Real Estate Transactions – Cluj-Napoca, 2018

The 2018 real estate market in Cluj-Napoca witnessed an intensive activity, with real estate transactions of over EUR 640 million, up 8% over the previous year.

67% of the money invested in real estate purchases came from  own resources in 2018, and the main destination remained the segment of apartments, with 64% of the total.

The 2018 average price per square meter for apartments is 1,287 EUR/ sqm, up 6.3% from 2017, upholding Cluj-Napoca as the city with the most effervescent real estate market in Romania since the real estate crisis that commenced 10 years ago.

The growing interest for this top region of the country comes, in a significant proportion, from the neighboring counties, such as Maramureș, Bistrița-Năsăud, Alba, Sălaj, Mureș and Satu Mare, so that over 32% of the 2018 buyers come from other counties, and just under 2% come from across  the borders.

Out of the EUR 214 million traded in the first 5 months of 2019, apartment purchases remain the driver of the real estate market, accounting for 64% of the total, with 83% financed out of own resources.

The average price/ square meter derived from the 1,899 apartment transactions carried out in 2019 is 1,333 EUR/ sqm, 3.6% higher than in 2018.

Key Figures 2018 Cluj-Napoca Real Estate Transactions Guide

• The total value of real estate transactions in 2018 was close to EUR 642 million, more than double compared to EUR 284 million traded in 2014;
• In 2018 the total value of transactions increased by 8% compared to the previous year and by 41% compared to 2016;
• The largest share of the total EUR 642 million was represented by the transactions with apartments, accounting for 64% of the total;
• The average price per square meter of the apartments traded in 2018 was 1,287 EUR/ sqm, 8% higher than the average square meter price of 1,211 EUR/ sqm recorded in 2017;
• Real estate purchases funded by bank loans in 2018 accounted for 33% of the total value of transactions, compared to 31% in 2017;
• Acquisitions of individuals (81% of the traded value) were financed in excess of 80% from their own resources;
• Acquisitions of legal entities accounted for 19% of transactions value, and were predominantly financed by loans, approx. 92%;
• 66% of the buyers come from Cluj county, while almost 32% come from other counties of the country, and less than 2% come from abroad.

Local Interest Information

• Soporului Street is the street with the most valuable (~ EUR 45.7 million) and numerous transactions (672 transactions);
• The district with the fewest transactions is Făget, and the one with the least valuable transactions is the Bulgaria district;
• Most transactions, as well as the highest monthly value of transactions, were recorded in October, approx. EUR 67.5 million;
• The most frequent acquisitions of plots of land included areas between 500 and 1,000 sqm;
• Apartments with area between 35-55 sqm were most frequently traded;
• 67% of real estate transactions are financed from own financial resources;
• The most expensive house traded is located in the city center, Moţilor Street,  and the transaction was completed at 650 thousand EUR;
• The most expensive plot of land was traded in Borhanci district, for EUR 400 thousand;
• Mănăştur remained the district with the most transactions (1,032 transactions), and the Center is the district with the most valuable transactions in 2018 (~ EUR 73.6 million);
• The most valuable transaction was concluded by a legal entity and includes a commercial building worth over EUR 8.7 million located on 21 December 1989 Blvd.;
• Acquisitions of legal entities represent 19.2% of transactions value. Top 10 most valuable transactions of legal entities account for more than 27% of the EUR 123.1 million traded by legal entities in 2018;
• Approximately 67% of the transactions concluded had a local buyer (Cluj County).

About the Guide

The Real Estate Transactions Guide from Cluj-Napoca, a unique project in Romania, is carried out annually by Veridio with the support of the Tax Department of the Cluj-Napoca City Hall. The study is based on official information collected from the sale and purchase agreements registered at the City Hall.

The guide provides data on the volume and total value of real estate transactions, their distribution by type of property (apartments, houses, land, other type of real estate properties), average prices per square meter by districts and globally, at city level, as well as many other relevant figures.

The guide in Romanian is accessible to everyone interested on the official website www.primariaclujnapoca.ro. Additionally, the guide in English is published on the official website www.clujbusiness.ro.