Properties in the historical area of Bucharest
Recent months have seen several attempts of the Bucharest officials to start rehabilitating the historical area of Bucharest (which, due to the demolitions from the communist era, is only a few hectars in size). Various projects are looked at and, due to the unclear status of some of the buildings in the area, a resolution is still further down the line.
However, foreign investors aim to preempt these improvements and currently look at alternatives to buy properties in the area. Although typical buildings in the historical centre are at least 40-50 years old and are currently closer to ruins than living spaces, the area has substantial potential due to its position (only hundreds of meters away from the very centre of Bucharest). The historical centre is currently surrounded by several banks (including the National Bank of Romania and the Romanian Commercial Bank) and includes various attraction points (such as the Stavropoleos church and the Comedy Theatre).
The current price of the buildings in the area, according to the estate agents, ranges between 1000-1200 Euro/sqm, but it is likely to increase in the near future, as soon as the rehabilitation plans will go live.
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Posted: October 24th, 2006 under Law & finance, Apartments.
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