Real Estate

There are many different reasons for foreigners to buy property in Romania. Some buy property to live in themselves. Others buy it as an investment and still others use it as a holiday home. The properties themselves are just as varied as the reasons for buying them. The choice ranges from a one-bedroom flat to a detached house to a luxury villa in a wide variety of locations.

Buy Real Estate

Due to its EU membership, EU citizens can purchase property and land in Romania relatively easily. However, a number of regulations, rules and procedures must be observed before purchasing.

Compared to many Western European countries, property prices in Romania are still more affordable, although they vary greatly depending on location. In rural areas, prices are usually lower than in popular tourist areas or near cities. The capital Bucharest and boom towns such as Brasov, Sibiu and Cluj-Napoca are the most expensive.

The following cities, among others, are very popular:

• Bucharest, the capital of Romania, is the country’s largest city and generally has high property prices. Prices are higher than the national average, particularly in the central and upmarket neighbourhoods.
• Cluj-Napoca is an important economic and educational centre in the Transylvania region and is experiencing strong growth, which also has an impact on property prices.
• Timisoara, is one of the largest cities in Romania, with a booming economy, leading to rising property prices.
• Brasov, is a beautiful city in Transylvania and a popular tourist destination, which has led to an increasing demand for property as well as higher prices.
• Iasi, the city is the cultural and economic centre in the region of Moldova and has also seen an increase in property prices in recent years.
• Sibiu, a city in Transylvania, is known for its beautiful old town, which has led to an increase in demand for property and higher prices.
• In rural areas, land and property prices are generally more favourable.

Once you have finally decided to buy a property in Romania, you will certainly be faced with the question of where and which property you want to buy. Basically, it is important to explore the Romanian property market and compare offers. Tailor your property search to your personal needs, preferences and budget. Platforms such as https://www.imobiliare.ro offer you various filters.

Once you have found one or more properties, you should have them checked. This includes the proof of ownership and other relevant documents. You can find support from estate agents or notaries, who you will need to notarise the purchase contract anyway. To overcome or avoid any language barriers, find a notary who speaks your language or take someone you trust who speaks Romanian with you to the negotiations. The notary will then verify the identity of the buyer and seller and explain the terms of the contract in detail. Once the notarised purchase contract has been signed, the purchase price is finally paid and the actual transfer of ownership takes place. The final step is the registration of the property in the land register of the respective municipality in the name of the new owner, which can take several weeks.

Papers & documents

A number of documents are also required for the purchase of property. These include the following documents: valid proof of identification (passport or identity card), Romanian fiscal number, which you must apply for in advance, proof of ownership from the seller. Finally, the notarised purchase contract contains all the relevant information about the property.

Taxes & fees

Various taxes and fees are also incurred when purchasing a property in Romania. These include land transfer tax, notary fees and fees for entry in the land register. Fees can also vary from region to region.

Consultants

To minimise risks when buying a property, you should carry out thorough research beforehand, look for experiences in online forums and, if you are unsure, seek advice from an expert who speaks your language.

Please note: We do not make any recommendations, but only mention a few tips here. In order to be able to conclude a legally secure purchase contract, contact a notary authorised in Romania