{"id":11239,"date":"2014-10-16T05:00:22","date_gmt":"2014-10-16T12:00:22","guid":{"rendered":"http:\/\/www.yardi.com\/blog\/?p=11239"},"modified":"2020-12-24T02:50:48","modified_gmt":"2020-12-24T10:50:48","slug":"on-the-rise","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/on-the-rise\/","title":{"rendered":"On The Rise"},"content":{"rendered":"

Cluj-Napoca, the second most populous city in Romania, and the home of Yardi Romania,<\/a> is an emerging new real estate and technology market, boasting a quirky mix of old and new. Founded in 1213, Cluj-Napoca is a city brimming with history, with its eyes set on the future.<\/p>\n

An excellent example of the city\u2019s evolution is Riviera Luxury Residence<\/a>, a 91-unit luxury condominium project that w\"Rivieraill be one of a handful of green developments in Transylvania. Currently under development in the city\u2019s hottest residential submarket, the M\u0103r\u0103\u015fti and Gheorgheni neighborhoods, the project (pictured, right) has received Class A energy certification and is seeking a BREEAM Excellent certification as well. The $13.6 million (\u20ac10 million)\u00a0development encompasses a bevy of sustainable features such as the use of energy efficient materials, solar panels, recycling and immediate proximity to mass transit. These will result in annual heating costs below $340 for a three-bedroom, 860-square-foot unit.<\/p>\n

\u201cFive years into the economic recovery, the real estate market in Cluj-Napoca has finally started to improve. The first quarter of 2014 has seen important growth in all sectors of the industry,\u201d says Anamaria Burca, managing partner at Coldwell banker Transylvania, the\u00a0Coldwell Banker\u00a0brokerage office in Cluj, which holds the exclusive marketing rights to Riviera.<\/p>\n

\u201cAs one of the strongest markets in Romania, second only to Bucharest, Cluj-Napoca attracts increasing numbers of investors who seek to capitalize on the strong demand for market-rate housing\u2013both condos and rental apartments,\u201d Burca added.<\/p>\n

Developed by local developer I&C Transilvania Constructii with Hungary-based general contractors K\u00e9sz \u00c9p\u00edt\u0151 \u00e9s Szerel\u0151 Zrt., local architecture firm ARHIMAR and project manager CS Invest Consulting, the project is expected to complete in September 2014.It will comprise two-, three- and four-bedroom units ranging between 484 and 1,776 square feet, featuring<\/p>\n

\"Photo
Photo via I Love Cluj, by Dana Giurgiu.<\/figcaption><\/figure>\n

expansive balconies or private gardens offering panoramic views of the city. Community amenities include a 5,262-square-foot spa featuring a fitness center and indoor swimming pool, professionally landscaped green spaces, children\u2019s playground, 24-hour manned security, key-card and intercom access and onsite caretaker.<\/p>\n

Riviera Residence is located 300 feet away from a recently overhauled public park and lake and from one of the biggest commercial centers of the city, Iulius Mall, which houses a grocery hypermarket, a 12-screen theater, a medical clinic, a multitude of local, national and international retailers and a multi-story office component. A second, fully-leased phase of the office component, dubbed Iulius 2, is on the fast-track towards completion about 150 feet away from Riviera Residence. The office high-rise will house the consolidated local offices of Genpact and Office Depot.<\/p>\n

Riviera Luxury Residence will also mark the launch of a new product in the local real estate market: the guaranteed rental price. The product entails that condo units bought by investors and furnished according to Coldwell\u2019s standards will be leased to renters by Coldwell at a guaranteed price.<\/p>\n

Both renters and condo buyers are expected to be plentiful. \u201cThe multifamily market is trying to accommodate an influx of new residents to the area, and construction activity is picking up as well, with a large number of apartment units currently underway,\u201d Burca said, adding that the Cluj market is in an interesting position. \u201cThe Great Recession hit locally with a delayed effect. The effect began in 2009, but there were still several residential projects that were completed that year. By the end of 2010 and into 2011, however, the market had come to a complete standstill. Nothing sold, not units completed in private developments, not condos put on the market by owners. Had it not been for the First Home Program (a government-assisted housing initiative that aids young couples in purchasing their first residence), the market would have gone completely under. First Home kept us on life support.\u201d<\/p>\n

