Property prices in Serbia will not decline in the foreseeable future, but experts predict that their growth will slow down next year due to increased supply.
In addition to the Serbian citizens, the apartments are also purchased by the Serbs from the diaspora, as well as by foreigners who are working in Serbia or have some emotional connection to the country.
Kaca Lazarevic, a real estate agent, points out that the most expensive apartments are located in Vracar, Novi Beograd and the Belgrade Waterfront development.
“In these parts of the city, the real estate prices are above the market once and the most expensive square metre retails about 8,000 euro”, says Lazarevic. There is a strong trend in buying real estate in the Belgrade Waterfront development and the West 65 and Sky Line towers.
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The Belgrade Waterfront apartments are selling very well because, as she says, the conditions are appropriate to customers, you can pay for the apartment in several tranches and there is a wide selection of apartments and buildings to choose from.
“The customers have differentiated themselves on the basis of some preferring new buildings, and some old ones,” explains Lazarevic. Young, creditworthy people will usually buy an apartment in a new building in 90% of cases because it’s brand new and usually comes with a garage. Those with the less money opt for the old building because it is cheaper and the apartments are bigger for the same amount of money.
There are many clients who, as Lazarevic points out, buy apartments as an investment to rent, especially in the Belgrade Waterfront buildings.
“There is a wide range of properties to rent for a price that is higher than the market price,” Lazarevic says and adds:”For example, renting a 130-square-metre apartment in Belgrade Waterfront with a garage costs 2,500 euro, while renting a 100-square-metre apartment with a garage in downtown Belgrade will set you back 1,100 euro”.
Lazarevic goes on to say that the Serbian diaspora mainly buys luxury apartments in very attractive buildings. Foreigners, who earn less or mainly rent, buy / rent in Belgrade Waterfront because there is a discreet selling practice.
“The trend is now to build complexes like those on Juzni Bulevar, Kapije Vracara, Vozdove Kapije and Zemunske Kapije, and in all these real estate developments, the prices are high above the market value, i.e. over 2,200 euro per square meter. Yet, the sales are going well,” Lazarevic concludes.
There is also a growing demand for holiday homes around Belgrade, which cost between 30,000 and 50,000 euro.
Most of the apartments that are under construction are located in Vozdovac, Zvezdara and Novi Beograd. Of the total transactions on the real estate market in Serbia, 44% in 2018 was made in Belgrade. Last year, 3,500 new square meters were built in Novi Sad and 6,000 square meters in Belgrade, 10% more than in 2017. Prices increased by 9% last year compared to the previous year.
(Vecernje Novosti, 09.12.2019)
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