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DATE AND TIME:
08.11.2020. 17:12
Although it is increasingly heard with more frequency that the real estate market is “cooling down” slightly, and that a drop in the price per square meter is expected, due to the crown, as well as the generalized fall in the economy and consumption, the truth is another. Experts say that property prices are very stable, that demand is higher than supply and that a cheaper place should not be expected soon. All this is confirmed by statistics
Photo: Alo.rs/V.Đ.
In the last year, the price per square meter has increased by an average of 20 percent. The growth was undoubtedly demand-driven. Only in the third quarter of this year, 43,535 contracts were presented to the Geodetic Authority of the Republic, 652 more than in the same period last year. In Novi Sad, the turnover increased by 25 percent and in Belgrade by 15 percent.
According to RGZ data, the average price per square meter of old construction was 997 euros, while the new construction cost 1,337 euros during the first six months of this year. In the first half of last year, around 950 euros should have been reserved for one square meter of old apartments and 1,320 euros per square meter for new ones.
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– The price per square meter has increased on average in all parts of Serbia and during the last year it has increased by at least 20 percent. The search for the Apartment Sales category on our site in October alone recorded a significant growth trend, more than 70 percent. It is logical that prices do not fall as long as demand is higher than supply, and supply is reduced, especially second-hand apartments, says the product manager of the site Nekretnine.rs.
The reason for the lower supply, he says, is a significant number of apartments in old buildings that have not yet completed the registration process in the cadastre.
– This, of course, makes it difficult for the owners of these apartments, as well as for real estate agencies, because they cannot increase the supply of apartments used for traffic. Interested apartment buyers, due to the small supply of old buildings, are redirected in such a situation to the purchase of new apartments, so that the new construction is in constant demand and the apartments are sold during the construction process – Pesic explains.
All this, as he adds, translates into prices per square meter that are still stable, so a price drop is not yet expected.
Belgrade’s real estate agency Zidart also agrees that prices will not drop anytime soon in the capital, also due to a shortage of apartments on the market.
– There are still many more buyers than sellers in the Belgrade market, so prices will probably continue to rise. For them to start falling, they would have to stop so much immigration or build many more apartments, mainly some middle class. On that occasion, Belgrade lacks serious investments – says the owner of that agency, Dušan Mirkulovski.
As he adds, we are witnessing the construction of new settlements, where prices are more expensive for the middle class of society.
– Our diaspora buys many apartments here because many times where they live and work they do not have the conditions to buy an apartment for about 300 or 400 thousand, so they invest that money in real estate here in Serbia, and for that money they can buy a very good apartment here – he says. Mirkulovski.
On the other hand, Miloš Mitić, operational director of the City Expert real estate service, explains that there has been a slight “cooling” of the market, that is, that the crown has slowed the growth of prices to a certain level, especially those properties that They are priced far above the market, so sales of these properties fell sharply.
– Total turnover in the third quarter fell 15 percent, but I think serious sellers and buyers are still very active in the process. Banks, on the other hand, provide strong support to maintain demand, as they have aggressive campaigns to attract home loans. All agencies that had a good business base and that managed to adapt quickly to the market, do not have a drop in turnover – estimates from Mitic.
According to our interlocutor, the pandemic has significantly reduced the turnover of the “apartment per day” business, so these owners decide to lower their daily rental prices or opt for long-term rental.
– I expect a slight fall in prices in the second quarter of 2021, of course, much will depend on the direction of the development of the pandemic and the ability of each individual economy to recover quickly – believes Mitic.
The highest prices in the municipalities of Belgrade
Observed by the municipalities, the highest prices for newly built apartments were recorded in the municipalities of Belgrade, where the average price in urban areas was around 200,000 euros.
In addition to the municipalities of Belgrade, Cajetina (Zlatibor), Novi Sad, Vrnjacka Banja, Uzice, Kragujevac and three municipalities of Nis (Red Cross, Mediana and Palilula) stood out at high prices.
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