Real estate developers mostly building large apartments in Belgrade

Based on the number of building permits issued from January to September, 8,000 apartments are about to be built in Belgrade.

The average size of these apartments is 73 square metres, which indicates that real estate developers are catering mostly to the wealthier population. For an ordinary buyer, these apartments are too expensive.

Every sixth building permit, out of nearly 2,450 that were issued in Belgrade in the first nine months of this year, was issued in the municipality of Surčin, reports Radio and Television of Serbia (RTS).

“The municipality of Surčin has been growing a lot in recent years, developing, progressing and attracting both real estate developers and citizens,” says Dobrinka Tošić, head of urban planning in the Belgrade government.

In the municipalities of Stari Grad and Rakovica, an average of less than 10 permits were issued per month.

“That’s (8,000 apartments) not enough. The market is in desperate need of apartments, both new and those in older buildings. The offer is quite weak and most of the apartments that are on sale are not of good quality”, explains real estate agent Katarina Lazarević and adds:

“Real estate developers are looking to build larger apartments of 100 and 120 square metres. The smallest apartments that they are currently building are 70 square metres in size which are still too expensive for the average buyer. Several years ago, they mostly built studio or one-bedroom apartments (30 or 40 square metres in size.”

Real estate turnover is significantly lower this year, but this is more a sign of the market becoming more stable than a crisis in the construction industry because many people decided to invest in real estate during the coronavirus pandemic.

“Compared to 35,000 real estate transactions last year, that’s a 30 percent drop,” says Milić Đoković, a real estate appraiser.

He expects interest rates on housing loans to start falling in the second half of next year, followed by a slight drop in the prices of the most expensive apartments and stable prices of others.

(, 05.12.2023)

This post is also available in: Italiano

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