When it comes to purchasing real estate, Romania continues to be one of the least expensive nations in Europe. Although the cost of homes and flats has increased significantly over the past few years, they are still very reasonable by Western standards.
Cheap(ish) village house in Romania
This house has three bedrooms, a sizable terrace, and other features. Additionally, it has a sizable piece of land (3,000 square meters) and appears to be in excellent condition.
Although it is in a village about 20 minutes from the closest city, the listing price of 45,000 euros should be kept in mind. Still a lovely location.
Big townhouse near the Danube
There are no less than seven rooms in this enormous house, which is situated in the tiny village of Corabia. The 5,000 square meters of additional land are included in the asking price of 80,000 euros.
The location is not great for individuals who desire a little more city life because there isn’t much to do there (although at least the Danube is close by). however, it’s still a decent deal now.
City life house with small yard
This is fantastic, but it’s not very common these days if you’d prefer live in a metropolis.
You can purchase this home in Ploiesti for 100,000 euros. The number of rooms is not stated, however, based on the description, it is assumed to be at least 4. (Probably 6).
Although this house doesn’t have a large yard (quite the opposite!), living in the city has many benefits.
Beautiful house in the mountains
Another settlement is located near bigger cities like Medias, Blaj, or Targu Mures and higher in the Carpathian highlands.
It is expensive at 120,000 Euros, but it is also stunning. It features six rooms, a sizable yard with fruit trees, and a vineyard. This sounds very nice.
Can foreigners buy property in Romania?
Yes, foreigners are permitted to purchase real estate in Romania. However, certain guidelines differ depending on the nation of origin.
Just like Romanian citizens, inhabitants of any other member state of the European Union or the European Economic Area are permitted to own both the building and the land it is built on. There aren’t any limitations in this place.
The right to the land on which a property is built will not belong to non-EU and non-EEA citizens who purchase property in Romania. But they are still entitled to utilize and live on the land.
If Romania and that nation have a treaty, several nations are also immune from this. However, many developed nations don’t.
The mortgage industry is still expanding
The mortgage market in Romania, which will make up just 8.4% of GDP in 2021, is still quite modest by global standards. But from 2008 to 2021, the number of outstanding mortgage loans increased by more than 15% yearly.
The introduction of the “Legea darii in plata” law, allowing a borrower to settle their mortgage debt by giving their property back to the bank with no further liabilities, in early 2016 would have been expected to slow the rise of mortgages. However, the increase in mortgages has not stopped. Even yet, the number of mortgage loans increased significantly by 12.5% in 2016, 13.2% in 2017, 11.1% in 2018, 10.5% in 2019, and 9.9% in 2020.
Conclusion
When it was still an unknown treasure and a terrific option for anyone wishing to live like royalty for little money, Romania used to be rather affordable.
It’s getting harder and harder to think of this as a genuinely cheap place to live because of a rapidly rising cost of living, as well as higher inflation and rising housing prices.
Yes, leaving the city will not raise prices, thus there are methods to live well on a reduced income.
Additionally, Romania continues to be one of the least expensive nations in the EU despite all these occasionally stunning price increases. However, if you want to own property here… if you have the money set aside, it might be a good idea to make a move now.
