There’s been a lot of hype and concern with regards to the way that real estate is heading in Cluj over the past few months, as we previously published in one of our other articles. Fuelled by over 2 years of soaring prices, the prices in Cluj are comparable to those of major Western European cities, including some properties in outer London.
The increase in prices have also seen a massive hike in the rent prices in the same period, with rents doubling in extreme cases in just 12 months. Stories of circumstantial evictions of long-term tenants in order to make way for new tenants, paying a higher price, are circulating around a number of Facebook groups and with no end in sight.
However, from time-to-time, there are some properties which just pierce through the limit, pushing the prices even further upwards. For example, some studio apartments in Manastur, consisting of around 11 square meters, are sold for over €20,000 or in some other neighbourhoods, over €25,000. But nothing could prepare the market for the recent 3-room apartment being priced at €460,000.
The apartment is located close to Iulius Mall area, which is by all accounts, a decent place to live in the city and is advertised as a “Luxury furnished penthouse, fully equipped with a panoramic view”. A total of 92 square meters of usable space and two terraces, but at €5,000 per square meter, you must be a millionaire.
Actual De Cluj.ro mentions, that if you prefer to live in the sun and see the Mediterranean sea, in comparison to a lake near the mall in Cluj, you should consider moving to Cannes on the French Riviera as you can find a property of a similar size and quality, plus a much higher income to support such a property.
Don’t believe it? Well, Actual De Cluj went a step further to include such examples, which we have also included below:[one_half] [/one_half][one_half_last] [/one_half_last][one_half] [/one_half][one_half_last] [/one_half_last]
A property in Cluj for almost half-a-million Euros is almost at the point of being beyond belief. The largest issue of these properties, despite how luxurious, exclusive or well-situated it is, is the fact that with Cluj being a relatively small city in comparison to some other Western cities with similarly priced property, is that it’s driving the prices up across the entire city.
When a property of 92 sq/m sales at €460,000, it’s totally understandable that homeowners and investors feel that their property can be sold for a lot more that it normally would, regardless of the quality.
An example of this can be seen below, where Edil Imobiliare, an agency serving the city of Cluj-Napoca since 1991, posted a property for €78,000. This property was considered a 3-room apartment, but the pictured apartment would have been right at home on a poster for one of the next Jigsaw (horror) movies.
The apartment link has since been removed from Edil Imobiliare’s website following a comments and criticism on social media, however, to the best of our knowledge, this was a legitimate advertisement.