September 27th, 2007 by admin
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.
The property buying process in Romania will become more streamlined and hopefully more transparent in the years following Romania’s EU entry (Jan 2007), in the meantime here’s our guide to the real estate purchase process in Romania currently.
The first objective to fulfil is the search for suitable real estate, and to this end an investor can secure the services of an estate agent in Romania who speaks English and has local knowledge of properties available for sale. An investor will likely have a strict set of criteria that his property acquisition should fulfil, and these should be articulated to the estate agent so that they can source suitable properties for viewing.
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July 22nd, 2007 by Dino
Romanian seaside houses are 50% more expensive than the ones on the Bulgarian seaside, shows a study of a real estate agency quoted by Romanian news agency NewsIn.
The difference is bigger when it comes to mountainside houses as the price of such a property in Romania’s Carpathian Mountains is 70% bigger than that of a similar one in Bulgaria.
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July 15th, 2007 by Dino
The combined effects of prospective entry to the EU and economic reform have made the Romanian property market one to watch for UK investors, it has been claimed by a leading expert.
Recent research by property specialists Property Secrets suggests that the ‘remarkable’ effects of reforms in Romania could eventually offer significant gains for UK investors.
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July 15th, 2007 by Dino
Bulgaria and Russia rank among countries with highest rates of tax on residential property deals, says Global Property Guide research.
Research examined several types of expenditure including registration fees, real estate agency commissions, taxes for purchase and VAT, 24 Chasa daily reported.
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July 14th, 2007 by Dino
ING Real Estate Management (ING REIM), the real estate investment arm of ING Group will buy the shopping gallery at the Felicia retail project in Iasi in a deal worth around 40 million euros, according to sources on the market.
Soconac, the local branch of the French Vinci Construction Grands Projects group, in partnership with Carrefour is developing the Felicia project. The investment is worth 40 million euros and will be completed this autumn. The shopping complex will include a Carrefour hypermarket covering 8,600 square metres and a shopping gallery covering 13,000 square metres, which will be taken over by ING REIM.
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July 11th, 2007 by Dino
For sale: Beautiful, spacious 600-year-old castle. Located in a quiet neighborhood in central Romania. Convenient to schools, shopping malls, blood banks. Features washer/dryer, coffin, bats. At $135 million, it’s a deal you can sink your teeth into.
Yes, Dracula’s castle is for sale. And that’s just one of the vampire-related news items making front-page headlines. (I read a different paper than you do.)
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June 30th, 2007 by Dino
GE Real Estate Central & Eastern Europe and Helios Phoenix have announced the creation of a joint venture to undertake €175 million of distribution warehouse developments throughout Romania.
The transaction represents GE Real Estate’s first entry into the Romanian real estate market. The joint venture will initially develop seven Class A logistics and distribution warehouses, totaling 315,000 square meter located in the largest cities of Romania, with close access to highways and major roads, and with some located in the proximity of airports.
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