Biggest residential markets in Romania’s Transylvania see new records

The residential market in Romania’s Transylvania region is going through its best moment in the last three decades, with record deliveries, an increase in the number of transactions, and positive price evolution compared to 2019, according to a report issued by real estate consultancy firm SVN Romania.

Cluj-Napoca, Sibiu and Oradea, the top three regional residential markets in Transylvania, registered new delivery records in 2019, according to SVN Romania’s calculation based on data from the National Statistics Institute (INS).

Cluj-Napoca remained the most important regional residential market in Romania, after the Bucharest – Ilfov region. Some 7,557 new homes were delivered in 2019 in the city and its surroundings, up 6% compared to previous year, thus setting a new record.

“Cluj-Napoca’s residential market withstood relatively well the shock caused by the health crisis we are going through. Demand returned to levels similar with the ones recorded last year and prices are, on average, almost 10% higher compared to last year,” stated Anamaria Burca, managing partner SVN Transylvania.

Real estate transactions closed in Cluj in the first seven months of 2020 increased by 25.5% compared to the same period from 2019, according to official statistics from the National Agency for Cadaster and Real Estate Advertising, despite the two months of circulations restrictions during the state of emergency.

Sibiu, the second residential market in Transylvania, also registered new records in 2019. Almost 2,700 dwellings were delivered last year in the city and its surroundings, up 18.2% compared to previous year. The number of closed transactions in Sibiu in the first seven months from 2020 increased by 24.5% compared to the first seven months of 2019.

The most spectacular evolution was registered by Oradea, where the number of housing units delivered in 2019 almost doubled compared to previous year, to 2,161.

“Oradea’s residential market is in a full development stage, with more and more residential projects under development. The city is strongly developing on the industrial segment and is also transforming into an important tourist attraction worthy of consideration, the general perspectives being of continuously growth on medium and long term”, added Anamaria Burca.

(Photo source: Ungureanu Vadim/Dreamstime.com)