In the realm of real estate in Belgrade, insights from the Republic Geodetic Institute‘s quarterly sales data offer a compelling view into the market’s dynamics and trends. The figures not only illuminate the patterns of property purchases but also underscore the challenges and potentials within this vibrant sector.
Contrary to previous quarters, Belgrade did not maintain its longstanding status as the leading location for apartment purchases in the first quarter of this year. Instead, Sunnyville in Višnjička banja emerged as the hotspot, witnessing a robust sale of 129 apartments from January to March, according to data from Cordon company. This surpassed the sales figures of other prominent projects like Sava Amphitheater.
Sunnyville’s appeal was further bolstered by its competitive average price per square meter of 1,675 euros, significantly lower than Belgrade on the water, where prices soared to an average of 4,545 euros per square meter in the same period. Following Sunnyville, Lastavice in Jurija Gagarin and Victory Gardens near Požeška Street also recorded notable sales, reflecting diverse price ranges and buyer preferences across the city.
However, a notable gap in the data remains due to practices involving pre-contracts, particularly prevalent among foreign investors. The Republic Geodetic Institute’s statistics do not currently include these pre-contract transactions, which are finalized only upon occupancy. This delay in reporting can skew immediate market insights, such as the notable surge seen in February at Belgrade on the water, where 147 apartments were sold in a single day.
Despite a slight dip of about 11% in total real estate expenditures compared to the previous year, amounting to 479.6 million euros in Q1 2024, the market remains robust. This decline follows a period of adjustment after significant peaks in 2022, influenced by external factors such as geopolitical events and fluctuating interest rates.
Miodrag Gazibara, director of Cordon, emphasizes the enduring attractiveness of Belgrade’s real estate market, highlighting ongoing investments in new projects despite varying market conditions. He underscores the market’s resilience in adapting to economic shifts, including adjustments in interest rates that affect buyer behavior and investment patterns.
Looking ahead, the market’s response to future economic stimuli and regulatory changes will likely shape its trajectory, as stakeholders navigate the evolving landscape of Belgrade’s real estate sector.
