Following on from our prediction that Romania will be a good property investment in 2008. News has just been released that UAE-based real estate developer Fortune Group, which has projects worth about Dh7 billion in Dubai, said it will launch two “multi-billion euro” developments in Romania.
It said the commercial launch of the two projects is expected early next year.
The first project will be a waterfront residential and commercial development located in southern Romania, spread over six million square feet. It will comprise apartments, a five-star hotel and other facilities.
The second project in the north of the country will be a residential development set amidst golf courses and ski slopes with the Transylvanian mountain range as a backdrop. Syed Mohammad Ali, chief executive officer of Fortune Group said, “Though Romania remains a rather untapped market, many GCC nationals, including Emiratis, have been buying property in Europe - Both our projects will be targeted towards the expatriate community. Many British, French and Italian property buyers have evinced interest in our project, but we are keen on attracting GCC nationals as well.”
Romanian real estate is attracting a growing number of overseas buyers with many British buyers shifting their attention away from traditional markets such as Spain in the search for better returns.
