talking about the Communist regime or jokes about the Roma peoples. At business meetings, it is important to behave in a polite and appropriate manner, paying attention to good etiquette.

Can a foreign citizen invest in real estate in Romania?

So, in brief, a foreign citizen interested to make a Romanian Real Estate investment can simply acquire the right to use the land, but not the land itself. Our Romanian lawyers can provide more information on the legal implications. Question: I am an EU citizen interested in buying Romanian real estate. What laws apply in my case?

How much does it cost to buy a house in Romania?

Our Romanian real estate lawyers present these below: • Bucharest: the average price per square meter is approximately 1.400 Euros; at the end of 2020, an increase was observed both in case of old apartment buildings as well as new real estate (the most significant increase was in this case, with a 4\% increase in November compared to October)

What is the real estate market in Romania like in 2020?

Figures from the real estate intelligence platform Analize Imobiliare showed that the demand for residential dwellings in Romania’s six biggest cities increased 14\% to about 154,500 units in Q3 2020 from the previous quarter, but still down by 12\% from a year earlier. Tailor your overseas property investment strategy!

Why do companies incorporate in Romania?

Ownership of land is tricky, but companies incorporated in Romania as well as resident foreign nationals and non-resident EU citizens can acquire land. Romania’s economy grew robustly from 2001 to 2008, with an average annual real GDP growth rate of 6.6\%, according to the IMF.