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Romania Property Investment News
Romanian air traffic grows
The market for investment property in Romania could be boosted by growth in the aviation sector, new figures have suggested. According to EU statistics agency Eurostat, the number of people passing through the country's airports rose by more than a third last year. Furthermore, British Airways reported a 66% increase in traffic on their services between Bucharest and London in the last year.
This suggests that the eastern European country can expect an increased number of tourists after the introduction of new flights. Romania's growing appeal to international holidaymakers is good news for the country’s tourism industry, as well as for overseas property investors.
Romania's aviation sector is set for a further boost next year when low-cost airline Wizz Air opens a new operating base at Cluj Airport. Blue Air recently launched a service between London's Stansted Airport and Bucharest.
The country's popularity with foreign holidaymakers is likely to result in second-home owners collecting higher rental returns. The country is fast-realising its potential for tourism. Indeed, figures from the World Travel and Tourism Council rank Romania as seventh out of 176 for forecast growth of its tourism industry and called it a “very large, least intensive, and fast growing travel and tourism economy.”
As well as an influx of tourists, Romania is also seeing a steady stream of corporate investment. In the last few days, Nokia announced that it was to close its Germany plant and move production to Romania instead. It is expected that production will start within the next two months, and once the plant is working at capacity, it will provide jobs for 3,500 people.
The support of overseas corporations has been integral to Romania’s transformation into a growing economy with increasingly affluent population.
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