Living standards in Romania were developing in greater harmony with the country’s property prices than in Bulgaria, Teodora Dimitrova, executive director of ERA - Balkan Estate said at a news conference on May 26 2008. ERA is the first franchising network in Europe for property sale, Focus news agency said.
On May 26, ERA announced it’s entering the Romanian real state market.
Income in Romania had increased by 13 per cent over the past year, close to the price increase ratio of properties, but inflation in Romania was half that of Bulgaria’s, Dimitrova said.
Bulgaria, however, managed to attract more foreign direct investments.
Over the past two years, ERA had concentrated on Central and Eastern Europe, Focus said. ERA entered the Bulgarian market 15 months ago and already had 15 partner real estate agencies, six of them in Sofia.
ERA was interested in both Bulgaria and Romania because of parallels between the two countries. These include a similar level of economic development, a comparable property market and that fact that most people in both countries own their own homes.
