With fairytale castles, majestic mountains,
seaside resorts, traditional villages and cities full of
architecture, Romania has been said to be where the Czech Republic
was around a decade ago in terms of its tourism status. Lying in
south-eastern Europe, the country is bordered by Ukraine, Moldova,
Bulgaria, Hungary, Serbia, Montenegro and the Black Sea and is
therefore ideally placed for trading with its Eastern European
neighbours.
Despite worries that Romania was not
financially or socially ready to join the EU it became a member in
January 2007 having met a number of stringent targets for
improvement. It is generally acknowledged that the country still
has a long way to go but it is hoped that improvements in
infrastructure, increased commercial investment and growth of the
tourism and property markets will help to bring greater stability
to the country.
Romania’s GDP increased 51% between 2002 and
2006 and was maintained at a healthy 6% in 2007. Meanwhile, the
country’s skilled and numerate young workforce has cornered the
software industry, drawing in multinationals such as Microsoft,
Alcatel and Hewlett-Packard, especially to the north of the
country. Many more traditional manufacturers have also moved into
Romania, including Wrigleys, Nestlé and Renault, with Nokia and
Ford both planning to open operations in 2008. This influx of
multinational companies is partly to take advantage of new markets
and also to benefit from the large, well-educated and skilled
workforce and their low wages.
Still in this Chapter
Is this is good place to Buy?
Which type of Property should you go for?
Hotspots
The Purchase Process
Mortgages
To read the rest of this chapter
Click here to buy the book now