Republic Geodetic Authority: REAL ESTATE MARKET drops by as much as 70%, but prices stay the same
The volume of the real estate market in Serbia decreased by 70% compared to the period before the state of emergency introduced due to the coronavirus pandemic, the Republic Geodetic Authority (RGZ) announced. “During the seven weeks of the state of emergency, 5,343 real estate purchases were made, and those contracts were submitted to the cadastre by public notaries via e-counters,” it is stated in the announcement. The RGA also pointed out that during the state of emergency, there was no reduction in real estate prices, but purchases in cash were reduced. During the state of emergency, apartments were bought more than agricultural and construction land. Until the end of April, the real estate market declined slightly on a daily basis, and then a slight increase in the number of realized sales contracts and market recovery began.