Romanian Real Estate

Romanian Real Estate

It amazing how similar and how different Romanian real estate practices are from Bulgarian. The ownership laws are very close. There seems to be a lot of state owned property in both countries; but more of it is being privatized in Romania I think. The Romanians say they are about 5 years ahead of the Bulgarians. They believe that there is a bank “conspiracy” to ruin the real estate market. The market has slowed; but owners are unwilling to take lower prices so the market is stagnating.

Brokers complain that they can’t get sellers to give exclusive listings. They represent buyer and seller in the transaction. There is no MLS. Why would a seller give them an exclusive listing? They are really working for themselves. The brokers I have met are sincere. They are conscientious about developing their skills and building the industry. They are cursed by inertia.

Everyone is a real estate agent. This makes it really hard for the legitimate professionals. The most crippling aspect though is the belief that nothing can be changed. I have been coming here for 4 or 5 years now. Things have changed. It has been slow; but it is happening. The Romanians are near or at the end of a cycle. The Bulgarians are afraid that events in the USA will affect their market.

Prices in Bulgaria are so low (comparatively) that I cannot see a serious slowdown coming there for several years. As soon as the sellers get a little more motivated, there will be buying opportunities in Romania. Both countries have many really interesting old buildings that need to be renovated.


David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com