Few days ago New York Times has announced that Serbian real estate market is becoming more interesting for foreign investments and foreign buyers as Serbia is experiencing slow but evident economic development and as the day of entrance to European family is becoming more certain. As so Serbian Real estate market will grow in next years and New York Times advises that domestic agencies are supposed to focus on improving renting and selling services to foreign citizens and expatriates.
In the following lines the most successful Serbian real estate agencies give advises to all of these who are interested to move to Belgrade and enjoy its pleasant atmosphere and busy and active lifestyle. Among them there Mentor Real Estate agency present for 20 years in local real estate market and with more than 10 years of experience in a property business for foreigners.
Pavle Ivanović, the owner of the agency had said for New York Times that, for investors it is best to buy a property of 100 square meters to 150 square meters. He admits that in the moment, the return might be lower from what it was before but he is sure that such rental property can return the cost of investment in eight to 10 years.
Highly experienced in property business he further advice foreign buyers to concentrate on Belgrade’s central districts, the heart of the Belgrade and look for historic properties that have some face and character.
“The image of Belgrade suffered under Communism,” he said, referring mostly to Novi Beograd, or New Belgrade, a concrete maze of apartments completed in the mid-1950s across the Danube from the city center. “The old houses had some face, but the new ones had no face, without character.” – he concluded.
Other Serbia researches show that in this moment Belgrade’s real estate market still is dominated by local demand, with only 15 percent to 20 percent of the current rentals or sales coming from expatriates or Serbians returning to the country, however there are more foreigners that recognize Belgrade as interesting territory to start their business. In the moment foreigners are allowed to own residential property in Serbia as long as their country grants the same rights to Serbian citizens.
Read more at New York times article ‘’Serbian Real Estate Prepares for a Comeback’’ or in print version of The International New York Times that was published on November 1, 2013.