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Purchase of real estate properties in Romania
Additional charges to buy in Romania
In Romania, private foreign individuals are allowed to buy apartments directly, while it is still necessary to set-up a company to buy lands.
Anyway, setting up a limited liability company (which may also have only one shareholder and 100% foreign capital) is very cheap (about 1000 Euro) and the incorporation can be completed in less than three weeks.
To buy a property, your budget shall include the following additional charges:
- the "taxa de timbru", calculated on the fiscal value of the property: for example, for an apartment costing 100.000 Euro, the tax is about 1.070 Euro;
- the honorarium of the notary public, calculated as a percentage on the price of the property. For instance, for an apartment costing 100.000 Euro, the fee is about 1300 Euro, including TVA (value added tax);
- the commission for the real estate agency, which, on an average basis, amounts to 4% of the price and is usually negotiable.
- on selling the property, the owner is due to pay a tax of 3% of the selling price in case the property was purchased less than three years before, or 2% in case it was purchased more than three years before.
To build
The procedure to make a land suitable for building, where admitted by the town-planning scheme, can be completed in about 12 months and costs about 10.000 Euro/hectare.
The fee for the architect which draws up the building project amounts to 4% of the estimated value of the property.
The building cost varies between 350 and 1.000 Euro/square metre depending on the features and quality of the building.
Last but not least, for the construction of whole block of flats it is necessary to prepare a PUD (Detailed Town-planning Scheme) which entails costs for approximately 5.000 Euro.
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