Squares in Serbia up to 10 thousand euros are sold for cash! Disclosure of sought-after apartments and buyers

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Despite the fact that apartment prices in Serbia, especially in Belgrade and Novi Sad, are extremely high for most citizens, from 2,500 to 10,000 euros per square meter, there is still interest in buying real estate, including luxury properties. Even 80 percent of buyers pay in cash. Real estate agents say that prices are standing still, but will not come down yet - due to inflation, high interest rates and an ever-increasing inflow of foreign capital.

photo: Shutterstock, Illustration

Niche currently has over ten large building sites and a larger number of smaller ones. There is interest, but fewer people are buying on credit. Apartments are mostly bought in cash even before only the foundation of the building is laid.

Prices in Niš and Novi Sad - If we compare prices over the last five years, we see that there has been a sharp jump. The price of new construction in 2019 reached 1,400 to 1,500 euros per square meter in the city center, while today the price is up to 2,500 euros - says Sandra Blažić from Blažić nekretnina in Niš. High interest rates on mortgage loans have had an impact on real estate transactions in Novi Sad as well, as well as on the prices of new buildings. The price per square meter is about the same as last year, around 2,200 euros. - At the moment I don't see any possibility for a significant price reduction, because building materials have gone up in price, labor has gone up in price.

In Serbia, more and more of those who have cash are both building and buying. This is best seen in the capital, where more and more luxury apartments are being built.

Luxury in Belgrade - The demand for this place (former Depot) exceeds the supply, despite the inflationary changes that have definitely led to an increase in real estate prices in our country. The price we are now talking to buyers about, which has not changed much since the start of construction, is around 5,000 euros per square meter - says Misha Markovic from Israel's Lendmark Group. - At this location (New Dorchol) we have built 100,000 square meters. The apartments range in size from 35 to 250 square meters. The price per square meter is not expected to decrease in 2024 - says Jovana Ђorђeviћ of Deka Engineering.

Luxury apartments in the immediate vicinity of Kalemegdan have sold out, but the investor has not disclosed at what price. Informed people say there are about 10,000 empty apartments in the capital alone waiting to be legalized. They can only be sold after paying land premiums. So some have to lower the price per square meter.

Kurir.rs/ RTS/

Transcript: S. Dj.

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