Cluj-Napoca and the Real Estate Market 2016
Currently, Cluj-Napoca is divided into the following districts: City Centre, Zorilor, Manastur, Grigorescu, Gheorgheni, Andrei Muresanu, Marasti, Iris, Bulgaria, Dambul Rotund, Someseni, Plopilor, Gruia, Intre Lacuri, Buna Ziua, Europa, Colonia Sopor, Colonia Faget, Colonia Borhanci, Colonia Becas and the adjacent area.
The real estate expansion period led to a higher density of residences in established districts, respectively Gheorgheni, Marasti, Andrei Muresanu, Zorilor, Gruia, Grigorescu, Manastur, Plopilor and also to seek out areas with a lower density, suitable for development such as Campului (Manastur), Buna Ziua, Europa, Plopilor Noi. The same trend can be exhibited in recently formed neighbourhoods such as Faget, Becas, Borhanci and Sopor.
Consolidation of the infrastructure in certain districts, such as Dambul Rotund, Iris, Bulgaria or Someseni, led to an autonomous process of urban renovation, while the prices of the land and dwellings were lower than those of the semi-central areas. Floresti, Gilau, Baciu, Chinteni and Sannicoara-Apahida are some of the suburban areas that developed after 1990. These areas are not covered by our analysis, as they are not included within the city limits of Cluj-Napoca.
Key Figures
The total value of the real estate transactions in 2016 was nearly EUR 457 mil., compared to EUR 358 mil. in 2015 or EUR 284 mil. in 2014.
In 2016 the total value of the real estate transactions increased by 28% compared to the previous year, respectively by 61% compared to 2014.
The transactions of apartments account for 63% (largest share) of the real estate market of EUR 457 mil.
In 2016, the average price per sqm for traded apartments was 1,000 EUR/sqm, compared to 873 EUR/sqm (2015) and 836 EUR/sqm (2014).
Transactions funded through bank loans account for 17% of the total market in 2016 compared to 26% in 2015, respectively 16% in 2014.
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Project coordinated by Adrian Vascu, Senior Partner Veridio, member of ANEVAR Board
Team: Paul Bândea, Anca Bândea, Andreea Ardelean, Bianca Moiș with the support of Veridio