Romania’s rapid 'renaissance'

The fastest salary rises in Europe continue to drive the Romanian property market.

Strong economic growth over the past several years has seen Romanian salaries increase at exceptional rates. Recent figures from Mercers  forecast that the trend will continue with wages in Romania expected to rise by 11.5 % in 2008, the highest rise in Europe and fourth in the world.

Furthermore, the Romanian government forecasts a staggering 75% salary increase by 2013.

Alex Pintea, Managing Director at Anglo-Romanian Development (ARD) and author of the acclaimed book ‘Buying Property in Romania – An Insider’s Guide’, comments: “As wages are on the increase and Romania’s economy is continuing to develop, the property markets of Bucharest, Brasov, Cluj and other cities will begin to mirror more closely that of other European capitals with significant competition for the best property in the best locations.”

Unlike many countries in the EU, the Romanian market is driven almost entirely by domestic buyers as opposed to second home owners and holiday homes.

The Romanian economy continues to grow sustained by increasing inward investment and the demand for modern, quality housing continues to rise, providing excellent returns for those investing in the property market.