Romania Info
Joined: 20 Apr 2007
Posts: 17
Home Country: romania
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 Posted: Mon May 28, 2007 10:07 am Post subject: HOUSING IN ROMANIA / ROMANIA HOUSING GUIDE |
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HOUSING IN ROMANIA
GENERAL
Expatriate areas
Bucharest is the primary expatriate location within Romania.
Housing
In general, expatriates live all over Bucharest and the suburbs. While there are houses in the city, they are largely unavailable for rent. Apartments are the primary option in the city, and detached and semi-detached houses are available in the suburbs. Families with children tend to live in the suburbs to be close to the international schools.
Cost of housing
Housing in Romania can be very expensive and varies based on type of residence, location and standard of renovation. Rent can be anywhere from $ 500 for a small apartment in the city to $ 8000 and more for a modern house in the suburbs. The local currency is LEU (ROL).
RENTING A PROPERTY
Quality rentals (whether houses or apartments) are in demand, making the acquisition of a quality property a very competitive process. Rents run fairly close to those charged in Western countries. Rent normally includes the basic utilities of water, gas, and electricity -- some include furniture.
BUYING A PROPERTY
There are many reasons to invest in the Romanian real estate market. These include:
- recent infrastructure improvements
- very low cost of property
- potential for growth
- a growing economy
According to some experts, the best places to purchase property are Bucharest, Ploiesti, Constanta, Cluj, Oradea, Brasov and Timisoara. While foreigners can buy buildings, houses, villas and attachments, they cannot buy land. To get around this rule, foreigners can set up a Foundation, which can own land. It is best to find a reputable real estate agency or broker to help you through the paperwork involved. Foreigners are generally looked upon as "rich" and, as such, are frequently victims of scams or dishonest business dealings.
Recently, the Romanian government has introduced a 16% levy on sale of property. The vendor has to pay, but sometimes the costs would be passed to the buyer. |
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