British real estate tourism in Romania

Romania will become a real estate tourism destination by the end of year, as a number of British citizens are coming here in search of real estate properties.

Interested parties will buy a luxury travel package including such countries as Romania, Morocco, Monte Negro or the Czech Republic. On arrival, the tourists will be organised in groups of 10-12, and will benefit from all the customary services such as, accommodation in luxury hotels and meals. They will also have meetings arranged with other people that bought properties in the area, with specialised lawyers and real estate agents.

“We are offering a service connecting buyers with sellers, in simple terms,” Brett Gregory-Peake, press officer with Invest Adventure, told ZIARUL FINANCIAR. The company works as an intermediary between British investors and real estate agencies or individuals with properties in specific countries.

“We expect to have around 100 tourists this year, with a group or two in Romania (12 or 24 people i.e.),” says Alastair Poulain, manager of Original Travel travel agency, partner of Invest Adventure in this project.

Each of the tourists brought to Romania is likely to spend sums ranging between 50,000 and 500,000 pounds sterling (72,000-725,000 euros), according to officials.

“Depending on the interest in Romania and on the plans of each investor we are bringing, the total sum is likely to reach even 10 million pounds,” believes Gregory-Peake.

He says he is expecting offers from any individual or real estate agencies. “We will choose a partner in Romania or we may set up a subsidiary here,” says Invest Adventure representative.

Invest Adventure will set off with the business plan in June, in Morocco and Montenegro and will expand operations to the other countries by the end of this year.

“Our customers are people who either lack the confidence of going by themselves to buy properties in these countries, or consider it easier for them to employ us. One can say we are doing PR for the countries we are going to take them to,” he also says.

British institutional investors such as Ballymore Properties, a company controlled by Irish businessman Sean Mulryan, RI Investment Group, a firm controlled by Romanian and Irish investors and Equest Balkan Properties real estate Investment Company, are already present on the Romanian market. andreea.groenendijk@zf.ro