Global economic crisis that had befallen the world few years ago, still influence the fall in real estate prices and in accordance with international and European trends the same variations in prices are recorded in domestic Belgrade real estate’s market as well.
Regardless the economic standard, prices of a square meter in Belgrade are not different from other capitals in the region. Just few years ago apartments at exclusive locations in Ljubljana, Zagreb, Podgorica and Belgrade had cost over 2,500 euros per square meter, but today these apartments in the same locations sell at significantly lower prices. For last few years in the region it is estimated overall decline in prices for 30-40% and real estate agents testify that these luxury apartments in prime locations in Belgrade today cannot sell for more than 2,000 euros per square meter.
As the government has recently announced new tax policy that will increase utilities for about 300%, next surprise in the local real estate market could be decline in prices for big houses and apartments bigger than 300 square meters.
Jump of taxes and costs of living in these big properties will surely influence directly at the offer of these properties at the market, what can make a serious problem as they have been very hard to sell for a while, and this can be an extra hit for those who want to get rid of them. If owners want to sell them as soon as possible, they will be forced to offer the price that is far from the true value and the money invested this real estate.
Though, this is not so bad news for all of you that are thinking of buying a new house or apartment. If you are patient enough to wait few months more, for the money you have prepared for buying a property of average size somewhere on periphery of Belgrade you could get a big house with a garden in one of the most elite parts of Belgrade. Therefore, we recommend that you wait a bit more, especially if you are not in hurry to buy your new property.