Even 80 percent of customers pay in cash. Real estate agents claim that prices are stagnating, but not yet falling - due to inflation, high interest rates and an increasing inflow of foreign capital
Despite the fact that the prices of apartments in Serbia, especially in Belgrade and Novi Sad, are extremely high for the majority of citizens, ranging from 2.500 to 10.000 euros per square meter, there is still interest in buying real estate, especially luxury ones.
Even 80 percent of customers pay in cash. Real estate agents claim that prices are stagnating, but will not fall yet - due to inflation, high interest rates and an increasing inflow of foreign capital.
In Serbia, there are more and more people who have cash - both to build and to buy. This is best seen in the capital, where more and more luxury apartments are being built.
"Demand at this location (former Depot) exceeds supply, regardless of some inflationary trends that have definitely led to an increase in real estate prices in our country." The price we are currently communicating with customers, which has not changed too much since the beginning of construction, is around 5.000 euros per square meter," Miša Marković from the Israeli "Landmark Group" told RTS.
Prices will not fall
In Niš, there are currently more than ten large construction sites and a large number of smaller ones. There is interest, but there are fewer and fewer people who buy on credit. Apartments are bought mostly for cash while only the foundation of the building has been laid.
"If we compare the prices in the last five years, we will see that there has been a drastic jump." The price of new construction in 2019 reached 1.400 to 1.500 per square meter in the city center, while today the price is up to 2.500 euros," says Sandra Blažić from "Blažić Nekretnine" in Niš.
High interest rates on housing loans affected the turnover of real estate in Novi Sad, as well as the price of apartments in new buildings. The price per square meter is similar to that of last year, around 2.200 euros.
"At the moment, I don't see any possibility of a significant drop in prices because construction materials have become more expensive, labor has become more expensive." The only thing that could happen is if the state would reduce the duties", says Mihailo Radović from "Total Nekretnine" in Novi Sad.
How is it "time" wrote earlier, as many as 59 percent of agencies involved in real estate sales predict price stagnation, while 37 percent believe that prices will fall.
When it comes to the projection of apartment rental prices in Belgrade and other major cities in Serbia, for the next year, most agencies (64 percent) believe that rent prices will stagnate, 26 percent believe that they will decrease, while 10 percent think that prices will rise. a recent survey of the website 4zida.rs showed.
No credit buyers
"Credit buyers have almost disappeared," she said recently in an interview with "time" real estate agent Kaća Lazarevic.
Lazarevic, who has been working as a real estate agent for a long time, stated at the time that the drop in traffic was much greater than official data.
"This year, we certainly have a decline in apartment sales of more than 30 percent, although official statistics state 15,6 percent," Lazarevic says.
Although we have a drop in turnover, Lazarevic does not expect significant price changes. According to her opinion, new buildings will keep their price, while, when it comes to old buildings, minimal corrections can be expected.
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