TheMoveChannel.com, the leading international property portal, announces a number of new properties in Bucharest and Bratislava:
· Ski Chalet – Zilinsky (£110,530, 2 bed, based in Mala Tatra mountains, snow paradise)
· Bucharest Villa (£316,690, 3 bed, sought after location, excellent rental potential)
Property in Romania or Slovakia are unlikely to be an investment opportunity UK investors have considered in the past, so TheMoveChannel.com provides an overview of the Bucharest and Bratislava, respectively.
Bucharest v Bratislava – two ex-eastern blocs go head-to-head.
1. Bucharest
Known for its wide, tree-lined boulevards, its glorious Belle Époque buildings and having a reputation for a lively nightlife, Romania’s capital was once referred to as the ‘Little Paris’ of Eastern Europe.
With the introduction of low cost flights and Romania’s admission into the EU, foreign investors flooded the market and boosted the property prices in Bucharest.
Real estate prices in the capital have been constantly appreciating since 2002 and between 2005 and 2007 prices of old apartments rose by about 160%.
But after rises by as much as 50% in 2007, property prices fell in Bucharest in the first quarter of 2008 and some experts believe that the 5-year house price boom is over.
Higher interest rates and the depreciation of the Romanian currency, have left investors disappointed with their returns and complain that corruption is rife, which is tolerated or ignored by the government.
2. Bratislava
Bratislava is the political, cultural, and economic centre of Slovakia and the country’s largest city. The spirit of its past is tangible and visitors will enjoy the many reconstructed fountains, gothic churches, romantic narrow alleyways and one of the most stunning old squares in central Europe.
Bratislava is now a boom town with an influx of foreign manufacturers and consultants, and the construction of an enormous amount of new infrastructure is visible. Unemployment is falling at a significant rate and the city is now a hub for Europe’s low-cost airlines as a significant increase in tourism takes place.
International buying interest has been strong since the country allowed foreign purchases in 2004 and this has been bolstered by the fact that their equivalent of stamp duty was abolished in 2005. After a lull period of 10 years, the city is now constructing many new builds as there is such a local demand for them.
The real estate market received a further boost from the announcement that Slovakia will adopt the Euro in 2009. This is expected to push house prices up strongly in 2008 and already in quarter one the average property price was SKK44,463 (€1,450) per sq. m., up 34.5% from the same quarter last year.
Dan Johnson, Managing Director, comments:
“With the rapid rise in the country’s economy and purchases from both foreign and local investors, Bratislava is looking like a good place to invest in, for the short term at least.
There are still opportunities for good deals in Bucharest, and prices are still lower than many other European capital cities. Despite some concerns, foreign investment is still thriving, but if you are considering investing there, be diligent and do your home work.â€
For more information on Romanian properties and Slovakian properties and the market in general, please visit http://www.themovechannel.com/
-ENDS-
Notes to editors:
TheMoveChannel.com is a property website that was founded in 1999 as an online resource for buying, selling and learning about property. It now receives as many as 300,000 visits per month and advertises over 50,000 properties in nearly 90 countries, which are listed by over 500 partner organisations.
For further information as well as images and interview possibilities, please contact:
Dan Johnson
Managing Director
www.themovechannel.com
0207 952 7650
