Investors were presented with a range of ideas for investing in the booming real estate of Romania at a Cleopatra Hotel seminar on Thursday.
The seminar was organised by the Embassy of Romania with the support of PricewaterhouseCoopers, the Ministry of Finance, the Cyprus Chamber of Commerce and Industry and the Cyprus-Romania Business Association.
Oana Nisioi, Counsellor at the Romanian Agency for Foreign Investments, was bullish about property investment.
“The real estate potential remains huge,” she said.
Farmland, at around EUR 450-500 per hectare, is still only a fraction of prices in neighbouring East-Central Europe.
For example, prices are around EUR 5,000 in the Czech Republic and EUR 6,000 to EUR 7,000 in Poland.
Romanian land prices have already risen 35% in one year and are expected to reach EUR 3,000-4,000 in just a few years’ time.
The main reason for this is that the pressure to convert to development land continues.