Cluj-Napoca 2018 Foreword Collecting Data and Using It to Better Understand How the City Works Is a Process Underlying Any Smart City

Cluj-Napoca City Hall and Local Council Cluj-Napoca 2018 Foreword Collecting data and using it to better understand how the city works is a process underlying any smart city. The numbers allow us to see whether the evolution is in line with the city's long-term development strategy, but also assure us that we can take action as soon as possible, if needed, to redress trends in the targeted direction. This is why an endeavor coming from market specialists towards the community and local administration is all the more valuable, because it brings with it the expertise and effort of well documented people along with the constancy of analyzing this type of very specific data on an annual basis. Cluj is made up by the people of the city, and this is an example of good practice on how the local ecosystem of innovation can generate a context that will lead to the city's development. Transparency, communication and availability of the analyzed and processed data are elements that make the Real Estate Transactions Guide a very useful tool for the residents of Cluj and for those who choose Cluj as destination for their investments. Emil Boc Mayor of Cluj-Napoca

2 Dear readers, 67% of the money invested in real estate purchases came from Out of the EUR 214 million traded in the first 5 months of own resources in 2018, and the main destination remained 2019, apartment purchases remain the driver of the real The 6th Edition of the Real Estate Transactions Guide, carried the segment of apartments, with 64% of the total. estate market, accounting for 64% of the total, with 83% out by Veridio in partnership with the City Hall of Cluj- financed out of own resources. The average price/ square Napoca, is based on the information collected by the City Hall The 2018 average price per square meter for apartments is meter derived from the 1,899 apartment transactions carried from the sale-purchase agreements concluded in 2018, this 1,287 EUR/ sqm, up 6.3% from 2017, upholding Cluj-Napoca as out in 2019 is 1,333 EUR/ sqm, 3.6% higher than in 2018. The year also including a short section about the first 5 months of the city with the most effervescent real estate market in forthcoming edition will show the figures of the whole year 2019. Romania since the real estate crisis that commenced 10 years 2019. ago. As one more edition is added to the collection of the Cluj- We invite you to find many other interesting details by Napoca Real Estate Transactions Guide, it becomes more and The growing interest for this top region of the country browsing the pages of this new edition. more relevant, remaining a greenfield initiative for Romania. comes, in a significant proportion, from the neighboring counties, such as Maramureș, Bistrița-Năsăud, Alba, Sălaj, Adrian Vascu The 2018 real estate market in Cluj-Napoca witnessed an Mureș and Satu Mare, so that over 32% of the 2018 buyers intensive activity, with real estate transactions of over EUR Senior Partner Veridio come from other counties, and just under 2% come from 640 million, up 8% over the previous year. across the borders.

3 The districts of Cluj-Napoca

Some key figures

Did you know...

Real estate transactions in 2018

Transactions with apartments

Transactions with houses

Transactions with plots of land

Real estate transactions 2019

Conclusions 4 The districts of Cluj-Napoca

At present, Cluj-Napoca's districts are: Centru, Zorilor, Mănăștur, Grigorescu, Gheorgheni, Andrei Mureșanu, Mărăști, Iris, Bulgaria, Dâmbul Rotund, Someșeni, Plopilor, Gruia, Între Lacuri, Bună Ziua, Europa, Colonia Sopor, Colonia Făget, Colonia Borhanci, Colonia Becaș and the adjacent area. The period of real estate expansion led to the densification of consecrated districts, respectively Gheorgheni, Mărăști, Andrei Mureșanu, Zorilor, Gruia, Grigorescu, Mănăștur, Plopilor, as well as looking for less dense areas, conducive to development, such as Câmpului (Mănăștur), Bună Ziua, Europa, Plopilor Noi, Făget, Becaș, Borhanci și Sopor.

Source: Google Maps, Cluj-Napoca City Hall

5 Some key figures

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.

6 Did you know... The most expensive house traded is located in the city center, Moţilor Street, and the transaction was completed at 650 thousand EUR Soporului Street is the street with the most valuable (~ EUR 45.7 million) The most expensive plot of land was traded in Borhanci district, for EUR and numerous transactions (672 transactions). 400 thousand The district with the fewest transactions is Făget, and the one with the Mănăştur remained the district with the most transactions (1,032 least valuable transactions is the Bulgaria district transactions), and the Center is the district with the most valuable Most transactions, as well as the highest monthly value of transactions, transactions in 2018 (~ EUR 73.6 million) were recorded in October, approx. EUR 67.5 million The most valuable transaction was concluded by a legal entity and The most frequent acquisitions of plots of land included areas between includes a commercial building worth over EUR 8.7 million located on 21st 500 and 1,000 sqm of December 1989 Apartments with area between 35-55 sqm were most frequently traded Acquisitions of legal entities represent 19.2% of transactions value 67% of real estate transactions are financed from own financial resources 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). 7 Real estate transactions 2018

The structure of the 2018 transactions was extracted from the database provided by the Local Tax Department of Cluj-Napoca City Hall, including 8,697 transactions, and is presented in the following table. Transaction structure in Cluj-Napoca 2018 District Type of property Financing Total Land House Apt. Other Self Bank Andrei Muresanu 6 34 289 71 325 75 400 Becas 10 14 35 15 57 17 74 Borhanci 28 50 228 51 254 103 357 Bulgaria - 14 16 25 43 12 55 Buna Ziua - 30 591 202 578 245 823 Centru 8 47 464 260 568 211 779 Dambul Rotund 14 73 178 112 254 123 377 Europa 3 25 234 87 245 104 349 Faget 7 12 10 5 27 7 34 Intre Lacuri 2 10 322 79 351 62 413 Gheorgheni 5 36 656 208 755 150 905 Grigorescu 10 18 216 39 236 47 283 Gruia - 31 35 27 69 24 93 Iris 37 66 459 161 453 270 723 Manastur 30 43 819 140 865 167 1,032 Marasti 2 10 339 127 349 129 478 Plopilor - 5 91 58 118 36 154 Someseni 10 32 126 57 140 85 225 Sopor 8 5 592 72 441 236 677 Zorilor 4 11 211 64 220 70 290 Other areas 162 4 - 10 173 3 176 Total 346 570 5,911 1,870 6,521 2,176 8,697 Source: Analysis of the database provided by Cluj-Napoca City Hall Note: The limits of the districts were established on the basis of the information provided by the Cluj-Napoca City Hall The analysis of apartment transactions is presented in detail at district level, with a total of 5,911 transactions. Transactions with residential properties, such as houses (land and building) have a non-homogeneous structure that does not allow a relevant analysis at district level, hence the conclusions were expressed globally. 8 Real estate transactions 2018

The total value of real estate transactions in 2018 was approximately EUR 642 million, of which apartments accounted for the most significant share, 64%.

Value of real estate transactions in Cluj-Napoca in 2018 District Type of property Financing Total EUR Land House Apt. Other Self Bank Andrei Muresanu 287,092 6,930,725 20,866,015 4,372,207 25,047,743 7,408,295 32,456,038 Becas 300,952 2,357,264 2,774,591 947,653 4,265,549 2,114,911 6,380,460 Borhanci 1,452,712 7,847,229 16,043,907 3,455,892 19,696,341 9,103,400 28,799,741 Bulgaria - 1,378,463 725,722 506,333 1,907,214 703,304 2,610,518 Buna Ziua - 4,600,220 45,975,027 7,594,189 40,284,095 17,885,341 58,169,435 Centru 264,668 8,356,476 35,335,396 29,640,019 40,770,077 32,826,482 73,596,559 Dambul Rotund 411,253 8,332,776 10,331,685 7,122,902 14,975,658 11,222,958 26,198,616 Europa 288,501 4,354,243 16,760,519 3,583,788 17,277,513 7,709,538 24,987,051 Faget 682,500 2,560,406 1,050,032 127,933 3,071,016 1,349,855 4,420,871 Intre Lacuri 114,413 1,114,981 18,418,523 1,721,644 17,279,797 4,089,763 21,369,561 Gheorgheni 1,335,746 8,132,408 47,055,912 8,942,122 53,552,887 11,913,301 65,466,188 Grigorescu 429,282 2,872,517 16,138,198 3,778,792 18,367,150 4,851,640 23,218,790 Gruia - 4,349,677 2,439,076 640,482 5,903,392 1,525,843 7,429,235 Iris 1,095,949 6,682,874 23,506,430 18,736,390 22,346,408 27,675,236 50,021,644 Manastur 1,160,498 5,664,053 51,836,149 6,562,056 50,318,148 14,904,607 65,222,755 Marasti 34,811 1,238,446 25,899,879 12,895,003 23,517,410 16,550,729 40,068,139 Plopilor - 320,000 7,797,513 4,815,453 8,602,357 4,330,609 12,932,966 Someseni 732,919 2,744,428 8,336,978 9,575,601 9,177,043 12,212,883 21,389,926 Sopor 1,299,667 716,091 42,957,931 1,919,380 30,318,316 16,574,753 46,893,069 Zorilor 392,538 3,906,280 16,255,379 6,416,991 19,208,402 7,762,785 26,971,187 Other areas 2,973,046 316,730 - 170,978 3,236,500 224,253 3,460,754 Total 13,256,548 84,776,288 410,504,859 133,525,807 429,123,017 212,940,485 642,063,502 Source: Analysis of the database provided by Cluj-Napoca City Hall Note: The limits of the districts were established on the basis of the information provided by the Cluj-Napoca City Hall The vast majority of purchases, approximately 67% of the total value, were self- financed. Acquisitions of individuals represent 81% of the traded value and 80% of the value was self-financed.

