Romania was created from the principalities of Wallachia and Moldavia of the Turkish Ottoman Empire in 1859, and gained true independence in 1878. Having been part of the Allied Powers in WWI, in WWII Romania allied with the Axis powers, only to be overrun by the Soviets in 1944. Under the Soviet occupation the Communist People’s Republic was formed in 1947. Dictator Nicolae Ceausescu took power in 1965, ruling in draconian fashion until his overthrow and execution in 1989. Former Communists were finally removed from power in 1996. Romania joined NATO in 2004 and the EU in 2007.
In 1989 Romania had a largely obsolete industrial base unsuited to the country’s needs. The country came out of a recession in 2000 thanks to strong demand in EU export markets. This has been followed by good growth and strong domestic activity in construction, agriculture and consumption. In 2005 the currency was revalued, making 1 “new” leu worth 10,000 “old” lei. Romania joined the EU on 1 January 2007, when the IMF praised the country’s recent reform efforts.
Romania is in southeastern Europe, with an area of area 237,500 sq km, and borders with Bulgaria, Hungary, Moldova, Serbia, Ukraine, and 225km of Black Sea coastline. Its climate is temperate, with cold, cloudy winters with frequent snow and fog; the summers are sunny with frequent showers and thunderstorms.
The central Transylvanian Basin is separated from the Plain of Moldavia on the east by the Carpathian Mountains and separated from the Walachian Plain on the south by the Transylvanian Alps.
The population of Romania is 22.2m who speak Romanian, with some also speaking Hungarian or German.
The capital is Bucharest, a city of contrasts and contradictions. Alongside the splendour of Ceausescu’s palace there are the bleak and dreary remnants of the communist era. Lately, property has become the city’s hot ticket, with new developments selling out and demand rocketing. Supply in the city is not enough to satisfy demand from the 2.4m inhabitants so new developments like Basarabia Boulevard are going to prove popular.
Located in downtown sector III, a popular are of the city, the new residential development has commercial outlets and is near a new hypermarket. This development is bound to prove popular in a country ready to go skyward in property!