Real estate market in Serbia in the first half of 2023 - 3.3 billion euros.

In the first half of this year, the total value of real estate on the Serbian market amounted to 3.3 billion euros, of which 1.1 billion euros, or 34 percent of the total value of properties sold, came from the partially regulated real estate market system, the Republican Geodetic Institute (RGZ) said today.

The number of contracts concluded under the partially regulated market system in the first half of 2023 amounted to 9,494, 137 percent more than at the same time in 2020, the statement said.

It is noted that in the case of direct-to-investor purchases, 78 percent of the total value of properties sold comes from the partially regulated market. RGZ pointed out that apartments are most often bought from investors, where there has also been a significant increase in purchases on the partially regulated real estate market system over the past four years.

The percentage of apartment purchases in Serbia directly from investors in the partially regulated market reached 70 percent in the first half of this year, and 85 percent in Belgrade, while in the first half of 2020 it was 50 percent, or 55 percent.

The largest number of purchase and sale contracts, 2,471, in the partially regulated market, in the first six months of 2023, was concluded on the premises of the First Basic Court in Belgrade, with simultaneously the largest cash volume of about 506 million euros. This is stated to be half of the total value of the partially regulated market.

It is specified that the office of notary Srbislav Cvejić (Srbislav Cvejić) was the office with the highest number of granted sale and purchase contracts from the partially regulated real estate market - 548 contracts out of the total number of 867 contracts registered in this office during this period.

RGZ notes that the real estate market in Serbia includes three systems - the regulated system, which means that real estate is registered in the cadastre, the partially regulated system, which assumes that real estate is not registered in the cadastre, and the unregulated system, which includes real estate built without compliance and not registered in the cadastre. RGZ warned citizens planning to invest in real estate that "investing in real estate on a partially regulated market carries many risks, the reason for which is that these properties are not registered in the real estate cadastre for various reasons".