9 Transactions with apartments in 2018 - Cluj-Napoca Transactions with apartments District Trans. no. Surface Trans. Val. Avg. price Transaction number: 5,911 sqm EUR'000 EUR/sqm Andrei Muresanu 289 17,117 20,866 1,219 Transaction value: EUR 410.5 million Becas 35 2,518 2,775 1,102 Borhanci 228 13,933 16,044 1,152 Net area traded: 319,065 sqm Bulgaria 16 664 726 1,093 Most transactions: area between 35-55 square meters Buna Ziua 591 35,276 45,975 1,303 Centru 464 25,015 35,335 1,413 Apartments built after 2000: 64.5% of the value of the transactions Dambul Rotund 178 9,135 10,332 1,131 Self-financing: 80% of the transaction value Europa 234 13,856 16,761 1,210 Faget 10 787 1,050 1,335 Average price: 1,287 EUR/ sqm Intre Lacuri 322 13,430 18,419 1,371 Gheorgheni 656 33,442 47,056 1,407 Average price - bank financing : 1,283 EUR/ sqm • Grigorescu 216 12,063 16,138 1,338 • Average price - self-financing: 1,287.4 EUR/ sqm Gruia 35 1,784 2,439 1,367 Iris 459 21,500 23,506 1,093 TransactionsTranzactii de with apartamente apartments 2018 - - Cluj-Napoca Cluj-Napoca Manastur 819 41,727 51,836 1,242 DescriereDescription FinantareFinancing SuprafataArea VechimeAge TotalTotal Marasti 339 18,759 25,900 1,381 BankBanca Cash Cash >75 >75 55 55 - - 75 75 35 - 55 <35 <35 <2000 <2000 >2000 >2000 Plopilor 91 5,869 7,798 1,329 Nr.Trans tranz. no. 1,118 1.118 4.793 4,793 709 709 1.681 1,681 2,806 2.806 715 715 2,195 2.195 3.716 3,716 5.911 5,911 Someseni 126 7,053 8,337 1,182 Val.Trans. tranz. val. (EUR'000)(EUR'000) 82,083 82.083 328.422 328,422 75.952 75,952 133.939 133,939 173,093 173.093 27,521 27.521 145,319 145.319 265.186 265,186 410.505 410,505 Sopor 592 33,666 42,958 1,276 P.u.Median median u.p (EUR/sqm)(EUR/mp) 1,277 1.277 1.296 1,296 1.194 1,194 1.264 1,264 1,306 1.306 1,532 1.532 1,401 1.401 1.248 1,248 1.291 1,291 Zorilor 211 11,471 16,255 1,417 P.u.Avg. mediuu.p (EUR/sqm) (EUR/mp) 1,283 1.283 1.287 1,287 1.218 1,218 1.258 1,258 1,315 1.315 1,481 1.481 1,359 1.359 1.250 1,250 1.287 1,287 Total 5,911 319,065 410,505 1,287 Source: Analysis of the database provided by Cluj-Napoca City Hall Source: Analysis of the database provided by Cluj-Napoca City Hall 10 Transactions with apartments in the city centre The city center is the main cultural, Number of apartments: 464 financial and administrative area of Value: EUR 35,335 thousand the city. Includes new and old, mixed- Average price: 1,413 EUR/ sqm use buildings, pedestrianized streets and is bordered by: Nadăș River (North), Paris St., Pitești St. and Someșul Mic River (East), B.P. Hașdeu St. and Avram Iancu St. (South), Horea St., G. Coșbuc St. and L. Pasteur St. (West). The most important traffic arteries are Bd. 21 Decembrie 1989, Calea Dorobanţilor, Avram Iancu Street, Memorandumului Street, Calea Moţilor, Eroilor Street and Unirii Square. Densification of the central area has been achieved through many mixed- use buildings. The ultra-central Source: Google Maps, Cluj-Napoca City Hall residential areas include the Central Note: The limits of the districts were established on the basis of the information provided by the Cluj-Napoca City Hall Park area, the old center, the Cipariu Square, the Ștefan cel Mare square. Transactions with apartments 2018 - Center Description Financing Area Age Total Bank Cash >75 55 - 75 35 - 55 <35 <2000 >2000 Trans no. 62 402 71 108 203 82 326 138 464 Trans. val. (EUR'000) 5,313 30,022 9,924 9,183 12,885 3,343 25,232 10,104 35,335 Median u.p (EUR/sqm) 1,434 1,356 1,277 1,330 1,362 1,651 1,461 1,255 1,385 Avg. u.p (EUR/sqm) 1,434 1,409 1,432 1,368 1,389 1,595 1,455 1,316 1,413 Source: Analysis of the database provided by Cluj-Napoca City Hall Note: The limits of the districts were established on the basis of the information provided by the Cluj-Napoca City Hall

11 Transactions with apartments in Gruia

The Gruia district is bordered by the Number of apartments: 35 railway line (North), Horea St. (East), Value: EUR 2,439 thousand Grigorescu district (South), Hoia Average price: 1,367 EUR/ sqm Forest (West) mainly consisting of individual villas. The main traffic routes are Romulus Vuia St., Gruia St., Emil Racoviţă St. and Horea St. It is known as one of the oldest residential areas of the city, enclosing an area with interwar mansions. In the period after 1990, the district was slightly densified and still has expensive residential areas, especially in the Cetaţuia area. Being located on the hill, some areas have a high risk of landslides. Includes Tetarom I, the first industrial park.

Source: Google Maps, Cluj-Napoca City Hall Note: The limits of the districts were established on the basis of the information provided by the Cluj-Napoca City Hall

TransactionsTranzactii de with apartamente apartments 2018 2018 - Gruia - Gruia DescriereDescription FinancingFinantare SuprafataArea VechimeAge Total BankBancaCash Cash>75 55 55 - 75 35 35 - 55 <35 <35<2000 <2000>2000 Nr.Trans tranz. no. 7 7 28 6 10 10 9 9 10 10 1919 16 35 Val.Trans. tranz. val. (EUR'000) (EUR'000) 465 465 1,974 1.974 720720 807 807 496496 416 416 1,040 1.040 1,399 1.399 2,439 2.439 P.u.Median median u.p (EUR/mp) (EUR/sqm) 1,306 1.306 1,4961.496 1,273 1.273 1,286 1.286 1,436 1.436 1,673 1.673 1,486 1.486 1,480 1.480 1,4861.486 P.u.Avg. mediuu.p (EUR/sqm) (EUR/mp) 1,378 1.378 1,3651.365 1,295 1.295 1,333 1.333 1,346 1.346 1,639 1.639 1,332 1.332 1,395 1.395 1,3671.367 Source: Analysis of the database provided by Cluj-Napoca City Hall Note: The limits of the districts were established on the basis of the information provided by the Cluj-Napoca City Hall

