Introducing Investing in Business Space in Serbia: An Expert Perspective on Real Estate

The market value of real estate in Serbia is estimated at approximately 7.5 billion euros.

The representatives and leaders of major real estate development companies from more than 40 countries met in Belgrade as part of one of the leading real estate events in Southeast Europe, REBEC 2023. The conference was attended by experts and representatives of renowned design, consulting and law firms, as well as investors, academia, government agencies and banks, which determine global trends in real estate development.

Serbia is slowly but surely climbing up the regional rankings and becoming quite acceptable and sustainable in terms of business risks, level of investment returns and quality of services.

One of the significant projects currently under development is the Brankov Business Center, which will be built on the site of the former Beobanka on the Green Crown Square. After the renovation, Brankov will offer 240 square meters of modern office space for rent to companies. Ljubica Ralević, CFO of SF1 Group, the investor of this project, says that they are working on it together with MPC Properties as a consultant. She notes that about 35 percent of the space is already occupied just five months after the project began advertising and adds that the business center will be completed in about a year. He emphasizes that the whole of Belgrade will be visible from it, and the building itself will be a good combination of retail facilities and office space.

Bojan Jevremović, leasing director of MPC Properties, says that their company has also started providing consulting services. He notes that it is exciting for them to build such a facility in the heart of downtown. Speaking about the market in Serbia, Jevremović emphasizes that the biggest real estate boom is provided by international companies.

Bojan Jevtić, manager of Coreside, notes that more and more local players are entering the market and getting involved in real estate. He says that in addition to Belgrade, Novi Sad, Kragujevac and Nišu have seen great growth, as these cities are educational centers. However, southern Serbia is still in the crosshairs and there is still a lot of work to be done. 90 percent of the market is still in Belgrade.

The panelists agree that Russian companies have started to actively penetrate our market, some are just passing through, others can stay because they are registered here. In addition, there are plans to open a network of Russian cafes in Belgrade.