The most dynamic sector with a positive balance of $30 million
Serbian architects and builders are recognized as highly educated, innovative and reliable
Completed projects can be seen all around the world, from North America to Europe, from Asia to Africa and Middle East
Emerging real estate market led to a permanent and dynamic development of the domestic construction industry
Building and construction industry has been on the rise in Serbia in the past few years, mainly because of continued construction activity in the three largest cities – Belgrade, Novi Sad and Nis.
During the first six months of 2006 value of construction works completed grew 20.1 %. The construction of transport infrastructure has showed the fastest growth, constituting 49.8% of total construction activities, followed by non residential buildings with 20.2%, then pipelines and electric power lines and residential buildings with 12.5% and other constituting the smallest share of 5%.
Serbian construction market is characterized by increased investment activity, excellent prospects in the residential property market, security ensured by the macroeconomic stability and lowest company profit tax rate in Europe. Furthermore, in 2006 construction industry constituted 3.5% of the total GDP and recorded growth of 9.3%.
The general real estate market in Serbia is in its full bloom. The construction of business and residential premises, together with hotels is enjoying a steady rise. Belgrade as the capital is a leader of major construction investments, thus the Urbanization Bureau of the city issued the Belgrade’s Master Plan until the year 2021. The plan envisages 50,000 new apartments with around 4,000,000 sqm to be built.
Production of building materials has been growing in the following sectors: metal and semi-metal beams for arches (68.3%), ceramics tiles (49.8%), cement (14.4%), bricks (11.5%), and facade blocks (9.1%).
Looking at the contracted works abroad, the total value in 2005 was more than $204 million. The majority of Serbian companies carry out construction works in Asia: Kazakhstan and Uzbekistan, then Europe: Russia, Germany, and Ireland; Africa: Uganda, Morocco and Nigeria and in America, mainly in Peru.