Secret Investment Destination: Pitesti, Craiova, Ramnicu Valcea
January 8th, 2008
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Pitesti
Big city, only 120 km from Bucharest, connected by the first Romanian highway (built in communist regime and rebuilt in 1999), Pitesti is one of the most developed cities in the country.
This is the home of national car company, Dacia, own by Renault. The big company’s success is Logan, a popular car with sales all over the world. Renault is planing to open a very big production and design center close to Pitesti, with over €650 million to be invested.
Real estate market is very active, with lot of new small-medium projects delivered or to be delivered. Prices are 20-30% under the Bucharest market.
Craiova
Big proud city, Craiova is known as capital of Oltenia. Major investor in the region was Daewoo, former owner of an automobile factory. Today Ford is buying the factory and intend to invest €750 mil for further projects (they want to develop a new car model here).
The city has a big university.
Real estate market is on a positive trend, recovering from not such a good past. New projects are build, with demand coming from local middle class.
Rental market is sustained by the local and foreign workers and by the big number of students.
Ramnicu Valcea
This is a small beautiful city surrounded by green hills, on shores of Olt river.
I decided to write about this city because it is a fantastic example of Romanian success. Ramnicu Valcea is a popular tourist destination and
offers a flourishing real estate market. A new mall was inaugurated in 2007, and projects to extent local infrastructure are on the way.
Most part of the new buildings are private houses built by locals. This is why land price is on a very positive trend. Old apartments prices are going up too, with local demand supported by economic success.
Few medium size residential projects were delivered in 2006 and 2007, with new ones to be ready by 2008-2009.
Foreign investors are interested especially in land, both construction and agricultural. Usually they buy medium properties, split them and resell to locals. Some investors increase the land value by bringing utilities on site. Is very profitable to transform agricultural land in construction land.
Buy to let is also very lucrative, with demand from newly arrived workers and foreign investors.
More about investing in Romanian properties in the Independent Guide
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