Romanian construction company Luca Prest will invest EUR 7.5 million in the residential complex Grand Hill Residence in Cluj-Napoca. It will include 148 apartments in a ten-floor building.

The company has chosen Cluj-Napoca due to the city’s growing popularity “among young professionals that settle in the city”.

This is the best period in the history of the modern residential market in Cluj Napoca, according to Anamaria Burca, managing partner of Coldwell Banker Transilvania, which is the exclusive real estate agent of Grand Hill Residence.

Due to the high demand on the Cluj market, the apartment prices have increased significantly in the last year. In September, the price of apartments in Cluj Napoca was on average 13.5% higher compared to October 2015, according to an analysis of Coldwell Banker Transilvania.

Some 3,500 new apartments and houses are expected to be delivered this year in Cluj-Napoca.

editor@romania-insider.com