The real estate market in Belgrade remains relatively stable, with no significant changes to report, according to Miodrag Gazibara, director of the consulting company Cordon, in an interview with Forbes Magazine. Annually, about 15,000 to 16,000 apartments are sold in the capital, but there is still a shortage of available properties, and prices are experiencing a slight correction compared to two or three years ago. However, notable changes are occurring in the luxury real estate segment.
Gazibara explains that while a few luxury projects are starting at the same time, it may give the impression that the market is recovering faster than it actually is. Two such projects are located in New Belgrade – one at the site of the former Hotel Yugoslavia and the other in Block 19, where the Hotel Intercontinental once stood.
Additionally, two more luxury projects are being planned: the Trump Tower in place of the General Staff and Marina Dorćol. Together, these high-end developments might suggest a quicker market recovery. However, they represent just 1% of the overall market. In New Belgrade, prices for these luxury projects are hovering around 7,000 euros per square meter, and prices for the other two developments will be revealed once they officially hit the market, according to Gazibara.
For the rest of the real estate market, Gazibara describes a mild recovery, with no sign of returning to past market conditions. In the last two to three years, prices have been on the rise, but now there is a price correction happening, with investors offering minor discounts of around 2 to 5 percent. Belgrade’s market, being large and somewhat inert, doesn’t see drastic changes over short periods. One persistent issue, Gazibara notes, is the lack of high-quality apartments and projects. It also seems that construction permits for some of these developments are not being issued quickly enough, which continues to limit supply in the market.
