The 5th edition of the Real Estate Transactions Guide was launched today, shaped as a unique project in Romania, performed by Veridio in partnership with Cluj-Napoca City Hall. The guide is based on the information gathered by the City Hall from the real estate sale-purchase agreements.
The Cluj-Napoca Real Estate Transactions Guide is an extremely valuable analysis, for real estate investors on the second largest real estate market of Romania, as well as developers and real estate agents, market analysts, banks and appraisers.
As the 2nd most populated city in Romania (after Bucharest), however only 4th by area, the real estate market is expected to become more competitive and data from 2017 shows a 30% y-o-y growth rate of the real estate transactions’ value in Cluj, reaching almost EUR 600 mil., of which 69% was financed from own resources, down from 83% in 2016.
Noteworthy, in the first edition of the guide (2013), the Cluj real estate market reached approximately EUR 200 mil. (annualized), thus the market grew 3 times within 4 years.
Also, the average unit price for apartments derived from sale-purchase agreements is 1,211 EUR/sqm, 20% higher than the previous year (1,000 EUR/sqm). As such, Cluj is ranked second by average price/sqm, after the 1st District of Bucharest. However, not all neighbourhoods are similar, since the average price varies from 863 EUR/sqm to 1,367 EUR/sqm.
The Cluj-Napoca Real Estate Transactions Guide comprises a series of analyses on different market segments, supporting both the buyers (residential/investment real estate) and the sellers (individuals, developers, realtors, banks) in the decision-making process in 2018. Thus, the Cluj-Napoca City Hall together with Veridio hope to contribute to a consistent and sustainable development of the real estate market.