If it is to believe to the trend in local real estate market, period of expensive properties has ended for a while. Although every goods always find it’s buyer, expensive properties in Belgrade are selling rarely recently and real estate prices with continue to fall even in 2014.
Some prediction says that in 2014 we will be able to buy real estates near to Belgrade’s city center for about 1400 euros per square meter. The same trend is present even in neighborhood towns and in whole region, and the fall in prices is clear even in a comparison to the prices of the end of previous year. Square meter of residential space in Belgrade in this moment doesn’t overcome 700 euros at periphery and 1800 euros in New Belgrade, Dedinje and Vračar. The most expensive properties cost around 2000 euros per square meter that is up to 5% less than previous year. The same trend is affecting neighboring countries. For example the real estate prices in Budapest are as the same as prices in Novi Sad , and the prices of new properties in Slovenia has experienced fall of almost 15 % in past few years.
Although it is difficult to predict to what extent this decline will continue, it is certain in this year will be more difficult to sell older real estates, due to still very large supply of new buildings, very poor purchasing ability of Serbian citizens, as well as the belief that new built apartments are still far better than old apartments and houses, no matter the structure and the way they’ve been made.
However, this trend should not jeopardize the sale of luxury villas and fully furnished luxurious houses, because these properties are more or less reserved for a particular group of people, mostly wealthy businessmen and foreigners that are coming to Serbia in bigger number within the past years. This class of people still have very specific requirements on accommodation and the average real estates present at a local market is not always able to answer on it. The other reason for bigger demand of luxury apartments is the fact they are still more affordable compared to the prices of properties in the countries these foreign representatives are coming from.