A shocking turnaround: Recovery of the REAL ESTATE market in just 10 days
The Republic Geodetic Authority (RGA) has announced that a complete recovery of the real estate market in Serbia has happened, only ten days after the end of a curfew, and the volume of real estate turnover has returned to the level before March 16th. According to the announcement, the number of sold real estate more than doubled in the week from May 11th to 17th, compared to the period from May 4th to 10th. “It is interesting to see that the cash flow has changed as well, almost at the same speed. The level of cash purchases approached the level before the implementation of measures to combat the coronavirus,” they stated. In 2019, as much as 70 percent of apartments in Serbia were bought for cash, and the remaining 30 percent were paid from loans. That ratio changed during the curfew and people made far less cash purchases, i.e. the ratio was approximately fifty-fifty. The real estate market in Serbia showed an exceptional level of sensitivity when emergency circumstances that affected everyday life of citizens occurred, but also an exceptional resilience to rapidly return to normal flows, already at the first signs of normalization of everyday activities”, the statement concludes.