The changes brought about by the global pandemic in the last year and a half have also affected the dynamic real estate market in Serbia.
Less migration within the country and more time spent at home have led to a surprising downward trend in the market value of rental properties, while the exact opposite has happened when it comes to the selling price of houses and flats in Belgrade.
While the situation with the pandemic is slowly calming down, the economic consequences as well as changes in various sectors are still unfolding and we will certainly feel them in the coming period in the real estate sector as well.
If we take into consideration that the city of Belgrade is the most dynamic in terms of the real estate market in Serbia, it is clear that it is here that the greatest price turbulence was observed during 2020 and the first half of 2021. Indeed, rental prices decreased by 4.8%, while prices of flats for sale increased by approximately 21.1%.
Traditionally, the most popular neighbourhoods in Belgrade, the municipalities of Stari Grad and Savski Venac, still hold the record in terms of the price per square metre of residential property for rent, however, compared to last year, it is now cheaper to rent a flat.
When talking about fluctuations in the price of square metres of housing in the capital, one has to take into account the large number of flats in Belgrade that are rented out for short periods (so-called daily rentals), and that the global crisis and the downward movements have dramatically affected the rent, and consequently the price of monthly rent. Thus, the biggest price drops were recorded in Novi Beograd, (-8.1%), Savski Venac, (-5.6%), Stari Grad, (-5.5%), Palilula, (-4.8%) and Voždovac (-4.6%).
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