09 January 2006

Romania property investment

People wanting to make maximum returns on a property investment abroad should head to Romania, it has been claimed.

House prices in the country are expected to soar four-fold over the next 10 years as Romania's economy benefits from its entry into the European Union in 2007, according to Channel 4 programme A Place In The Sun.

It has put Romania at the top of its list of the 20 best places in Europe to make money on property in the coming decade.

It said house prices in the country currently average just £17,000, but predicts £100,000 invested now could be worth £514,000 in 10 years time due to the impact EU membership is expected to have on the property market.

Anybody who bought property before the country joined the EU was likely to be in a very strong position as hoards of investors were expected from 2007, it added.

Poland, not the most obvious destination to buy a second property abroad, was named second on the list.

But the programme expects £100,000 invested there now to be worth £493,000 in 10 years time as the current transformation Poland is undergoing continues, with increased levels of investment from foreign firms creating more jobs and stoking the property market.

More here.

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