Architect Branka Bošnjak said today that she expected real estate prices to consolidate in the next year or two, and then start to fall.
Although global real estate prices have started to decline, the situation is completely different in Serbia, said Bošnjak who added that as long as demand is greater than supply, apartment prices will go up.
Real estate prices in Serbia have been constantly rising for the last eight years, and in addition to domestic buyers, there are more and more foreigners who have decided to invest money in buying real estate in Serbia.
Bošnjak points out that the price of apartments is an economic category and that it depends on the supply and demand ratio.
“Since there has been a very large influx of new residents to Belgrade in recent years, demand is also increasing, but the economic crisis has also brought about the idea of investing in real estate. All of this raises real estate prices. Also, such high prices are a result of construction in luxury neighbourhoods, which spilt over to the prices in the central Belgrade municipalities, and consequently to real estate prices in suburbs”, Bošnjak explains.
She also says that General Spatial Plan for Belgrade will define many more zones for new construction, and that, when the legalization procedure is completed, the city authorities will set up a fund of new legally registered apartments. The General Spatial Plan is also expected to resolve zoning problems, as well as define the city’s development, its urban limits, economic and educational development, housing, protection of natural and cultural assets and a healthcare programme.
This post is also available in: Italiano