\"The
Yardi’s Romania office.<\/figcaption><\/figure>\n

Things have been looking up recently, however. \u201cThe local housing market has increased by almost 20 percent over the past 12 months. As the multifamily market tries to accommodate an influx of new residents to the area, construction activity is picking up as well, with a large number of apartment units currently underway,\u201d Burca said.<\/p>\n

Many of the new residents are the city\u2019s former students, whom, upon graduation choose to remain in the city, attracted by the entertainment, cultural and economic environment. According to the 2011 census, Cluj has a stable metro population of over 410,000, which swells by an additional 80,000 during the college year, with the student attending the city\u2019s ten universities.<\/p>\n

This young and skilled workforce has been a boon for companies seeking to expand and\/or establish operations in Romania. Multinational corporations such as KPMG, Emerson and Genpact have established a presence in the city, while more and more IT and software companies open chapters or expand existing operations.<\/p>\n

Yardi, 3Pillar, Softvision and Gameloft are only a few of the IT companies taking advantage of the over 4,000 technology and computer sciences students<\/a> that graduate in Cluj every year. In fact the need for certain such specializations is so great, that<\/p>\n

\"Photo
Photo via I Love Cluj by Lonut David.<\/figcaption><\/figure>\n

companies have started recruiting from other urban centers, offering relocation support. Otherwise, \u201call these companies are forced to poach each other\u2019s employees, which they do\u201d, Bercu said, adding that many times superior office quality and office amenities are used as a lure.<\/p>\n

Another major job segment established in Cluj is call center operations, also made possible by the city\u2019s college system. Babe\u015f-Bolyai University, Romania\u2019s largest university has a reputable Faculty of Letters, which offers college degrees in 16 different languages including Norwegian, Japanese, Russian, Finnish and Korean.<\/p>\n

Banking is also an important industry of the city. Named the best bank in Romania by Global Finance<\/a>, Banca Transilvania (Transylvania Bank) is headquartered In Cluj and is a major employer in the city, as is BRD \u2013 Groupe Society Generale, which operates a regional center out of the city\u2019s tallest office tower (160 feet).<\/p>\n

Green initiatives have also started taking root in the office market as well. Leading these initiatives The Office, a 581,000-square-foot green office project currently under development in the Cluj CBD. Phase one, comprising 204,000 square feet of space, completed in May 2014. Phases two and three are expected to hit the market in 2015 and 2016. The project will be a BREEAM-certified\u00a0 green building and is being developed by entrepreneur Ovidiu Sandor and the South-African investment fund New Europe Property Investments (NEPI) on the site of a former factory. Tenants for the first phase include Yardi, who will be taking over circa 33,000 square feet, Deloitte and 3Pillar.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cluj-Napoca, the second most populous city in Romania, and the home of Yardi Romania, is an emerging new real estate and technology market, boasting a quirky mix of old and new. Founded in 1213, Cluj-Napoca is a city brimming with history, with its eyes set on the future. An excellent example of the city\u2019s evolution […]<\/p>\n","protected":false},"author":442,"featured_media":11251,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"yes","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4],"tags":[876,134,875],"class_list":["post-11239","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-cluj-napoca","tag-real-estate","tag-romania"],"acf":[],"yoast_head":"\nYardi Blog<\/title>\n<meta name=\"description\" content=\"Cluj-Napoca, the second most populous city in Romania, and the home of Yardi Romania, is an emerging new real estate and technology market, boasting a\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"On The Rise\" \/>\n<meta property=\"og:description\" content=\"Cluj-Napoca, the second most populous city in Romania, and the home of Yardi Romania, is an emerging new real estate and technology market, boasting a\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardi.com\/blog\/on-the-rise\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Blog\" \/>\n<meta property=\"article:published_time\" content=\"2014-10-16T12:00:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-12-24T10:50:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2014\/10\/Cluj-photo-Lonut-David.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"473\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Yardi Blog Staff\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Yardi Blog Staff\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.yardi.com\/blog\/on-the-rise\/\",\"url\":\"https:\/\/www.yardi.com\/blog\/on-the-rise\/\",\"name\":\"On The Rise - 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