Icelandic investors are increasingly looking towards Romania, especially in terms of real estate. There is considerable demand for decent housing in Romania because of rapid urbanization and available housing in cities is often in poor condition.
“There is lack of housing in Romania so this is a natural step for investors and those who work in the real estate sector,” Askar Capital manager of real estate consulting Tómas Sigurdsson told 24 Stundir.
Askar Capital is currently involved in three large construction projects in Romania, including both private apartments and office buildings. Sigurdsson said the fact that Romania joined the EU last year is an important factor in making the country popular among investors.
“I believe Romania is one of the countries in that area that suffered the worst blows from communism,” said Jafet Ólafsson, managing director of Veigur, one of the Icelandic companies currently investing in Romania.
Ólafsson said Romania is attractive to investors because there has been great stability and a six to seven percent economical growth in the country for the past three to four years, which offers many investment opportunities.