Properties In Romania, Tips And Advice For Buying Properties In Romania

By Author: Thomas Lindblom
Total Articles: 200
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Property buying in Romania is much talked about these days because prior to 1990, all the real estate located in Romania was state owned- by the government or some state run agency. Only after the communist revolution died off, liberalisation started and real estate laws were formulated for the country. Romania was in a terrible economic condition unlike Soviet and the other countries due to economic mismanagement and repression. However, in recent times, the scenario has improved quite a bit and companies are looking at possibilities of investing in Romania.

Romania has joined the European Nations so that its real estate laws become more in alignment with the rest of the laws in the other European Union nations.

Now there is neither vanzari apartmente nor vanzari terenuti available to foreign nationals. They can neither inherit real estate from the natives. The only way of acquiring immobillare is through limited liability companies established under statues of the Romanian laws or duly established companies.

Foreign nationals because of the simple reason that they have to acquire property through corporations ...
... do generally not own residential property. Most of the people live in apartments these days though there are no vanzari apartmentae. This is because nationals have invested in building commercial enterprises that are within the purview of the Romanian Constitution. From this, they have received huge profits as well. However, now that Romania is a part of the European Union, it is expected that there will be an over all growth in the real estate sector.

There is also hardly any investment in the holiday property in Romania as it was not one of the major places of tourist attraction. Most people were not allowed in to the country and even when they were allowed, they were not allowed to visit most pats. However, Romania does have a lot to offer for a tourist. Infrastructure needs to be built to make it navigable from tourists abroad. The government is working for the development of the tourism industry in Romania. Again, the membership to European Union can go a long way in making Romania a popular tourist destination.

Until date, the Romanian Constitution does not allow foreign nationals to own real estate in Romania. Nor does it allow an inheritor to take possession of the property directly. It seems that it will take some time for the government to be more liberal towards these policies. Having said that, it has to be pointed out that a Romanian company can own the full land even if a foreign national owns it. Again, if a foreign national shows any interest in investing in real estate in Romania, he has to take the help of the various corporations. The foreign nationals now have legal representatives in Romania to deal with these matters. The lawyers have also become quite knowledgeable about these matters. Again, there is nothing morbid about investing in Romania, now that changes are expected as a part of the European Union.