By Liam Deasy, Property Secrets Member

Who was it who said that Romania was a poor country? Maybe whoever came up with that line should really have learnt not to judge a book by its cover.

In August 2007, as I take the bus from Otepeni airport to downtown Bucharest, I admire the panorama, dotted with building cranes jutting out from green, wooded areas on either side and extending far into the distance behind the IKEA retail store, the future and exclusive Baneasa Business Park, and emerging retail space on the outskirts of this great city.

Suddenly stuck in a traffic jam, I observe how major roadworks and the construction of an improved motorway and infrastructure towards the exclusive Northern area is literally changing the face of this city and what it is and will be.

Anyone lucky enough to have bought into quality developments such as Quadra Place should be thanking their lucky stars because nowadays it isn't so easy to get a piece of this low-priced, high quality action in good areas of the capital. Yes sirs - we are talking about a city which has boomed by 30% in the first 6 months of 2007. In fact, studio apartments in certain areas such as Piata Victoria, Piata Romana and Unirii have probably gone up a lot more - 50% could be a more realistic figure for some property.

Gone are the days when good two beds were on the market in good areas for 60,000 Euros. Now we are talking more of 100,000 Euros, and in very little time. And further from the centre.

This market is moving fast and similar to Madrid seven years ago or Valencia five years ago, prices are going up by the week or even by the day. Fail to capatilise on a good opportunity and you have literally missed the boat because when you come back the next day, yes I am really sorry sir, it is sold.

It's a shame there are so many 'panelaks' a.k.a Communist style apartment blocks, dirty grey affairs making up a large proportion of the cheaper housing stock, especially further out in suburbs. But guess what, it's selling because some Romanians feel some of this stock is solidly built and as in any city it is often very well located for rental or other purposes. Near transport, main arteries etc.

But let's not confuse shoddy grey buildings and pre-1930 architectural masterpieces. For that kind of property you will pay a premium and more so in a good area.

To sum up, Romania offers so many different opportunities. FDI is pouring in, EU funds are on the way and tourism is increasing significantly.

Two members of many Romanian households work in Italy, Spain, UK etc and send all money back home or set-up businesses when they return. Refurb jobs are visible all over Bucharest and this place is on the up.

Most Romanians own their own property, they don't like to rent, only buy. My experience of the people has been quite dynamic - business-like and hard-working. I have never seen a limousine in Madrid. In Romania I saw four or five of them in a week. It says something. All the makings of an interesting property market.

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