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Serbia, Inflation “ate” seven square meters

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In Belgrade, two years ago, you could buy a 57-square-meter apartment for 100,000 euros, while today, on average, a 44-square-meter property costs that much. According to official statistics, apartments have risen in price so much that, on average, each buyer can afford about seven square meters less for this amount. In the city municipalities, it is almost impossible to find a square meter in a new building for less than 2,000 euros, while the most expensive square meters are sold in Belgrade on the water for more than 10,000 euros.

The location is crucial for the price per square meter, and since the most expensive real estate in the capital is in Stari Grad, Savski venc, Vračar and the parts of Zvezdara and Palilula that are closest to the center, for 100,000 euros in these parts of the city, on average, you can buy an apartment of 30 square meters. More money needs to be set aside for larger properties, because in the third quarter of this year, a square meter in new construction at these locations was from 2,900 to 3,700 euros. The average price of a square meter in Belgrade is around 2,285 euros, but they vary significantly in 17 Belgrade municipalities.

For less than 1,000 euros, a square meter in the capital can be bought only in Barajevo, Mladenovac, Lazarevac and Sopot, while on the outskirts of Voždovac, Čukarica and Zvezdara, you can also find real estate of that value, but most often with some shortcomings, in the sense that located in a building without an elevator, in the attic.

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For 60,000 euros only the periphery

On the 4zida portal, there are only five apartments of 50 square meters that can be bought for 60,000 euros. These are real estate in Mladenovac, Barajevo and Borča. For this amount, the offer is significantly richer as the square footage decreases, so around 400 properties can be purchased up to this amount, but they are mostly studios and smaller apartments. For 60,000 euros, you can buy 27 square meters in the Cerak Vinogradi settlement. About 40 square meters in Krnjača, Zemun polje or Resnik costs that much, but in Miljakovac an apartment of the same square footage is sold for 83,000 euros.

Real estate agents point out that the advertised prices are not the same as the selling prices and that the prices achieved will only be seen in the new report of the Republic Geodetic Institute, because they record the values ​​from the sales contracts. 

Predrag Stajić from the “Beli Grad” agency says that in all Belgrade neighborhoods you can buy real estate for 60,000 euros, but that in the central city municipalities only studio apartments, from 20 to 30 square meters, cost that much, while on the outskirts you can still find an apartment of 50 square meters for that money.

Prices fall with increasing square footage

“In the Old Town, apartments from around 40 square meters up to 100,000 euros were selected, and for that amount only those with some physical defect can be found. Studio apartments are the most sought after in Belgrade and these small apartments in all municipalities cost 2,000 euros and more. With growth square meter prices are falling. In the same building, real estate does not have the same price per square meter, so an apartment of 30 square meters is sold for 90,000, and one of 100 square meters can be bought for 250,000 euros, and they can be on the same floor and of the same quality of construction “, states Stajić.

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At the city level, prices in the third quarter were higher by about 10 percent compared to the same period last year, but the jump in some areas is much higher. The most significant price increase was recorded in New Belgrade, where apartments have risen in price by as much as 29 percent in one year, so it is necessary to spend an average of 600 euros more per square meter! Last year, the average was 2,040, and now it is 2,635 euros. In this municipality, there was also the highest demand for apartments in new construction, and 325 sales contracts were concluded, and real estate agents say that the expected jump in prices is due to demand, because during the third quarter of 2019, half as many apartments were sold, i.e. all 145.

Appraiser Milić Đoković from the Real Estate Cluster says that only in Resnik, in the municipality of Rakovica, you can still find a square meter below 2,000 euros, as well as in several other settlements on the outskirts of the city, such as Zemun polje and Sremčica.

“Surčin came to 1,500 euros, Ledine is almost 2,000, as is Mirijevo, while Višnjička banja is above that figure. We are a shallow market, investors have nowhere to invest their money, and as long as this is the case, we will have an increase in the price of square meters. This year turnover on the real estate market is expected to be more than 7 billion euros, which is the historical maximum in Serbia, because last year it was around 6.2 billion,” Đoković points out, Euronews writes.

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