October 29, 2006
Romania Part II
Romania is basically on fire, they are joining EU in January and everything is sky rocketing in price. There is a lot of speculation on the real estate. Speaking with the embassy there he said predictions are that things will level off in 2007 and drop in 2008 at least in the old apartment market. The new apartments may not loose value. Reality check though, apartments that were bought four years ago in Bucharest - some are now worth 5x-6x their value, so even if they were to loose value, it would have to be quite a drop. As with any increase in housing price, every thing else is going up, salaries etc... Discussing while on the way to a meeting and stuck in traffic, there are no underground parkings in Bucharest, and ground level parking, or public parking is practically non existent - can you imagine downtown of any city with about 3M people with limited public parking and no underground - that is a serious problem for all of the drivers in Bucharest. Food wise - I thought Polenta was an Italian thing, well the Romanians have surely adopted it, in several traditional meals you will find polenta. One appetizer was polenta topped with ham, a sunny side up egg and grated cheese (bitter cow cheese, very good) - all in all very yummy! I visited another city called Cluj, where we have our team. It's a smaller city and the pace is much less frantic.