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Buying Property

Romania - Buying Property

There are many reasons to invest in the Romanian real estate market. These include:

- recent infrastructure improvements
- very low cost of property
- potential for growth
- a growing economy

According to some experts, the best places to purchase property are Bucharest, Ploiesti, Constanta, Cluj, Oradea, Brasov, and Timisoara. It is of special note that while foreigners can buy buildings, houses, villas, and attachments, they cannot buy land. To get around this rule, foreigners can set up a Foundation, which can own land. It is best to find a reputable real estate agency or broker to help you through the paperwork involved. Foreigners are generally looked upon as "rich" and, as such, are frequently victims of scams or dishonest business dealings.

Added 04/03/06 by John - "The Romanian government has recently introduced a 16% levy on sale of property. The vendor has to pay, but look out for costs to be passed to the buyer".

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