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Romania: Senate Approves Foreign Property Ownership

Bucharest, 12 February 1997 (RFE/RL) -- Romania's upper house, the Senate, yesterday approved a bill that will for the first time permit foreign companies to buy property in the country directly.

Until now foreigners could only buy property in Romania through a joint venture with Romanian partners. But the new law -- passed by a vote of 80 to 50 with two abstentions -- will allow foreign companies to buy the land on which their factories or offices are located.

The new law does not apply to foreign individuals.

Correspondents say this is a first step in efforts by the new coalition government to create a more favorable climate for foreign investors.