Marketing research - Romania
Cluj - Residential Market
Walking through the alleyways of the magical city of Cluj, it is impossible not to feel the new spirit emerging. The Old City, so rich in historic attractions, is now breathing new energies.
Tens of thousands of students living and studying in town, along with the developing momentum gathered over the last two years, undoubtedly make Cluj a center of interest and challenge for real-estate ventures.
4 facts - Cluj Napoca
1. Cluj is an Academic Center
Incoming population (young people, students, academic staff, etc.) creates a huge economic. Potential, manifest in all aspects – residential letting, retail, leisure, cafes, etc, all the mainstay of this young, lively city.
2. Cluj has a High Tourism Potential
Cluj hosted over 720,000 visitors last year, including 140,000 foreign tourists.
3. Average Income per Head
Average income per head is one of the highest in the region, reaching ca. 1,600 Romanian lei per month (ca. 455 Euros). Although not enabling an ostentatious lifestyle, it facilitates a good life, with something to set aside.
4. Renting costs
In Semi-central location - renting costs per room are- 150-180 euro / month.
Currently it is impossible to get small apartments for rent due to high demand.
Cluj is the second-largest city in Romania. It has become increasingly attractive to real-estate dealers and retailers over the last few years.
This is considered Transilvania’s leading city, and is also a popular destination for tourism. The local real-estate market is now gathering momentum and is extremely dynamic, compared with other Romanian cities.
Demographic Characteristics
Currently, the city has a population of 310,000 residents, plus tens of thousands students who stay for 3-5 years for the course of their studies.
Cluj is one of the most lively university towns of Romania and students from all over the country come to study in its various universities
Real Estate – Residential Market
A surge in real estate business in Cluj had started approximately two years ago. In 2005, only 1,000 new apartments were offered for sale, in 2006 building permits were awarded for 1,500 residential units in town and last year, 2007, another 3,359 permits were given.
Most investors are foreign companies which had initially tested the market via a series of small projects (20-30 apartments) and now initiate much larger projects involving modern residential complexes.
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