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The real estate market in Serbia last year reached a value of EUR 7.5 billion

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According to the report of the Republic Geodetic Institute for the year 2022, the real estate market in the Republic of Serbia continues to grow for the fourth year in a row, measured by the number of sales transactions and the total value of sales.

The total value of the real estate market in 2022 reached EUR 7.5 billion, which is 22% more compared to 2021.The value of transactions in certain market segments by type of real estate in 2022 compared to 2021 increased by 26% when in terms of apartments, 56% of garage spaces, the market of business premises grew by 28%, construction land by 23%, while the value of traded houses recorded an increase of 11%, according to a statement from the Republic Geodetic Institute.

The number of sales in 2022, with a total of 140,561 completed transactions, increased by only 1.8% compared to 2021. The sale of apartments increased by 3%, garage spaces by 23%, business spaces by 2%, while the number of sold houses remained at the same level as the previous year. The number of agricultural land sales transactions increased by 5%, while the sale of construction land recorded a decrease of 6% per year.

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As further specified, territorially, the highest number of real estate sales was realized in Vojvodina (35% of all sales), Šumadija and Western Serbia (25% of all sales), the City of Belgrade (24%), while Southern and Eastern Serbia recorded the lowest number of transactions ( 16%).

The most expensive real estate, measured by the price per square meter, is still in the City of Belgrade, namely in the Belgrade on the Water complex, where the price of EUR 10,400 per square meter was reached. The highest paid individual apartment, with a total area of 383 m 2 , was paid 2,469,888 EUR, in the same complex.

The highest year-on-year growth in the number of sales was recorded in the region of Southern and Eastern Serbia by 4.7%, followed by the City of Belgrade by 4.4%, Šumadija and Western Serbia by 0.2%, while in the region of Vojvodina there was no change compared to the year 2021.

The largest number of sales contracts was recorded in the area of the First Basic Court in Belgrade, and the largest number of contracts, a total of 2,465, was concluded in the office of Public Notary Srbislav Cvejić.

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The use of credit funds for financing the purchase of real estate in 2022 was reduced by 2% compared to the previous period. In 2022, 11% of all real estate in the Republic of Serbia was purchased with the participation of a loan, compared to 13% in 2021. Apartments were most often purchased from loans, 26% of all apartment sales in 2022 (5% less than in 2021).

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