Since 2000, real estate prices in Belgrade have been growing exponentially, while the current prices have broken all previous records.
Despite some forecasts that prices are unrealistic and should be reduced, no such thing has happened and they have continued to grow.
Experts say that the underlying reason is that demand for apartments is much higher than supply and that this economic rule dictates the astronomical prices.
The dynamics of growth in the turbulent market are also corroborated by the data of the State Statistical Office. During 2018, compared to the previous year, the prices of new apartments in Serbia increased by 12.8 per cent, while in Belgrade, they went up by 14.7 per cent.
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Director of Real Consulting, Nenad Stojanovic says that, at present time, the price of a square metre of residential real estate ranges from 1,600 euro for old apartments that have to be renovated and up to incredible 4,500 euro for apartments in the city centre. The situation is similar on Dedinje and Senjak, where luxury new apartments are sold for 5,000 euro per square metre.
In relation to the prices of apartments in the region, Belgrade has surpassed Sarajevo, Skopje and Zagreb.
“In Vienna, in the last five years, the prices of apartments have grown considerably, so the average price of the square metre is about 6,000 euro. In central zones in Paris, the prices range from 9,000 euro to an incredible 40,000 euro per square metre. In Moscow, the average price is about 7,500 euro. But it is difficult to draw such parallels because these are the cities that have subways, two or three airports and other amenities. We can compare Belgrade with the cities in the neighbouring countries, and compared to them, real estate in Belgrade is expensive,” Stojanovic concludes.
He points out that the market has not been stagnating, apartments are constantly bought and sold, and most people are looking for newly built apartments, with many of them buying unfinished ones.
Stojanovic says it is very difficult to predict whether prices will continue to rise or fall.
“I think that, in the coming period, the prices will be constant, unless something drastic happens in the global market, such as a major economic crisis,” he says.
This post is also available in: Italiano