Land prices in Romania continue to rise for the near future
The current Romanian market for flats is more and more influenced by new projects. Amongst the recently announced developments, a good example is a project for 258 luxury appartments in the Lacul Tei area in Bucharest, put together by New York Investments, a company focused on real estate development projects for the Eastern Europe zone.
While such investments impact on the price of flats from the communist era, the price of land is unaffected by them. According to the Estate Agents Romanian Association, the price of land for small to medium sized real estate development projects rose by 50% during the year of 2006. On a larger, longer-term scale, the price of land for farming increased from 100-200 euro/hectar in 2002 up to 1000-2500 euro/hectar in 2005
The same source estimates that, by the end of 2006, the price of land nearby Bucharest will increase by at least 15-20% - in the central and northen areas - up to 100% in the areas where ongoing development projects are taking place.
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Posted: October 18th, 2006 under Land.
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Pingback from Romanian Property News » Ten reasons to buy real estate in Romania
Time: February 2, 2007, 2:58 pm
[…] The land – due to the relatively easy process required to obtain planning permission, virtually any plot of land in Romania can be transformed from agricultural to housing . As a result, any land bought in the vicinity of cities is likely to be part of a satellite village in 10-20 years time (see the expansion of cities below), with its value likely to increase accordingly. Prices already increased over the past few years and particularly over 2006 for all types of land, but, with current prices still as low as a few Euros per square meter for larger plots, this is yet another guaranteed investment that should be considered. […]
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