Demand drives up Romanian property prices

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DEMAND DRIVES UP ROMANIAN PROPERTY PRICES

Wednesday, 19 Mar 2008

High demand for property in Romania has led to a significant increase in house prices across the country, new figures have revealed.

Demand drives up Romanian property prices

Anglo-Romanian Development (ARD) stated that the price of a typical home in the eastern European country rose by 40 per cent last year.

However, data from the organisation showed that the figure in individual locations was much higher.

For example, property values in the capital city Bucharest were said to have risen by 63.5 per cent during this 12-month period.

ARD cited high demand for property as the main driver of growth, as the domestic population has become wealthier in the wake of Romania's EU accession.

However, the economic benefits and market performance could make the country equally enticing to overseas property buyers.

Alex Pintea, managing director of ARD, commented: "I fully believe the real value and potential in Romania is at the top end of the market."

This comes after the National Statistics Institute stated that during the first year of its EU membership, Romania experienced economic growth of six per cent, reports BalkanInsight.com.

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