In May this year, up to 73% more contracts stipulating the sale of building land were concluded than in May last year and the year before. All types of land are mostly purchased in cash.
In May, just as in April, the significant increase in the number of concluded contracts for the sale of building plots in Serbia continues, reports N1.
Data from the State Geodetic Authority show that a total of 2,942 contracts stipulating the sale of building land were concluded in May. In the same month of 2020, there were only 1,671 of these contracts, a figure only slightly lower than the 1,698 contracts concluded in May 2019.
According to the SGA data, in May 2021, 12,648 contracts for buying and selling all types of real estate – houses, flats, land, garages, and annexes – were concluded in the country. Compared to the same month of 2020, this is a 61% increase.
In May last year, the number of real estate transactions was lower, because the state of emergency was still in force in Serbia, with restrictions on movement in place due to the pandemic. Compared to May 2019, which was a record month in the number of sales realised so far, a 21.6% growth was recorded in May 2021.
The amount of money spent on the real estate market in May 2021 was €461.4 million. “The dominant way of paying for real estate in May 2021 was in cash, i.e. in 86% of the realised transactions. Separate parts of buildings are more often paid for by loans than other types of real estate, which in May, amounted to 31% of the total number of separate parts of buildings sold,” says the SGA. Land, on the other hand, was paid for by cash in 99% of cases.
Flats are more often paid through bank loans, again according to the SGA: “In Serbia, as of May 2021, 35% of flats were paid for with the help from mortgages. If we look by region, in Vojvodina the percentage is 39%, in Belgrade 37%, Šumadija and Western Serbia 28%, while mortgages were used the least in buying real estate in the south and eastern Serbia, 27%.”
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