12 Transactions with apartments in Andrei Mureșanu

Andrei Mureșanu district is located in Number of apartments: 289 the south-east, delimited by: A. Iancu Value: EUR 20,866 thousand St. (North), Constantin Brâncuşi St. Average price: 1,219 EUR/ sqm and Alverna St. (East), Bună Ziua & Becaş districts (South) and the Orthodox Church St.(West), being a popular residential district. The main traffic arteries are Calea Turzii, Constantin Brâncuşi Street and Alexandru Bohăţiel Street. The district has slightly crowded in the aftermath of 1989, being an expensive residential area with adequate infrastructure and occupied by both interwar mansions and new buildings. New properties are traded at high prices due to proximity to the central area. Source: Google Maps, Cluj-Napoca City Hall Note: The limits of the districts were established on the basis of the information provided by the Cluj-Napoca City Hall

Transactions with apartments 2018 - Andrei Muresanu Description Financing Area Age Total Bank Cash >75 55 - 75 35 - 55 <35 <2000 >2000 Trans no. 33 256 53 78 152 6 16 273 289 Trans. val. (EUR'000) 2,318 18,548 5,672 5,822 9,133 239 1,620 19,246 20,866 Median u.p (EUR/sqm) 1,277 1,202 1,164 1,122 1,268 1,386 1,465 1,208 1,208 Avg. u.p (EUR/sqm) 1,278 1,212 1,203 1,160 1,265 1,421 1,377 1,207 1,219

Source: Analysis of the database provided by Cluj-Napoca City Hall Note: The limits of the districts were established on the basis of the information provided by the Cluj-Napoca City Hall

13 Transactions with apartments in Mărăști

Maraști district is located in the Number of apartments: 339 northeast, being delimited by Value: EUR 25,900 thousand Răsăritului St. (North), Fabricii de Average price: 1,381 EUR/ sqm Zahăr and Ialomiţei St. (East), Dorobanţilor St. and Semenicului St. (South), A. Suciu St. Piteşti St., Paris St. and Someșul Mic (West). The district includes mainly apartments, but also several industrial sites. The main traffic arteries are București St., Paris St., Fabricii de Zahăr St. and 21 Decembrie 1989 Blvd. Originally designed as a working district, in recent years it has become an expensive area, which benefits from wide roads and easy access to public transport. The infrastructure is well developed with retailers, food markets, office Source: Google Maps, Cluj-Napoca City Hall Note: The limits of the districts were established on the basis of the space. information provided by the Cluj-Napoca City Hall

Transactions with apartments 2018 - Marasti Description Financing AreaArea AgeAge TotalTotal Bank Cash >75 5555 -- 7575 3535 - - 55 55 <35<35 <2000<2000 >2000>2000 Trans no. 56 283 41 128 128 123 123 47 47 202 202 137 137 339 339 Trans. val. (EUR'000) 4,681 21,219 4,651 11,456 ##### 8,106 8,106 1,687 1,687 14,598 14,598 11,302 11,302 25,900 25,900 Median u.p (EUR/sqm) 1,398 1,406 1,231 1,381 1,381 1,423 1,423 1,534 1,534 1,416 1,416 1,365 1,365 1,400 1,400 Avg. u.p (EUR/sqm) 1,377 1,381 1,265 1,400 1,400 1,409 1,409 1,473 1,473 1,371 1,371 1,393 1,393 1,381 1,381 Source: Analysis of the database provided by Cluj-Napoca City Hall Note: The limits of the districts were established on the basis of the information provided by the Cluj-Napoca City Hall

14 Transactions with apartments in Între Lacuri

Între Lacuri district is located in the Number of apartments: 322 eastern part of the city, being Value: EUR 18,419 thousand delimited by Fabricii de Zahăr St. and Average price: 1,371 EUR/ sqm Răsăritului St. (North), Calea Someșeni and Becaş Creek (East), Becaş Creek and Iulius Mall (South), Teodor Mihali St. (West), including mainly residential blocks and houses. The main traffic streets are the Dunării St., Siret St. and Aurel Vlaicu St. The vicinity with the Gheorgheni and Mărăști districts, and the proximity to the Babeş-Bolyai University and Iulius Mall led to the expansion of the district and the construction of many new buildings in recent years. The eastern part of the district contains an area of individual villas, Source: Google Maps, Cluj-Napoca City Hall combined with an old area of houses. Note: The limits of the districts were established on the basis of the information provided by the Cluj-Napoca City Hall

Transactions with apartments 2018 - Intre Lacuri Description Financing Area Age Total Bank Cash >75 55 - 75 35 - 55 <35 <2000 >2000 Trans no. 45 277 10 55 130 127 202 120 322 Trans. val. (EUR'000) 3,262 15,156 1,044 4,319 8,544 4,512 10,777 7,642 18,419 Median u.p (EUR/sqm) 1,492 1,415 1,271 1,249 1,413 1,549 1,447 1,372 1,423 Avg. u.p (EUR/sqm) 1,446 1,356 1,277 1,238 1,389 1,519 1,370 1,373 1,371 Source: Analysis of the database provided by Cluj-Napoca City Hall Note: The limits of the districts were established on the basis of the information provided by the Cluj-Napoca City Hall

15 Transactions with apartments in Gheorgheni

Gheorgheni district (in the south- Number of apartments: 211 eastern part), delimited by Gen. Value: EUR 16,255 thousand Traian Moșoiu St. and Semenicului St. Average price: 1,417 EUR/ sqm (North), T. Mihali St., Amza Pellea St. and Sopor district (East), Becaş Creek and Pallocsay orchard (South), C. Brancuși St. and Alverna St. (West). It includes many green spaces, blocks of 4-10 floors and individual villas. Access to public transport and broad roadways, the expansion of UBB, FSEGA, the development of Iulius Mall and office buildings have led to the congestion of the district, being considered one of the city's favorite districts. The district houses the Gheorgheni Sports Base, inaugurated in 2017 (the most modern sports and leisure Source: Google Maps, Cluj-Napoca City Hall complex in the city), offering free Note: The limits of the districts were established on the basis of the information provided by the Cluj-Napoca City Hall access to all citizens.

Transactions with apartments 2018 - Gheorgheni Description Financing AreaArea AgeAge TotalTotal Bank Cash >75 5555 -- 7575 3535 - -55 55 <35<35 <2000<2000 >2000>2000 Trans no. 66 590 70 156 156 321 321 109 109 383 383 273 273 656 656 Trans. val. (EUR'000) 5,448 41,608 7,867 14,008 ##### 20,676 20,676 4,505 4,505 24,599 24,599 22,457 22,457 47,056 47,056 Median u.p (EUR/sqm) 1,442 1,437 1,278 1,406 1,406 1,434 1,434 1,667 1,667 1,473 1,473 1,403 1,403 1,437 1,437 Avg. u.p (EUR/sqm) 1,436 1,403 1,305 1,396 1,396 1,421 1,421 1,588 1,588 1,411 1,411 1,403 1,403 1,407 1,407

Source: Analysis of the database provided by Cluj-Napoca City Hall Note: The limits of the districts were established on the basis of the information provided by the Cluj-Napoca City Hall

16 Transactions with apartments in Zorilor

Zorilor district is located in the Number of apartments: 656 southern direction on the exit Value: EUR 47,056 thousand towards Turda. It’s main borders are: Average price: 1,407 EUR/ sqm B.P Haşdeu St. and Ceahlău St. (North), Calea Turzii (East), Mikó Imre and M. Eliade (South) Gh. Dima St. (West). The dwellings have a mixed character, consisting of residential blocks and individual villas. The main traffic arteries are Observatorului St., Zorilor St. and L. Pasteur St. It hosts the Observatory student complex and is adjacent to the Haşdeu student complex. After 1990, the development of office spaces, commercial areas, as well as the densification of residential buildings took place. Source: Google Maps, Cluj-Napoca City Hall Note: The limits of the districts were established on the basis of the It has remained one of the best-rated information provided by the Cluj-Napoca City Hall districts, despite crowding in recent years. Transactions with apartments 2018 - Zorilor Description Financing Area Age Total Bank Cash >75 55 - 75 35 - 55 <35 <2000 >2000 Trans no. 30 181 28 72 73 38 138 73 211 Trans. val. (EUR'000) 2,362 13,893 3,493 6,055 4,989 1,719 10,309 5,947 16,255 Median u.p (EUR/sqm) 1,463 1,435 1,402 1,351 1,423 1,892 1,485 1,357 1,441 Avg. u.p (EUR/sqm) 1,429 1,415 1,418 1,315 1,445 1,806 1,431 1,394 1,417 Source: Analysis of the database provided by Cluj-Napoca City Hall Note: The limits of the districts were established on the basis of the information provided by the Cluj-Napoca City Hall

