Romania

With a population of 22 million people, Romania is the second largest country in the region after Poland. Bucharest, the capital, is a grandiose city with wide boulevards and plenty of neo-classical public buildings and ornate private villas. The country also has considerable tourist potential, thanks to the stretch of Black Sea coast south of the second city of Constanta and the ski resorts of the Prahova Valley. The transition from communism under Nicolae Ceausescu, the former dictator, to a Western-oriented political and economic system has been a long and difficult one, but the country is now on track - a fact confirmed by its entrance into the European Union, along with Bulgaria, in January 2007. Property prices in Bucharest and many regional towns have been rising by an annual 30% or so for the last few years, but look certain to slow down - so be wary of any over optimistic sales pitches. While the locals have been mortgaging themselves heavily, Romanian banks are reluctant to lend to foreigners, meaning you must raise the money elsewhere if you buy here.

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