Romania developers 'should build low-cost property'

It is currently a good time for property developers in Romania to begin constructing cheaper housing, one real estate group has argued.

Henri Faure, deputy executive director of BNP Paribas, told Mediafax that real estate prices in the country are currently too high for investors and there is an opportunity for construction firms to develop low-cost homes worth up to 100,000 EUR (87,000 GBP), Romanian newspaper Curierul National reports.

Should such properties be built, investors looking to make a purchase in the country may find themselves with greater choice.

"The developers must adapt to market needs, to study better its future development. The development of such housing could be a solution to unblock the market," Mr Faure told the news source, adding that if finance becomes more readily available then the property market in the country may open up in the second half of the year.

Skyscanner recently described Romania as an ideal holiday destination, noting that it remains cheaper than other countries despite the falling value of the pound.

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