Romania Property Investment News

First direct flights open up Romanian market to the Irish

Industry experts are predicting a considerable boost in investment levels into the Romanian real estate sector as the first direct flights between the two countries are launched in three weeks. The first Irish-Romanian real estate project has already been announced, and many more property investments in Romania are expected to follow.

Mivan Development’s Alan McCready has recently announced a multi-million euro shopping centre project, and Moritz Holdings and RI Investment Group are other Irish companies who have stated they will be involved with investment into the country. Of the estimated €5 billion that it is thought will be invested in Eastern Europe by Irish investors, Romania is now well placed to receive a large proportion.

The first direct flights between Ireland and Romania are to be launched by Ireland’s national airline, Aer Lingus, and will be a twice-weekly service between Dublin and Bucharest. The Irish ambassador in Bucharest, Padraic Cradock, predicts that as well as benefiting relations between Romania and Ireland, “… it will also encourage greater investment”.

Since its EU accession earlier this year, real estate investors have followed with interest the progress Romania is making. The country has a growing wealthy class of residents, which has created a rising demand for property and higher purchasing power across the board. The country received the largest amount of investment in South-eastern and Central Europe in 2006, and since its accession the levels of foreign direct investment are expected to rise further, judging by the experience of other EU members. This growth, coupled with its tourism potential (it is ranked seventh out of 176 counties for forecast growth by the World Travel and Tourism Council) indicate it will be a popular choice with Irish investors.