Why are square meters in Belgrade rising in price?

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Photo: A.M.

According to the report of the National Housing Loan Insurance Corporation, in the first three months of this year, a square meter of an apartment in the area of Belgrade is six percent more expensive compared to the same period of 2017.

The Serbian Chamber of Commerce believes that the reason lies in the stability of the real estate market. They emphasize that the real estate prices are higher both when it comes to the already built properties and those under construction, while real estate turnover increased in Nis, Novi Sad and Kragujevac.

“Prices are rising for two reasons. One is the fact that we have an additional investment cycle, since in the first six months, construction undergoes expansion. On the other hand, loan prices continued to drop. Housing loans on our market have never been lower, and when compared with other economic factors where indicators are stable, this gives optimism to consumers, “explains Zarko Malinovic of the SCC.

According to the real estate agents, over the past few years, Belgrade has been almost the only market in Serbia that has had some ‘life’, circulation and the future.

This year, according to the data of the National Housing Loan Insurance Corporation, the most expensive apartments sold in Belgrade are located in the municipalities of Savski venac, where the average price per square meter is EUR 1,809, followed by Stari grad with the average price of EUR 1,771 and Vracar, where a square meter is paid EUR 1,748. Novi Beograd is more and more popular – with an average price of EUR 1,297, while a square meter of an apartment under construction in the capital can cost up to EUR 4,000.

When it comes to housing loans, clients usually decide to buy apartments with a price ranging from EUR 1,200 to 1,800 per square meter.

Some real estate agencies claim that it often happens that the owners of the already finished apartments first advertise prices higher by 10 to 15 percent on average compared to realistic prices, but they later adapt them to the actual prices.

Source: N1

Photo: A.M.

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