Cheap property in Romania but for how long?

Overseas property investors looking to get into a property market while prices are still unbelievable cheap will need to get their skates on after Romania joined the European Union on 1st January 2007.  17 years after the fall of the communist regime the new partner in the European Union is set for increased demand for its cheap property
Property investors and those with a nose for a good bet have regarded Romania as a place to buy and invest in property. An emerging market with property prices from less than £15000.00 it is easy to see why some overseas property investors are set to double their money in less than 5 years.
About Romania
Today’s Romania is an area of beauty with peace and simplicity as its main character. Cities such as Cluj the capital have a population of 330,000. The people are a mix as Romanians, Magyars, Germans and others. This mix is a result of centuries of migration, and colonization. Romanian is spoken with the older generation speaking French. Romania can be counted as one of the main wine producing countries of Europe. It specialises in production of high quality wine. The major vineyards are in Odabesti, Panciu and Nicoresti. 
Overseas property investors and Romania
The Romanian Buy-to-Let property market is becoming more appealing after figures by the International Marketing Research & Communication Group (IMRCG) has revealed that the number of Romanians taking holidays in their own country each year is increasing. This domestic rental market combined with the growing amount of tourist who visit Romania make investment property even more attractive.  Holiday hot spots for Romanian include the Black Sea resorts, Brasov and Prahova Valley resorts and the Carpathian Mountains. Overall the number of Romanians that holiday in their own country totals 91% with only 9% going overseas to countries including neighbouring Greece, Italy, France and Germany.
Nicholas Marr CEO of the overseas property website ‘ The Romanian property market is equivalent to that of the Czech Republic a few years ago. Simply look at how Prague has developed an attracted Foreign Direct Investment and its rising property prices. All the indications suggest that Romania will do the same. Romania has very cheap labour costs; cheap property prices and is an attractive place to visit. It seems that EU membership and a strengthening economy means Romania will see increased demand for Romanian property and subsequent price rises in 2007’    
Romanian government and the economy
December saw Romania’s parliament vote to approve the country’s budget for 2007, with a planned budget deficit of 2.8 percent. Romania expects the economy will continue to grow strongly in 2007 at 6.4 percent, with inflation of 4.5 percent. The deficit reflects a lack of agreement between Romanian authorities and the International Monetary Fund, which urged the government this week to balance the budget to keep a growing current account deficit under control.

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