Despite the pandemic, people in Serbia spent 4.2 billion euro on the purchase of apartments

Last year, 100 million euro more was spent on the purchase of a real estate in Serbia than a year earlier and even half a billion more than in 2018.

Although the crisis caused by the coronavirus pandemic weighed down almost the entire 2020, leaving many people without income and jobs, it is obvious that the real estate market did not suffer.

The Serbian real estate market’s turnover last year was close to 4.2 billion euro, and apart from a slight decline in the transition from the first to the second quarter, when the state of emergency was in force, the results were significantly better during the rest of the year than in 2019.

“The sale of apartments jumped because people were locked in their homes, the borders were closed, they could not travel, and those who have money decided it was better to invest in real estate,” Kaća Lazarević, owner of a real estate agency, told Danas daily.

That is why, as she says, prices increased, banks lowered interest rates, and the National Bank approved reducing downpayment to 10%, which encouraged those people who had money to buy apartments.

However, as Lazarević says, not all markets did so well. Most of the buying and selling occurred in the largest cities such as Belgrade, Novi Sad and Niš, while other markets lagged far behind.

In 2020, the highest number of registered purchase contracts was recorded in September, October and December, while during the whole year, according to data from the State Geodetic Authority, 143,154 real estate sales contracts were concluded.

A quarter of the properties were sold in Belgrade, and the most expensive apartment sold was in the Belgrade Waterfront development (9,632 euro per square metre). In the old buildings, the highest price per square metre was 4,452 euro for an apartment in the municipality of Stari Grad, while the highest total amount of money was given for an apartment in Strahinjić Ban Street in Belgrade – 1.46 million euro.

Lazarević points out that the average house or apartment buyer in Serbia is between 40 and 55 years old, while older people usually sell larger apartments or houses and buy two or more smaller ones.

“Holiday homes were also popular last year, and since there are increasingly fewer them, this has inspired some people to build entire housing complexes on Kosmaj, Avala and Fruška Gora and sell them at prices that are higher than the costs incurred,” Lazarević adds.

(Danas, 03.03.2021)


This post is also available in: Italiano

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