17 Transactions with apartments in Bună Ziua

Bună Ziua district is relatively new, in Number of apartments: 591 a continuous development, including Value: EUR 45,975 thousand individual villas and residential blocks Average price: 1,303 EUR/ sqm of 4-10 floors. The district is bounded by Andrei Mureșanu district (North), Trifoiului St. and Măceşului St. (East), Mihai Românul St. (South) and Calea Turzii (West). The main traffic arteries are Calea Turzii, Mihai Românul St., Fagului St. and Bună Ziua St. Because it is an area of intense real estate development, urbanization is of low quality. It is bordered by three well- established residential districts: Gheorgheni, Andrei Mureșanu and Source: Google Maps, Cluj-Napoca City Hall Zorilor. Note: The limits of the districts were established on the basis of the information provided by the Cluj-Napoca City Hall

Transactions with apartments 2018 - Buna Ziua Description Financing Area Age Total Bank Cash >75 55 - 75 35 - 55 <35 <2000 >2000 Trans no. 141 450 78 222 287 4 11 580 591 Trans. val. (EUR'000) 11,212 34,763 8,116 18,502 19,244 112 780 45,195 45,975 Median u.p (EUR/sqm) 1,328 1,321 1,161 1,321 1,356 1,207 1,214 1,328 1,327 Avg. u.p (EUR/sqm) 1,328 1,296 1,194 1,290 1,371 1,100 1,208 1,305 1,303 Source: Analysis of the database provided by Cluj-Napoca City Hall Note: The limits of the districts were established on the basis of the information provided by the Cluj-Napoca City Hall

18 Transactions with apartments in Europa

Europa district is located in the Number of apartments: 234 southern part of the city, near Eugen Value: EUR 16,761 thousand Ionesco St. (the main thoroughfare) Average price: 1,210 EUR/ sqm and includes mainly new buildings such as individual villas. It is delimited by Mikó Imre St. and Mircea Eliade St. (North), Calea Turzii (East) and Făget district (South and West). The district is an intensive development area, representing an extension of the Zorilor district. Recent developments have shown a real interest in individual construction, but the district lacks urban integration elements (infrastructure, public spaces - parks, squares). However, increased interest in this area has led to the residential real Source: Google Maps, Cluj-Napoca City Hall Note: The limits of the districts were established on the basis of the estate development of Colonia Făget. information provided by the Cluj-Napoca City Hall

Transactions with apartments 2018 - Europa Description Financing Area Age Total Bank Cash >75 55 - 75 35 - 55 <35 <2000 >2000 Trans no. 38 196 46 79 101 8 1 233 234 Trans. val. (EUR'000) 3,094 13,667 4,649 5,886 5,919 307 65 16,696 16,761 Median u.p (EUR/sqm) 1,272 1,208 1,205 1,230 1,207 1,191 1,251 1,217 1,219 Avg. u.p (EUR/sqm) 1,237 1,204 1,135 1,221 1,259 1,311 1,251 1,210 1,210

Source: Analysis of the database provided by Cluj-Napoca City Hall Note: The limits of the districts were established on the basis of the information provided by the Cluj-Napoca City Hall

19 Transactions with apartments in Grigorescu

Number of apartments: 216 Grigorescu district (in the north-west) Value: EUR 16,138 thousand is bounded by Hoia forest (West), Average price: 1,338 EUR/ sqm Gruia district(North), center (East), Someşul Mic (South) and it is crossed by 3 main traffic arteries: , Eremia Grigorescu St., 1 Decembrie 1918 Blvd. and Alexandru Vlahuţă St. Within the district there are blocks of 4-10 floors, as well as individual dwellings and villas. It is a classic residential district with adequate infrastructure. There are also some areas where new housing blocks were built in the period after 1990, but there is also a high interest in individual villas developed in recent years near Uliului St.

Source: Google Maps, Cluj-Napoca City Hall Note: The limits of the districts were established on the basis of the information provided by the Cluj-Napoca City Hall

Transactions with apartments 2018 - Grigorescu Description Financing Area Age Total Bank Cash >75 55 - 75 35 - 55 <35 <2000 >2000 Trans no. 28 188 29 56 114 17 167 49 216 Trans. val. (EUR'000) 2,225 13,913 3,130 4,718 7,610 681 11,748 4,390 16,138 Median u.p (EUR/sqm) 1,405 1,352 1,280 1,336 1,393 1,514 1,321 1,426 1,364 Avg. u.p (EUR/sqm) 1,319 1,341 1,257 1,288 1,406 1,361 1,293 1,474 1,338

Source: Analysis of the database provided by Cluj-Napoca City Hall Note: The limits of the districts were established on the basis of the information provided by the Cluj-Napoca City Hall

20 Transactions with apartments in Plopilor

Plopilor district (in the west) is Number of apartments: 91 delimited by Someşul Mic (North), Value: EUR 7,798 thousand George Coşbuc St. (East), Calea Average price: 1,329 EUR/ sqm Mănăştur (South) and Plopilor St. And canalul Morii (West). The district includes mainly residential blocks and individual villas. The most important traffic arteries are Splaiul Independenţei, George Coşbuc St., Calea Mănăştur and Plopilor St. It is surrounded by two classic residential districts of the city, Grigorescu and Mănăştur, with a recently developed residential area called “Plopilor Noi”. The main areas of interest of the district include: Cluj Arena, Polivalent Source: Google Maps, Cluj-Napoca City Hall Hall, Platinia Shopping Center, Babeş Note: The limits of the districts were established on the basis of the Park and “Horia Demian” Sports Hall. information provided by the Cluj-Napoca City Hall

Transactions with apartments 2018 - Plopilor Description Financing Area Age Total Bank Cash >75 55 - 75 35 - 55 <35 <2000 >2000 Trans no. 10 81 19 39 31 2 48 43 91 Trans. val. (EUR'000) 895 6,902 2,269 3,515 1,937 76 4,136 3,661 7,798 Median u.p (EUR/sqm) 1,413 1,352 1,236 1,356 1,430 1,605 1,384 1,239 1,356 Avg. u.p (EUR/sqm) 1,488 1,310 1,223 1,380 1,367 1,560 1,381 1,274 1,329 Source: Analysis of the database provided by Cluj-Napoca City Hall Note: The limits of the districts were established on the basis of the information provided by the Cluj-Napoca City Hall

21 Transactions with apartments in Mănăștur

Mănăştur district, located in the west, Number of apartments: 819 on the exit direction from Cluj-Napoca Value: EUR 51,836 thousand to Oradea, has as main limits the Roses Park, Calvaria, Calea Mănăștur Average price: 1,242 EUR/ sqm (North), the Mănăştur cemetery (East), the Făget forest (South), Colinei St. (West ). The dwellings are predominantly represented by blocks of 8-10 floors, being the most populous district in the city. The main traffic arteries are Calea Floreşti, Calea Manăștur, Iazului St., Mehedinţi St., Primăverii St. and Câmpului St. There is an area of intense real estate development, Câmpului street, where the individual parcel development predominates and, more recently, the Source: Google Maps, Cluj-Napoca City Hall Note: The limits of the districts were established on the basis of the duplex or triplex buildings. information provided by the Cluj-Napoca City Hall

Transactions with apartments 2018 - Manastur Description Financing AreaArea AgeAge TotalTotal Bank Cash >75 5555 -- 7575 3535 - -55 55 <35<35 <2000<2000 >2000>2000 Trans no. 129 690 96 195 195 361 361 167 167 583 583 236 236 819 819 Trans. val. (EUR'000) 8,999 42,837 9,068 14,858 ##### 21,174 21,174 6,735 6,735 35,918 35,918 15,919 15,919 51,836 51,836 Median u.p (EUR/sqm) 1,277 1,306 1,106 1,202 1,202 1,363 1,363 1,525 1,525 1,353 1,353 1,185 1,185 1,304 1,304 Avg. u.p (EUR/sqm) 1,249 1,241 1,102 1,181 1,181 1,298 1,298 1,459 1,459 1,283 1,283 1,160 1,160 1,242 1,242 Source: Analysis of the database provided by Cluj-Napoca City Hall Note: The limits of the districts were established on the basis of the information provided by the Cluj-Napoca City Hall

22 Transactions with apartments in Dâmbu Rotund Dâmbul Rotund district is located in Number of apartments: 178 the north-west of the city on the exit Value: EUR 10,332 thousand direction from Cluj-Napoca to Zalău. Average price: 1,131 EUR/ sqm It is bounded by the Lomb forest and Valea Seacă (North), the train station, Odobeşti St. and Oaşului St. (East), the railway and the Nadaş Creek (South), Baciu village (West). The main traffic arteries are Maramureş Street, Corneliu Coposu Street and Tudor Vladimirescu Street. The district mainly houses individual villas and several industrial sites, located on the outskirts of the city. In

Source: Google Maps, Cluj-Napoca City Hall recent years, the development of Note: The limits of the districts were established on the basis of the housing blocks has intensified, information provided by the Cluj-Napoca City Hall especially on Corneliu Coposu street.

