Total Area: 238,391 km²
GDP (in billion USD): 190
Romania is a country located at the intersection of Central and Southeastern Europe, bordering on the Black Sea. Romania shares a border with Hungary and Serbia to the west, Ukraine and Moldova to the northeast and east, and Bulgaria to the south.After three years of severe house price declines, Romania's housing market was still in deep trouble in 2012.
The average selling price of apartments in Romania fell by 6.21% to €967 per square meter (sq. m.) during the year to August 2012, the biggest annual price decline since September 2011, based on figures released by real estate firm, imobiliare.ro.
The construction sector declined by 39.2% to €9.3 billion in 2011 from €15.3 billion in 2008, according to the Romanian Contractors' Association (RCA). The crisis of the last three years is expected to continue in 2012, according to local property experts.
There are no restrictions on foreign nationals acquiring dwellings in Romania, but ownership of land is tricky. Companies incorporated in Romania as well as resident foreign nationals can acquire land. Non-resident EU citizens will be able to own land starting 2012.