Increasingly more tourists discover Romania

For most people, mention of Romania, particularly its region Transylvania, most immediately conjures up images of Dracula, reads an extensive article carried by NuWireInvestor business information website.
Bran Castle, commonly known as Dracula's castle, attracts 450,000 tourists each year.
"Now that it has joined the European Union, there is no question that Romania has been discovered both by a growing number of tourists and property investors. Romania's 2007 inclusion into the European Union has helped the economy expand. The flow of foreign direct investment continues to be strong, according to the Oxford Business Group. In 2007, the European Union began pouring in part of a seven-year, 30-billion dollar aid package that is designed to help move along the country's structural reform and ensure sustained economic growth. Multinational companies such as GE and Proctor & Gamble have already begun opening offices in Bucharest, the capital city," the source says.

The tourism sector, which is of particular interest to property investors, is growing steadily, according to the World Travel and Tourism Council (WTTC). Out of 176 countries, WTTC ranks Romania's tourism industry sixth in long-term growth potential, 58th in absolute size and 149th in relative contribution to the national economy.
It is expected to grow from its current 5.8% of the GDP to 7%, increasing the income earned from the sector from 9.35 million dollars to 21 million dollars by 2018.The travel and tourism industry generates some 600,000 jobs today. This number is expected to rise by a little more than 100,000 over the next decade.
The value of real estate properties continues to go up in Romania, where demand outstrips supply.
"Despite the continuous rise of the prices of real estate properties, the market in Romania offers still the most attractive investment opportunities among all other countries in the E.U.," said Damien Thiery, managing director of Romanian Properties Ltd., a company that helps investors find properties with high return potential in the country. "Statistics for the last two years show that prices for both land and homes have doubled in some areas and specialists assume the market will follow the same course in the next five to 10 years," Thiery says.
There are a lot of opportunities in the residential sector to let, mainly the development of new villas and apartments to be rented out to locals.
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