Transactions with apartments 2018 - Dambul Rotund Description Financing Area Age Total Bank Cash >75 55 - 75 35 - 55 <35 <2000 >2000 Trans no. 30 148 10 49 98 21 31 147 178 Trans. val. (EUR'000) 1,944 8,387 922 3,444 5,336 630 1,302 9,029 10,332 Median u.p (EUR/sqm) 1,208 1,113 1,110 1,142 1,098 1,266 1,225 1,103 1,141 Avg. u.p (EUR/sqm) 1,160 1,124 1,124 1,128 1,120 1,268 1,168 1,126 1,131 Source: Analysis of the database provided by Cluj-Napoca City Hall Note: The limits of the districts were established on the basis of the information provided by the Cluj-Napoca City Hall

23 Transactions with apartments in Bulgaria

Bulgaria district (located in the north) Number of apartments: 16 is delimited by Someşul Mic (North), Value: EUR 726 thousand Beiuşului St. (East), Răsăritului St. (South), Someşul Mic (West), Average price: 1,093 EUR/ sqm including mainly industrial properties, but also residential properties. The important traffic streets are Câmpina Street, Plevnei Street, Tăbăcarilor Street, Porţelanului Street and Fabricii Street. In the last years, especially in the neighboring areas of Mărăști district, there have been intensified real estate developments such as housing blocks.

Source: Google Maps, Cluj-Napoca City Hall Note: The limits of the districts were established on the basis of the information provided by the Cluj-Napoca City Hall

Transactions with apartments 2018 - Bulgaria Description Financing Area Age Total Bank Cash >75 55 - 75 35 - 55 <35 <2000 >2000 Trans no. 5 11 - 3 5 8 6 10 16 Trans. val. (EUR'000) 217 509 - 155 274 297 223 503 726 Median u.p (EUR/sqm) 1,264 1,173 - 826 1,259 1,227 1,099 1,232 1,193 Avg. u.p (EUR/sqm) 1,196 1,054 - 827 1,228 1,170 1,022 1,127 1,093

Source: Analysis of the database provided by Cluj-Napoca City Hall Note: The limits of the districts were established on the basis of the information provided by the Cluj-Napoca City Hall

24 Transactions with apartments in Iris

Iris district is located in the northern Number of apartments: 459 part of the city in an industrial Value: EUR 23,506 thousand predominant area. Average price: 1,093 EUR/ sqm It is bounded by Valea Chintăului (North), the exit to Apahida (West), Someşul Mic (South), Oaşului St. and Odobeşti St. (West) and it includes a mix of industrial properties, blocks and individual villas. The main traffic arteries are Oaşului St., Muncii Blvd., Fabricii St. and Maramureşului street. Residential density has been rising in recent years, especially in the area of Oaşului Street and Steluţa orchard.

Source: Google Maps, Cluj-Napoca City Hall Note: The limits of the districts were established on the basis of the information provided by the Cluj-Napoca City Hall

Transactions with apartments 2018 - Iris Description Financing Area Age Total Bank Cash >75 55 - 75 35 - 55 <35 <2000 >2000 Trans no. 131 328 15 100 292 52 31 428 459 Trans. val. (EUR'000) 7,304 16,202 1,228 6,571 13,988 1,720 1,005 22,501 23,506 Median u.p (EUR/sqm) 1,106 1,083 989 1,077 1,095 1,167 1,117 1,092 1,093 Avg. u.p (EUR/sqm) 1,122 1,081 961 1,084 1,102 1,167 1,128 1,092 1,093 Source: Analysis of the database provided by Cluj-Napoca City Hall Note: The limits of the districts were established on the basis of the information provided by the Cluj-Napoca City Hall

25 Transactions with apartments in Someșeni

Someșeni district, located in the Number of apartments: 126 eastern direction on the exit from Cluj Value: EUR 8,337 thousand to Apahida, has as its main limits the Someșul Mic River and Muncii Blvd. Average price: 1,182 EUR/ sqm (North), Beiuşului St. (West), Apahida-Vâlcele ring road (East), Someşeni St. (South). The district mainly houses individual villas and industrial sites, as well as the city's airport, located at the outskirts. The main traffic arteries are Traian Vuia Street, Căpitan Grigore Ignat Street, Cantonului Street, Someşeni Street and Platanilor Street. The expansion of the airport runway Source: Google Maps, Cluj-Napoca City Hall took place concurrently with the Note: The limits of the districts were established on the basis of the information provided by the Cluj-Napoca City Hall densification of the residential area.

Transactions with apartments 2018 - Someseni Description Financing Area Age Total Bank Cash >75 55 - 75 35 - 55 <35 <2000 >2000 Trans no. 35 91 9 62 40 15 31 95 126 Trans. val. (EUR'000) 2,401 5,936 933 4,665 2,289 450 1,968 6,369 8,337 Median u.p (EUR/sqm) 1,084 1,235 1,212 1,176 1,198 1,195 1,267 1,178 1,195 Avg. u.p (EUR/sqm) 1,113 1,213 1,168 1,180 1,187 1,209 1,297 1,151 1,182 Source: Analysis of the database provided by Cluj-Napoca City Hall Note: The limits of the districts were established on the basis of the information provided by the Cluj-Napoca City Hall

26 Transactions with apartments in Borhanci

Colonia Borhanci is located in the Number of apartments: 228 south of the Pallocsay orchard and in Value: EUR 16.044 thousand the east of Colonia Becaș. Average price: 1,152 EUR/ sqm Emphasis is placed on residential real estate developments. The area is predominantly made up of individual dwellings with height regime Gf/Gf + F, but there are also residential blocks with height regime Gf + 4F. Due to the new infrastructure and proximity to the Gheorgheni neighborhood, the area continues to show a special interest in residential developments of all kinds, being considered one of the most attractive new neighborhoods in the city.

Source: Google Maps, Cluj-Napoca City Hall Note: The limits of the districts were established on the basis of the information provided by the Cluj-Napoca City Hall

Transactions with apartments 2018 - Borhanci Description Financing Area Age Total Bank Cash >75 55 - 75 35 - 55 <35 <2000 >2000 Trans no. 58 170 33 100 93 2 - 228 228 Trans. val. (EUR'000) 4,118 11,926 2,972 7,146 5,834 92 - 16,044 16,044 Median u.p (EUR/sqm) 1,200 1,149 1,002 1,148 1,237 1,388 - 1,159 1,159 Avg. u.p (EUR/sqm) 1,196 1,137 991 1,154 1,248 1,387 - 1,152 1,152

Source: Analysis of the database provided by Cluj-Napoca City Hall Note: The limits of the districts were established on the basis of the information provided by the Cluj-Napoca City Hall

27 Transactions with apartments in Sopor

Colonia Sopor is located in the south- Number of apartments: 592 eastern part of the city near the Value: EUR 42,958 thousand Palocsay orchard, Gheorgheni and Între Lacuri districts. Average price: 1,276 EUR/ sqm In general, have a residential use, being a strong area of interest for residential developments such as 8- 10-story apartment blocks. During the last years, Sopor area was the most developed area of the city. As a newly-developed district Sopor lacks urban elements of integration (infrastructure, public spaces, marketplaces). In the immediate vicinity of the neighborhood is the Gheorgheni Sports Base, a sports and leisure complex inaugurated in 2017. Source: Google Maps, Cluj-Napoca City Hall Note: The limits of the districts were established on the basis of the information provided by the Cluj-Napoca City Hall

