Romania’s capital city combines culture and a thriving economy
Discover Bucharest's Real Estate
Bucharest is the center of Romania’s political, commercial and economic life. By far the largest city in the country with 2.7 million people, it is also one of the largest cities in the European Union. While Bucharest suffered greatly during the 20th century, it is staging a big comeback and now boasts a growing economy and one of Europe’s most vibrant tech sectors. Thanks to its low cost of living and growing tourism numbers, it is an excellent real estate investment opportunity.
Culture, History, and Business
The first mention of Bucharest comes in 1459 when it was listed as one of the residences of the infamous Prince Vlad III (better known as Vlad the Impaler). It became one of the capitals of the Kingdom of Wallachia soon after. It afterwards fell to Ottoman control, before being taken over by the Hapsburg Empire and then the Russian Empire and then again by the Austrians. In 1862, Wallachia and Moldavia united to form the new country of Romania and Bucharest was made its capital. The 20th century was difficult for the city. It aligned with the Axis powers during World War II, which resulted in extensive Allied bombing until 1944 when a coup brought the country to the Allied side. From 1965-89 the country was ruled by Communist dictator Nicolae Ceausescu, who demolished much of Bucharest’s historic center in favor of Soviet-inspired concrete blocks.
Ceausescu was swept from power in 1989 and Romania transitioned to democracy. While the 1990’s were difficult economically, since 2000 Bucharest has been thriving. It boasts one of the fastest growing tech hubs in Europe and its GDP growth is among the fastest in Europe. Its entrance into the European Union in 2007 has accelerated growth even more and has resulted in a significant reduction in poverty.
Real Estate Appeal
Bucharest has substantial real estate appeal due to the low cost of property and the growing business and tourism sectors. By some measures, Romania has the third-cheapest real estate in the European Union, although prices are rising. As such, now may be an excellent time to get in on a growing market.
Furthermore, tourism in the city is also booming. Its Old Town, which had been ignored during Communist rule, has received a major uplift and is now one of the most attractive neighborhoods in the city. Even the massive monumental architecture built by Ceausescu has become a unique attraction in the city. For investors, there is plenty of opportunity to buy cheap properties in the city center that cater to tourists.
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