Hot Property Market to Watch in Eastern Europe

International Living Postcards--Saturday Edition

Saturday, March 31, 2007

Where do I see the greatest opportunities in Eastern Europe for 2007? One market in particular has my attention.

Bulgaria and Romania joined the European Union on Jan. 1 this year. Bulgaria's property market saw a great deal of appreciation and development in the lead up to EU ascension. Romania, too, saw appreciation…especially in the capital, Bucharest. However, large developers are just beginning to turn their attention to Romania. A few projects are in the works for the ski areas around Brasov, and smaller projects are under way in Bucharest and Constana on the Black Sea coast.

If you like to ski…and also like the idea of renting out your ski lodge when you're not whooshing on the slopes yourself, Romania is a better choice than Bulgaria. Prices are comparable, but Romania gives you a longer rental season. The ski seasons are the same in the two countries, but Romania has Dracula's Castle--a real tourist draw in the summer.

Romania also wins on language. Romanian is a romance language, which means it is easier to pick up, especially if you already know some French, Italian, or Spanish.

Plus, prices in Romania will increase with improved access. It's easier right now to get to Bulgaria from most of Europe than it is to access Romania. (More low-cost airlines fly to Bulgaria, for example). This will even out in the short term, as air access to Romania improves. Meantime, plans are under way for an international airport near Brasov, which would make the main Romanian ski region that much more accessible.

Lief Simon
For International Living

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