Transactions with apartments 2018 - Sopor Description FinancingFinancing AreaArea AgeAge TotalTotal BankBank CashCash >75>75 5555 - -75 75 3535 - 55- 55 <35<35 <2000<2000 >2000>2000 Trans no. 202 202 390 390 75 75 152 152 365 365 - - - - 592 592 592 592 Trans. val. (EUR'000) 14,788 ##### 28,170 28,170 7,204 7,204 ##### 11,556 24,198 24,198 - - - - 42,958 42,958 42,958 42,958 Median u.p (EUR/sqm) 1,246 1,246 1,275 1,275 1,225 1,225 1,247 1,247 1,291 1,291 - - - - 1,265 1,265 1,265 1,265 Avg. u.p (EUR/sqm) 1,264 1,264 1,282 1,282 1,197 1,197 1,238 1,238 1,321 1,321 - - - - 1,276 1,276 1,276 1,276

Source: Analysis of the database provided by Cluj-Napoca City Hall Note: The limits of the districts were established on the basis of the information provided by the Cluj-Napoca City Hall

28 Transactions with apartments in Făget

Colonia Făget is located in the Number of apartments: 10 southern part of the city near the Value: EUR 1,050 thousand Făget forest and the Europa district. Average price: 1,335 EUR/ sqm The district is generally characterized by wooded green areas and residential areas. Individual dwellings represent the most significant share. It is still an area with great real estate development potential. There are limited urban integration elements (infrastructure, educational units, public spaces).

Source: Google Maps, Cluj-Napoca City Hall Note: The limits of the districts were established on the basis of the information provided by the Cluj-Napoca City Hall

Transactions with apartments 2018 - Faget Description Financing Area Age Total Bank Cash >75 55 - 75 35 - 55 <35 <2000 >2000 Trans no. 1 9 6 4 - - - 10 10 Trans. val. (EUR'000) 98 952 669 381 - - - 1,050 1,050 Median u.p (EUR/sqm) 1,350 1,236 1,230 1,340 - - - 1,237 1,237 Avg. u.p (EUR/sqm) 1,350 1,333 1,351 1,307 - - - 1,335 1,335

Source: Analysis of the database provided by Cluj-Napoca City Hall Note: The limits of the districts were established on the basis of the information provided by the Cluj-Napoca City Hall

29 Transactions with apartments in Becaș

Colonia Becaş is located in the south- Number of apartments: 35 east of Bună Ziua district, south of Value: EUR 2,775 thousand Andrei Mureşanu and Gheorgheni Average price: 1,102 EUR/ sqm districts and west of Colonia Borhanci. The area is predominantly characterized by individual residences (houses, villas) with a height of Gf/Gf + 1-2F. There are no urban integration elements (infrastructure, landscaped green spaces, squares). In recent years, the area has experienced an intensive development, including individual villas or duplex / triplex villas and housing blocks. Interest will remain high for this area as nearby districts are crowding.

Source: Google Maps, Cluj-Napoca City Hall Note: The limits of the districts were established on the basis of the information provided by the Cluj-Napoca City Hall

Transactions with apartments 2018 - Becas Description Financing Area Age Total Bank Cash >75 55 - 75 35 - 55 <35 <2000 >2000 Trans no. 11 24 14 13 8 - - 35 35 Trans. val. (EUR'000) 939 1,836 1,422 891 462 - - 2,775 2,775 Median u.p (EUR/sqm) 1,143 1,069 1,044 1,128 1,108 - - 1,073 1,073 Avg. u.p (EUR/sqm) 1,125 1,090 1,077 1,113 1,161 - - 1,102 1,102

Source: Analysis of the database provided by Cluj-Napoca City Hall Note: The limits of the districts were established on the basis of the information provided by the Cluj-Napoca City Hall

30 Transactions with houses Normalized sample: 347 homes Transactions with houses in 2018 - Cluj-Napoca Transaction value: EUR 54.3 million District Trans. No. Val.Val. Trans. Trans. Number of traded houses: 570 houses EUR'000EUR'000 The average land area of a house is: 396 square meters Andrei Muresanu 3434 6,931 6,931 Transaction value: EUR 84.8 million Becas 1414 2,357 2,357 The average GBA of a house is: 171 square meters Approx. 47% of transactions value in: Andrei Borhanci 5050 7,847 7,847 Mureșanu, Center, Dâmbul Rotund, Borhanci Average price: 913 EUR/ sqm (sqm GBA, includes land plot) Bulgaria 1414 1,378 1,378 and Gheorgheni Buna Ziua 3030 4,600 4,600 Average house price <1990: 1,081 EUR/ sqm Centru 4747 8,356 8,356 The most numerous house transactions: Average house price> 1990: 857 EUR/ sqm Dambul Rotund 7373 8,333 8,333 Dâmbul Rotund, Iris, Borhanci, the Center Europa 2525 4,354 4,354 and Mănăștur Self-financing: 76% of transaction value Faget 1212 2,560 2,560 Intre Lacuri 1010 1,115 1,115 Transactions with houses in 2018 - Cluj-Napoca (normalized sample) Gheorgheni 3636 8,132 8,132 Description Financing Age Total Grigorescu 1818 2,873 2,873 Bank Cash <1990 >=1990 Gruia 3131 4,350 4,350 Number of transactions 80 267 110 237 347 Iris 6666 6,683 6,683 Value of transactions(EUR'000) 12,846 41,466 16,166 38,147 54,313 Manastur 4343 5,664 5,664 Gross built area(sqm) 15,078 44,386 14,958 44,506 59,464 Marasti 1010 1,238 1,238 Land area(sqm) 32,496 104,953 42,711 94,738 137,448 Plopilor 55 320 320 Avg. land area(sqm) 406 393 388 400 396 Someseni 3232 2,744 2,744 Avg. gross built area(sqm) 188 166 136 188 171 Sopor 55 716 716 Avg. unit price(EUR/sqm GBA) 852 934 1,081 857 913 Zorilor 1111 3,906 3,906 Source: Analysis of the database provided by Cluj-Napoca City Hall Other areas 44 317 317 Note: To obtain a normalized sample of transactions, from the 403 transactions with houses we selected houses with a min 150 sqm area of land and a Total 570570 84,776 84,776 min 80 sqm GBA with a FAR (Floor Area Ratio) between 0.2 and 1.2; these transactions represent 79% of the total value of transactions with houses. 31 Source: Analysis of the database provided by Cluj-Napoca City Hall Transactions with plots of land in 2018 - Cluj-Napoca Transactions with plots of land District Trans. No. Area Trans. Val. Number of plots of land traded : 346 sqm EUR'000 Andrei Muresanu 6 4,294 287 Value of transactions: EUR 13.3 million Becas 10 29,877 301 Borhanci 28 12,138 1,453 Over 62% of transactions value in: Borhanci, Sopor, Mănăștur and Iris Bulgaria - - - Most land transactions: Other areas, Borhanci, Gheorgheni, Mănăștur and Sopor Buna Ziua - - - Centru 8 3,888 265 Total land area traded: 537,394 sqm Dambul Rotund 14 11,419 411 Most transactions: areas between 500-1,000 sqm Europa 3 3,698 289 Faget 7 6,891 683 Most valuable transactions: more than 1,000 square meters Intre Lacuri 2 852 114 Gheorgheni 5 3,772 1,336 Self-financing: about 99% of transactions value Grigorescu 10 5,212 429 Gruia - - - Iris 37 23,053 1,096 Transactions with plots of land in 2018 - Cluj-Napoca Manastur 30 40,703 1,160 Description Financing Area Total Marasti 2 744 35 Bank Cash <100 mp 100-300 mp 300-500 mp 500-1000 mp >1000 mp Plopilor - - - Trans. No. 3 343 - 23 51 149 123 346 Someseni 10 31,318 733 Trans. Val. (EUR'000) 187 13,069 - 695 1,856 4,967 5,739 13,257 Sopor 8 46,269 1,300 Area (sqm) 5,438 531,956 - 4,722 20,700 99,072 412,900 537,394 Zorilor 4 2,098 393 Other areas 162 311,170 2,973 Source: Analysis of the database provided by Cluj-Napoca City Hall Total 346 537,394 13,257 32 Source: Analysis of the database provided by Cluj-Napoca City Hall Real estate transactions in 2019

