• Real estate market analysis in Cluj Napoca for houses and lands in Cluj Napoca for year 2007

Real estate market analysis in Cluj Napoca for houses and lands in Cluj Napoca for year 2007

01-10-2007 Share
Tweet In the past years, city Cluj Napoca has gone through a significant raise of the projects/construction of buildings for accomodation, a fact which brought a variation of the offer and also a renewed analysis of prices.

Apartments in Cluj Napoca

In the past years, city of Cluj Napoca has gone through a significant raise of the projects/construction of buildings for accomodation, a fact which brought a variation of the offer and also a renewed analysis of prices.
The greatest demand is for apartments in the following districts: Grigorescu, Andrei Muresanu and the centre.
Few buildings, high demand, big prices. Thus can be characterized city of Cluj at the beginning of 2007. Nevertheless the prices are expected to keep on growing, as the price on square metre compared to the main cities from Europe is still much inferior. We can thus certainly assert that the acquisition of apartments in the good areas of Cluj is a profitable business.
The best-sold apartments in the year 2006:
Centre Cluj Napoca(23%), District Buna Ziua(21%), District Europa(20%), other areas in Cluj(36%)

The results shown by the graphic are approximate, being based on the number of apartments built in these areas and the approximate number of sold dwellings.

Due to the restrictions imposed by the authorities, the builders had to expand in the neighbourhood of the city, the expansion area being represented by Floresti and Baci. The age of the buyers is in equal percentage (50%) both under 40 and over 40 years.

Houses and Villas in Cluj Napoca

Nowadays most of the people who want to acquisition a house regard a new building, the old buildings only representing a last solution.
The greatest request for houses is in the areas close to the centre: Andrei Muresanu (lower part), Gheorgheni and centre.
This thing does not mean however that these houses are also the best-sold. Due to the fact that prices in these areas are very high, purchasers also went towards buildings from the new districts, such as Buna Ziua, Europa or in the area of Campului Street.

New houses are more sough-after than villas. That is for sure. And this is only a consequence of their high prices.
As compared to the apartments, the age of purchasers in the case of houses is obviously different.

The age of purchasers of houses and villas in 2006:

Villas are purchased mostly by people over 50 years.

Commercial spaces in Cluj Napoca

If we refer to extended buildings, we also mean the malls which are in the phase of construction in Cluj.
IULIUS MALL, A mall in an almost central area, next to the Tineretului Hotel, which will include restaurants, bars, a multiplex cinema, various shops, an amusement park for children, a skating rink, etc..
The built surface will be of 85.500 sm, and is about to be finished by the end of 2007. There will be however another mall near Cluj, of even bigger dimensions.

POLUS, as it is called, is about to be finished in October 2008, amd the built surface will be of 82.000 sm, the total surface having 140.000sm. Besides the spaces destined to commerce or fun, there will also be a financial-bank area and a development area. The location of the Polus Commercial Centre is in the neighbourhood of Metro.

Rents in Cluj Napoca

An important market rate in this moment is represented by the rents for offices, especially within new buildings. The greatest deamnd is in the following areas: Gheorgheni, Marasti and Andrei Muresanu.

Approximate prices for offices – March 2007:
Class A offices – 16 Euro/sqm, Class B offices – 12 Euro/sqm, Class C offices – 9 Euro/sqm

The prices are approximate, being calculated on square metre.

In Cluj-Napoca there is only one building of the Office type, class A, situated in the area of Dorobantilor street. Other such offices are presently in construction or in the phase of project. A great demand is also for protocol apartments, rent especially by the companies on foreign capital.
For such an apartment companies pay at least 500 Euro reaching a maximum of 1500 Euro. The favoured areas are those close to the centre.
Students also hold a great extent in the rent of apartments. But only foreign students appeal to the services offered by real estate agencies, as those have a strong financial potential, offering great sums, but their expectations are also very high.

The areas favoured by foreign students are:

50% - Zorilor; 40% - Centru; 10% - other areas

In the area of commercial spaces, the greatest request is for locations over 50 square metres, and the area matters less.
The financial-bank sector has lately gone thorugh a great development being now on the first place in the top of the increases of rent spaces.

The main sectors with spectacular increases during 2006:

A favourable impact upon the market of commercial spaces will result form the project already begun by the local authorities concerning the creation of two pedestrian areas right in the centre of the city, Eroilor Boulevard and Unirii Square. The project is intended to finish by the end of this year. The sector which gains most from this project is that of restaurants and cafes, several terraces being designed for these areas.

Lands in Cluj Napoca

Cluj is in full expansion. Many companies are interested either in buying some lands in the industrial area of the city or in lands appropriate for dwellings.

Last year, the best sold lands were those in the following areas: Muncii Boulevard (in the industrial sector), Buna Ziua and Europa (sector of construction of dwellings). It is also true that the areas close to Cluj-Napoca, arise a pretty high interest for the possible clients. Both Floresti and Baci constitute the main areas for investors, thus prices grow rapidly, due to the several projects already on the run.

These are just some general aspects concerning the areas of interest in Cluj-Napoca. To find out everything about the market segment you are interested in, we invite you to read the case studies offered by Casa Pitas, presented for each sector of the market.