The Old Town district of Romania's capital Bucharest is in need of refurbishment, with foreign investors showing an increasing interest in properties in this area of Romania.
Speaking to Romania-Insider.com, chief executive officer of More Real Estate Ilias Papageorgaidis noted that approximately half of the buildings in this part of the city have yet to be renovated.
He explained that of the properties that have been refurbished, the majority were converted for leisure use, with a small percentage accounted for by retailers.
However, Mr Papageorgaidis is not overly optimistic about new investment flooding into the district any time soon.
"Right now, the interest of foreigners is multiplied, but I doubt they find many opportunities to invest," he told the publication, adding that this is largely down to the small number of owners who hold assets in Bucharest's Old Town.
This part of the city is also dotted with historical attractions that make it popular among tourists, including the remains of the Old Princely Court, the Old Court Church and the Old Court Museum, which displays archaeological finds from the fort that used to stand here.