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News: Romania's 'little Paris' excites investors

The bustling Romanian city of Bucharest continues to attract overseas investors...

Bucharest, (Bucuresti in Romanian) takes its name from the word 'bucuros', meaning joyful, which certainly applies to both the locals and the city itself, reports Romania Revealed.  From the 1870s to the late 1920s Bucharest was transformed from a mere giant town to a thriving, bustling and fashionable city.

Remodelled, by French and French-trained architects, Bucharest was known for its wide, tree-lined boulevards, glorious Belle Époque buildings and a reputation for the high life.  It was Eastern Europe's most attractive destination and gained the reputation throughout the world as 'The Little Paris'.

Strong capital growth

Compare property prices today to those in the real Paris – where tiny studio apartments cost over £160,000 – to ‘Little Paris’ where presently the average property price is just £50,000.  But prices are rising rapidly and in 2006 capital growth averaged 20% across the city and this is set to continue with EU accession.

Tahir Ali, MD of Romania Revealed, commented, “Britons seeking a good investment opportunity in an emerging European market are increasingly turning to Romania. The buying process is similar to Bulgaria and with EU membership this, and obtaining finance, is set to become even easier.  Many Romanian families live in cramped housing and there is a real shortage of good quality residential accommodation in the city.  Increasingly people are seeking accommodation in the up and coming suburbs such as Tunari.”

 

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