Real estate market in Serbia rose aftet the pandemic

Published on 29. April 2023., News

The real estate market in Serbia has grown by almost 100 percent in the previous three years, from the end of the state of emergency due to the pandemic in 2020 until now, said Nenad Đorđević, president of the Management Board of the Cluster Real Estate Association, and added that square footage prices are still rising slightly.

“In 2019, we had a turnover of about four billion euros per year, and last year it was about 7.5 billion, which means an increase of almost 90 percent. We had annual turnover growth of 20, 30 percent. Prices have risen a lot and generally in in this first quarter of 2023, we cannot be dissatisfied,” he emphasized in a statement for Tanjug.

Đorđević says that the Serbian real estate market is an investment one, and that buyers who buy real estate with cash are mostly those who previously sold real estate, but later reinvested that money in another real estate.

As he explains, a housing loan, remittance of funds from abroad or money withdrawn from citizens’ savings deposits, most often open that buying and selling chain, and when the first real estate is sold, with those funds from the sale of the first real estate in the buying and selling chain, it is sold after three to five real estate.

He notes that the prices of square meters are increasing slightly and that turnover in the first quarter of 2023 was about 2.5 percent higher than it was in the first quarter of 2022, reports Tanjug.

Đorđević said that, when looking at the annual level, the seasonal turnover in the first quarter is the lowest, but then as we move towards the end of the year, the turnover increases and that the highest value of sales is every year, as a rule, in the fourth quarter.

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