The total value of real estate transactions in January-May 2019 was over EUR 214 million, of which the most significant share were the apartments, 64%. Real estate transactions of legal entities accounted for 26% of the total value, including mostly commercial properties, but also residential properties. A small number of plots of land was traded, with a small share in the value of transactions, was traded below 0.5%. The value of traded houses accounted for 8% of the total. Value of real estate transactions - Cluj-Napoca Jan-May 2019 EUR Description Bank Cash Total Apartments 23,042,561 114,204,983 137,247,543 Houses 2,875,203 14,098,142 16,973,344 Plots of land - 264,380 264,380 Other properties 52,985,429 6,651,465 59,636,894 Total 78,903,192 135,218,970 214,122,162 Source: Analysis of the database provided by Cluj-Napoca City Hall

The vast majority of individual purchases in 2019, approximately 85% of the total value, were self-financed. Transactions of legal entities were financed predominantly by banks, 95%. The total number of transactions between January and May 2019 was 2,567, of which 1,899 were apartments (74%). Most transactions took place in March (646 transactions), with the highest value (EUR 53.8 million). The average price / sqm of apartments during the period January-May 2019, resulted from the analysis of the 1,899 transactions amounting to EUR 137.2 million, was 1,333 EUR/ sqm. In the first 5 months of 2019, 83% of the total value of transactions with apartments was self-financed and the rest by bank financing. The average price/ sqm for self-financed apartments was 1,330 EUR/ sqm, 1.4% lower than the average price/ sqm for the apartments financed by bank loans(1.349 EUR/ sqm) during the same period, January-May 2019. 33 Evolution of the real estate market in Cluj- Napoca 2013-2018

Evolution of the real estate market in Cluj-Napoca Evolutia tranzactiilor2013 imobiliare - 2018 in perioada 700 mil. € 2013 - 2018 700 mil. € 642 mil. € 594 mil. € 642 mil. € 600 mil. € 594 mil. € 600 mil. € 500 mil. € 457 mil. € 500 mil. € 457 mil. € 400 mil. € 358 mil. € 400 mil. € 358 mil. € 284 mil. € 284 mil. € 300 mil. €€

200 mil. €€ 156156 mil. mil. € € 100 mil. €€ 0 mil. €€ 20132013 20142014 20152015 20162016 20172017 20182018 TransactionsTranzactii

Evolution of the financing structure 2013 - 2018 (Self-finance/ Bank) 700 mil. € 600 mil. € 500 mil. € 429 mil. € 400 mil. € 412 mil. € 300 mil. € 379 mil. € 200 mil. € 266 mil. € 240 mil. € 100 mil. € 119 mil. € 182 mil. € 213 mil. € 92 mil. € 78 mil. € 0 mil. € 36 mil. € 44 mil. € 2013 2014 2015 2016 2017 2018

Bank Self-finance

34 Evolution of the real estate market in Cluj- Napoca 2013-2018

Evolution of the transation type 2013 - 2018 700 mil. € Evolutia tipologiei tranzactiilor 2013 - 2018 (Apt./ Houses/ Plots of land/ Other properties) 13 mil. € 700 mil. € (Apartamente/ Case/ Terenuri/ Alte proprietati) 33 mil. € 13 mil. € 600 mil. € 33 mil. € 85 mil. € 600 mil. € 85 mil. € 62 mil. € 500 mil. € 62 mil. € 20 mil. € 134 mil. € 500 mil. € 20 mil. € 123 mil. € 134 mil. € 61 mil. € 123 mil. € 400 mil. € 16 mil. € 61 mil. € 400 mil. € 16 mil. € 16 mil. € 88 mil. € 16 mil. € 51 mil. € 88 mil. € 300 mil. € 51 mil. € 64 mil. € 36 mil. € 64 mil. € 200 mil. € 63 mil. € 411 mil. € 200 mil. € 12 mil. € 63 mil. € 377 mil. € 21 mil. € 287 mil. € 100 mil. € 226 mil. € 100 mil. € 15 mil. € 169 mil. € 109 mil. € 0 mil. € 2013 2014 2015 2016 2017 2018

ApartmentsApartamente OtherAlte properties proprietati HousesCase PlotsTerenuri of land

EvolutiaEvolution tranzactiilor of apartment cu transactionsapartamente ClujCluj--NapocaNapoca 20132013 --20182018 1.4001,400 €/mp 1.2871,287 €/mp 450 mil. € 1.2111,211 €/mp 1.2001,200 €/mp 400 mil. € 1.0001,000 €/mp 350 mil. € 1.0001,000 €/mp 873 €/mp 821 €/mp 836 €/mp 300 mil. € 800 €/mp 250 mil. € 600 €/mp 200 mil. € 150 mil. € 400 €/mp 100 mil. € 200 €/mp 50 mil. € 109 mil. € 169 mil. € 226 mil. € 287 mil. € 377 mil. € 411 mil. € 0 €/mp 0 mil. € 2013 2014 2015 2016 2017 2018

ValoareTransaction tranzactii value PretAvg. mediu unit priceunitar

35 Summary of real estate transactions in Cluj-Napoca in 2018

Transactions Cluj-Napoca 2018: 8,697 transactions, EUR 642.1 million, of which: • Apartments: 5,911 transactions, 410.5 million EUR • Houses: 570 transactions, EUR 84.8 million • Land: 346 transactions, 13.3 million EUR • Other properties: 1,870 transactions, 133.5 million EUR Real estate transactions of legal entities, 834 in total, are included in the Other properties category, accounting for EUR 123.1 million and representing 54.8% of the volume of other transactions and 92% of the value of other transactions).

36 Average price for apartments traded in 2018

Average price /sqm for apartments: 1,287 EUR/ sqm

1,093 EUR/ sqm

1,093 EUR/ sqm 1,182 1,131 EUR/ sqm EUR/ sqm

1,381 EUR/ 1,367 EUR/ sqm 1,371 sqm EUR/ sqm

1,338 1,413 EUR/ sqm EUR/ sqm 1,407 EUR/ sqm 1,329 EUR/ sqm 1,276 1,219 EUR/ sqm EUR/ sqm

1,242 1,417 EUR/ sqm EUR/ sqm

1,152 1,210 EUR/ sqm EUR/ sqm 1,303 EUR/ sqm

1,102 EUR/ sqm 1,335 Average price – bank EUR/ sqm financing: 1,283 EUR/ sqm Average price - self- financing: 1,287.4 EUR/ sqm

Source: Analysis of the database provided by Cluj-Napoca City Hall 37 Annexes Monthly transaction structure and streets with the higest value/ number of transactions Real estate transactions by buyer's residence Approach to analysis Information sources

38 Monthly transaction structure and transaction rankings by street

Monthly structure of real estate transactions in Cluj-Napoca in 2018 The streets with the most transactions Month Type of property Financing Total No. Street No. of Land House Apartment Other Self Bank crt. transactions January 15 36 455 105 452 159 611 1 Soporului 672 February 34 38 424 136 496 136 632 2 Oasului 469 March 25 41 517 172 570 185 755 3 Buna Ziua 434 April 22 37 403 129 444 147 591 4 Alexandru Vaida Voevod 215 May 18 57 527 137 557 182 739 5 Augustin Presecan 210 June 22 53 431 150 486 170 656 6 Trifoiului 162 July 38 62 507 182 562 227 789 7 Borhanciului 146 August 25 49 516 132 560 162 722 8 Eugen Ionesco 139 September 18 33 594 165 578 232 810 9 Corneliu Coposu 128 October 34 62 605 181 656 226 882 10 Calea Turzii 118 November 45 44 477 176 587 155 742 Top 10 2,693 December 50 58 455 205 573 195 768 Total transactions 2018 8,697 Total 346 570 5,911 1,870 6,521 2,176 8,697 % Top 10 of Total 31%

