London, England (PRWEB) October 22, 2006
Ownership of property overseas by the British alone has grown nearly 50% since 2000. This represents an all time record of nearly 260,000 people who own a foreign property –usually in a cheaper and sunnier country.
Whilst Spain has historically been the most popular choice among the British and many other nationalities for buying property off plan there is a growing interest in Romania where off plan property prices compare favourably with the rest of Europe and, as low-cost airlines continue to expand into Romania and with Romania’s entry into the EU in January 2007, interest in Romania is likely to increase still further.
To satisfy this growing interest in off plan property in Romania http://www.romanian-property.info has been created to pull together the vast array of disparate information available on the Internet (and from other sources) into one coherent and easy to use portal that provides both country specific information as well as property buying guides. It is aimed mainly at those interested in buying off plan property in Romania either for investment or holiday home purposes.
The interest in overseas property investment has been fuelled in recent years by low interest rates and stock market returns. In the UK the substantial increases in property values has also provided equity that is able now to be released allowing those that could previously not perhaps afford to purchase property abroad to do so.
Romania has a relatively young real estate market for foreign investors. Interest in the country has yet to peak, and the market has not yet been saturated, as it has in neighbouring lands. The steady economic growth shown over the last few years and the stable political situation means that now is the time to buy property in Romania – when Romania join the EU in 2007, the country will be guaranteed more prosperity and stability, and those who invest in property in Romania now will reap the rewards – Romanian property prices increased by 45% in the year 2004 to 2005 and from all known information the growth appears likely to continue
Romania also emerged as the best European destination to invest in a holiday home or investment property, according to popular UK TV show ‘A Place In The Sun’. Research carried out by the hit Channel 4 programme revealed property buyers would make the biggest profit if they bought property in Romania over and above any other European country.
A Place In The Sun ranked all the EU countries, including four that have applied to join the EU - Bulgaria, Croatia, Romania and Turkey. The research took into account economic growth, property price rises and potential rental income.
The average price for property in Romania is £17,000 and a £100,000 investment could be worth £514,000 in 10 years, according to Channel 4 ‘A Place In The Sun’. Although Romania is not hugely profitable from a rental income perspective, because the summer season only lasts four months, Romania still comes out on top as the place to invest, largely because of Romania’s on going excellent economic performance, Romania’s infrastructure improvements and low cost of property in Romania.
The top five with percentage return included Romania at 414%; Poland, 393%; Portugal, 360%; the Baltic States, 356% and Sweden, 352%.
The advantage of buying property off plan is that the build cycle can be anything up to two years and with staged payments over the period. The expectation that property prices will continue to grow combined with the lower deposits initially required with buying off plan property affords the buyer less initial risk and the opportunity to, if required, sell on either before or after completion at a higher price.
http://www.romanian-property.info is owned and operated by Off Plan International Ltd http://www.offplanproperty.info a wholly owned subsidiary of Balkan Holdings plc, a holding company with diverse business interests in Eastern and Central Europe. Balkan Holdings plc are also the owners of My Bulgaria Ltd who operate the hugely successful site http://www.mybulgaria.info aimed at those buying, or thinking of buying, property for sale in Bulgaria.