Management 'gaining benefits of increased investment'
A number of landowners and management companies in Romania have become millionaires after investing in land after 1989, according to reports.
Companies that own large plots of land in Bucharest have been sufficiently aided by the large jump in prices in real estate since the country joined the European Union, reports zt.ro.
These prices were swelled by the increased interest from foreign investors around the time of the country's accession into the union on January 1st this year, reports the paper.
One such firm to have enjoyed success includes the manufacturing company Timpuri Noi and it wishes to sell its factory land space for 100 million euros (£67 million).
General manager of the company Adrian Breazu stated that he could not have predicted that rise in value.
"Nobody had anticipated back in late 2003 that the plot of land would eventually be worth so much. Early in 2004 we sold 5,000 m² in Vitan for $36 (£17) per m²," he told the paper.
The chemical firm BASF recently announced that it believes Romania is the rising star in terms of business and development opportunities.
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