Monthly value of real estate transactions in Cluj-Napoca in 2018 The streets with the most valuable transactions Month Type of property Financing Total No. Street Trans. value EUR Land House Apartment Other Self Bank crt. EUR January 618,341 6,294,743 30,105,442 13,320,574 29,741,138 20,597,963 50,339,100 1 Soporului 45,789,758 February 1,301,927 4,508,398 28,016,332 4,008,986 29,379,693 8,455,949 37,835,643 2 Buna Ziua 28,344,278 March 583,200 5,539,982 34,788,913 8,410,708 34,228,664 15,094,139 49,322,803 3 Oasului 22,796,719 April 627,725 5,463,475 27,481,875 10,790,636 29,493,805 14,869,906 44,363,711 4 Alexandru Vaida Voevod 16,114,108 May 520,923 8,701,816 34,239,701 9,284,957 35,665,243 17,082,154 52,747,397 5 Augustin Presecan 15,016,868 June 840,864 7,764,358 29,242,000 21,400,292 33,134,202 26,113,313 59,247,514 6 21 Decembrie 1989 12,895,890 July 1,725,128 9,697,472 35,957,131 11,338,481 39,939,656 18,778,556 58,718,212 7 Trifoiului 11,162,635 August 1,489,322 7,696,506 37,020,338 11,043,509 39,508,795 17,740,881 57,249,676 8 Borhanciului 10,655,544 September 1,089,886 6,051,303 42,649,011 7,606,251 38,082,829 19,313,622 57,396,451 9 Dorobantilor 10,583,376 October 782,366 8,407,859 42,946,344 15,411,207 43,447,369 24,100,406 67,547,776 10 Eugen Ionesco 9,866,967 November 1,615,686 5,534,425 34,378,790 8,144,136 36,424,847 13,248,190 49,673,037 Top 10 183,226,143 December 2,061,180 9,115,950 33,678,981 12,766,071 40,076,775 17,545,406 57,622,182 Total transactions 2018 642,063,502 Total 13,256,548 84,776,288 410,504,859 133,525,807 429,123,017 212,940,485 642,063,502 % Top 10 of Total 29%

Source: Analysis of the database provided by Cluj-Napoca City Hall

39 Real estate transactions by buyer's provenance Structure of real estate transactions in Cluj-Napoca in 2018 - by origin of the buyer Buyer Type of property Financing Total Land House Apartment Other Self Bank Extern 6 9 99 17 128 3 131 Romania from which: 340 561 5,812 1,853 6,393 2,173 8,566 Cluj County 287 492 3,668 1,373 4,281 1,539 5,820 Maramures County 9 9 376 77 381 90 471 Bistrita Nasaud County 15 7 259 59 277 63 340 Alba County 4 9 232 65 216 94 310 Salaj County 6 9 214 49 201 77 278 Mures County 1 - 196 33 170 60 230 Satu Mare County 3 4 156 26 150 39 189 Hunedoara County 1 6 117 12 114 22 136 Bihor County 3 - 88 16 85 22 107 Suceava County 2 1 85 8 85 11 96 Sibiu County 2 3 82 9 73 23 96 Other areas 7 21 339 126 360 133 493 Total 346 570 5,911 1,870 6,521 2,176 8,697

Value of real estate transactions in Cluj-Napoca in 2018 - by origin of the buyer Buyer Type of property Financing Total EUR Land House Apartment Other Self Bank External 178,730 1,715,697 8,082,751 1,962,611 10,341,805 1,597,984 11,939,789 Romania from which: 13,077,818 83,060,591 402,422,108 131,563,196 418,781,211 211,342,502 630,123,713 Cluj County 10,258,853 72,369,315 252,567,207 88,520,880 280,671,891 143,044,363 423,716,255 Maramures County 525,500 1,076,535 25,952,162 2,741,876 24,075,500 6,220,572 30,296,072 Bistrita Nasaud County 1,021,863 1,578,315 16,852,283 1,975,213 16,925,542 4,502,131 21,427,673 Alba County 54,122 1,247,990 15,856,619 4,526,986 13,475,867 8,209,850 21,685,717 Salaj County 118,695 1,210,689 15,590,761 2,889,882 13,497,531 6,312,496 19,810,027 Mures County 78,000 - 13,495,625 1,327,920 10,860,291 4,041,254 14,901,545 Satu Mare County 239,897 408,840 10,762,397 1,648,898 9,807,701 3,252,330 13,060,031 Hunedoara County 250,000 871,487 8,100,813 449,918 7,918,487 1,753,731 9,672,219 Bihor County 124,999 - 6,633,257 1,266,760 5,535,889 2,489,127 8,025,016 Suceava County 168,800 99,000 5,993,151 275,961 5,675,165 861,747 6,536,912 Sibiu County 52,686 517,000 6,674,223 1,945,877 6,323,435 2,866,351 9,189,786 Other areas 184,405 3,681,420 23,943,611 23,993,025 24,013,913 27,788,548 51,802,461 Total 13,256,548 84,776,288 410,504,859 133,525,807 429,123,017 212,940,485 642,063,502 40 Source: Analysis of the database provided by Cluj-Napoca City Hall Approach of the analysis

For the first time in Romania, Cluj-Napoca City Hall has collected and In order to conclude on the information at hand, our target was to derive a summarized the real estate transactions concluded within the city limits unit price for each type of real estate property. Therefore, we used the net through the Local Tax Department in order to provide citizens and other area as benchmark for apartments, whereas for houses we used the gross interested people with relevant information on the real estate market in Cluj- built area. The transactions were analyzed by type (plots of land, houses, Napoca. apartments and other real estate properties) and were also analyzed based on the financing sources. The object of the transactions includes real estate properties consisting of plots of land, houses (land and buildings), apartments or other types of real City districts were delimited using publicly available information. Subsequently, estate properties, including the transactions carried by legal entities, as well as in order to avoid the distortion of the extrapolated conclusions, the location transactions carried by individuals with auxiliary real estate properties and of the streets was verified in the database. Districts are delimited by proximity, other types of properties. while areas are not considered homogeneous in term of attractiveness on the real estate market. The transactions recorded in the database are concluded in different currencies (RON, USD, EUR). The database provides information on real estate Following the dissemination, an average price of the apartments, per district properties within the area of Cluj-Napoca as follows: type of real estate could be determined, respectively an average unit price for the entire city. For property, physical characteristics, year of the construction, location and type home and land transactions, a global analysis was carried out at the of financing (self-financing or bank loan). municipality level. Most Cluj-Napoca districts include both established real estate areas and Transactions with commercial, industrial and office properties are included in recently developed and expanded areas. As a result, the average prices are “Other properties”. Transactions with auxiliary or mixed use properties not applicable to any property, but rather reflects the average price of the real summed up to an insufficient number, hence we could not reach a conclusion estate properties traded in the past year, prices which are influenced by age, on average unit prices. physical characteristics (type, endowments, size, degree of comfort), location The relevance, accuracy and quality of the information utilized in our analysis and position (vicinities, street, solar orientation, floor, proximity of public is derived from the database provided by the City Hall and the transactions are transport) etc. not homogeneously distributed by districts. In order to standardize the results, the transactions were converted into EUR The information which are the basis of this guide is general. Cluj-Napoca City currency, based on the average exchange rate published by the National Bank Hall and the authors do not take responsibility for any decisions that are made of Romania for the month in which the transactions were concluded. The on the basis of information from this brochure. We did not carry out an relevant records forming the statistical population under analysis refer to a individual analysis of each transaction; our purpose was to make the total of 8,697 real estate properties, traded during January – December 2018. information available in a comprehensible and useful format for the readers. The main criteria utilized for the analysis of the real estate transactions were the type of real estate property, the district in which the real estate property is located, the financing method for the acquisition and the area of the real estate property. 41 Sources of information Project coordinated by Adrian Vascu, Senior Partner Veridio, chairman of Database with real estate transactions provided by the Local Tax ANEVAR Board ANEVAR 2008-2009 and 2014-2015 and chairman of UPLR‘s Department of the Cluj-Napoca City Hall Executive Board (President) 2018-2019 www.vascu.ro www.primariaclujnapoca.ro Google Maps Team: Paul Bândea, Anca Bândea, Bianca Moiș, Larisa Becheș with the support Wikimapia of www.clujbusiness.ro www.veridio.ro www.visitcluj.ro Photo credits:Eterris Photo Studio (Codruţa Georgescu and Lucian Bogdan) http://www.facebook.com/eterrisphotostudio 42 Cluj-Napoca City Hall Cluj - Napoca 2018 - 2019 and Local Council