Bank Austria: Growth Potential for Real Estate in Romania and Bulgaria
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Despite the signs of economic revival, Bulgaria and Romania markets are still largely being ignored by international investors, says Bank Austria.
Bank Austria: Growth Potential for Real Estate in Romania and Bulgaria / Picture: © Vindobona.org
The economies of Bulgaria and Romania were both hard hit by the financial crisis. In both countries the sharp fall in exports, the lack of direct investment, the impact of a deteriorating job market and the banks’ reluctance to approve new lending depressed personal consumption and resulted in a sharp recession. Bulgaria’s real GDP in 2009 dropped by 4.9 %, Romania’s by 7.1…
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