Basarabia Boulevard, Bucharest, Romania
Reasons to Buy
- Bucharest’s economy is now expanding rapidly and is expected to have achieved over 9% GDP growth in 2006, making it Europe’s fastest growing city economy (Source: BSL Experian, EIU, October 2006)
- Unemployment was estimated at 6.1% for Romania as a whole for 2006 (CIA Factbook) The total employment in Bucharest is just over one million, of which 60% are employed in services and 40% in production and construction. Unlike most other European cities, Bucharest is experiencing strong employment growth and forecasts suggest employment growth of 2.8% per year for 2006- 2010 implying an addition of 120,000 new jobs in the city by the end of the decade. (Jones Lang LaSalle)
- EU Accession has created considerable momentum for international business and has stimulated a significant upswing in Foreign Direct Investment which is forecast to continue for the remainder of the decade. (Jones Lang LaSalle)
- The population of Bucharest has a high disposable income relative to total incomes.
- Prices start at €1400 per square metre compared to Warsaw at €4,000 and London €10,000.
- There are over two million Romanians living in Bucharest and last year only 8,800 new homes were built across all sectors and demographics. City planners believe there is a need for 200,000 extra homes specifically for the emerging middle classes. (National Housing Authority, Romania 2006)
- The developers, RI Investment Group have delivered some of the largest investment projects in Romania.
- Capital growth in the residential sector of Bucharest is predicted to be between 20% and 30% for 2007. (Country Guides – Romania from Channel4.com)
- Local demand among the emerging middle classes is currently high - Colliers International predicts “the middle income segment of the Bucharest market is entering its long expected boom.”
- Unrivalled Foreign Direct Investment - Romania received nearly $11 billion USD in 2005. Romania attracts huge investment due to the cheap labour market and the availability of hard working locals.
- Large corporations already have a presence in the city including KPMG, Orange, Oracle, Toyota, IBM, Alpha Bank and ING Bank. This type of foreign investment brings employment and increased wealth to the local population, increasing salaries and the spending power of the locals.
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