Brasov becomes the largest regional residential market

Brasov became the largest regional residential market in Romania, after Bucharest – Ilfov region, surpassing Timisoara, and Cluj – Napoca in the first quarter of this year, reveals a market report released by real estate consultant SVN Romania, based on official statistics and data from SVN Romania | Brasov local office.

Thus, over 2.180 homes were sold in Brasov in the first three months from 2023, compared to about 2.050 homes in Timis and about 1.800 residential units in Cluj, according to data published by the National Agency for Cadastre and Land Registration.

About 3,000 new home could be delivered this year in Brasov and its surroundings, according to SVN Romania | Brasov local office data, in a slight decrease compared to previous years, about 400 targeting the investment segment, being intended for tourist exploitation.

Over EUR 250 million would be invested in next five years in the development of residential projects located in Brasov and surrounding areas, intended exclusively for tourist exploitation, according to SVN Romania’s data, to which other tens of millions of Euros will be added from investments in new hotels and guesthouses.

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”Brasov has been registering a significant development for several years and I estimate that it will be the most dynamic pole of economic development in Romania in the next years. We are already seeing investments of hundreds of millions of Euros in the factories and logistic projects, and more and more international brands are choosing Brasov for investments in new accommodation units. The opening of Brasov Airport will have a significant impact in the economic development of the city as well as on the tourist segment, Brasov and Poiana Brasov still having a significant potential for attracting new investments,” stated Ionut Nicolescu, president SVN Romania.

Over 423,000 stay every year in Brasov, according to the latest data of the National Institute of Statistics. At the same time, 56 hotels were in the city at the end of 2022, with a total of over 6,800 rooms. Other several thousand rooms in different accommodation units exist in Brasov, which attract every year several hundred thousand tourist, according to the estimates of SVN Romania | Brasov.

”Brasov is transforming into a major national economic pole, whether we are talking about investments in the industry, IT&C or services sectors. The city also became destination for internal migrations, especially from southern part of the country, a trend that will increase after the opening of the airport, which will offer international access without having to travel to Bucharest, Sibiu or Cluj – Napoca. We are currently experiencing an effervescence on the commercial segment of the real – estate market, while premium and luxury residential segments are attracting new investors, in a context in which potential yields exceed 10% in Euros annually, considering the exploitation period that stretches throughout the year”, says Razvan Calita, managing partner SVN Romania | Brasov.

The average trading prices for homes located within the city is of about EUR 1,570, approximately six percent higher compared to the level registered in March 2022.

SVN Romania is one of the most important real estate consultants active on the Romanian market and the leader of the residential segment. The company also operates three regional offices, in Brasov, Cluj – Napoca and Covasna, and is the consultant and exclusive agent of over 15 residential projects located in Bucharest and in the country. SVN International Corp has over 200 offices in eight countries and regions, with over 2,000 consultants and staff.