Number of foreigners buying holiday homes in Romania’s Prahova Valley doubles in 2011

The number of foreigners that purchased holiday houses and apartments in Romania’s Prahova Valley doubled in 2011, according to data from several real estate agencies in this area. Moreover, one in 10 buyers was a foreigner.

Romania’s Sinaia mountain resort, located in Prahova Valley, comes first with 37 percent of the houses traded by the real estate agents sold to foreigners in 2011, followed by Predeal with 32 percent, Busteni - 20 percent, and Azuga - 11 percent. Also, the number of foreigners interested in buying a house in the area at the beginning of this year appears to be growing, and those who have already completed a transaction mainly bought in Sinaia or Predeal. The buyers made their choices based on the lower prices, but also on much lower house maintenance costs, according to Ioana Ciocirlan, customer relations for Italian Edilizia, developer of residential Clabucet Residence. Italiana Edilizia invested EUR 3 million in Clabucet Residence. A studio apartment in this resort costs around EUR 50,000, while the price for an apartment reach EUR 90,000. Clabucet Residence consists of two four floor buildings and has 40 apartments with surfaces between 58 sqm and 140 sqm, according to Ioana Ciocirlan. Irina Popescu, irina.popescu@romania-insider.com