Davorka Tasić, a real estate agent, reports that the current market for residential loans is experiencing very low participation rates, resulting in fewer apartment purchases. Although there has been a slight increase compared to last year, the market remains stagnant, with no significant expansion expected due to high property prices. This trend limits the number of individuals who can secure housing through loans.
Milić Đokić notes that property prices generally rise continuously, driven by increasing salaries, which further fuels the upward trend in real estate costs.
Tasić is unsure if interest rates will decrease but mentions some tentative announcements about potential changes. Presently, many transactions involve “linked sales,” where individuals sell a smaller apartment and use additional funds from family loans to address their housing needs, or sell a large property to purchase a smaller one, retaining part of the funds for living expenses.
In Serbia, temporary caps on residential loan interest rates, introduced in September of the previous year, remain in effect. The National Bank of Serbia is preparing to introduce a draft of the new Financial Services Consumer Protection Act and amendments to the Banking Act, which aim to cap the maximum interest rates banks can charge.
According to the Republic Geodetic Authority, apartment sales in Belgrade dropped by 6.5% and transaction values decreased by 10.13% in the first quarter of this year. In contrast, Šumadija and western Serbia saw significant growth, with an 11.28% increase in sales and a 24.04% rise in transaction values. Southern and eastern Serbia also experienced growth, with a 4.92% rise in sales and a 37.5% increase in transaction values.
In Vojvodina, the number of apartment sales fell by 4.32%, and transaction values decreased by 0.56%.
The most expensive apartment sold in Serbia during the first quarter was located in the Belgrade municipality of Vračar, priced at 1.22 million euros. The highest-priced house was sold in Savski Venac, Belgrade, for 3.18 million euros. Vračar also recorded the highest cost per square meter for an apartment at 10,350 euros. Additionally, the most expensive parking space was sold for 73,000 euros, and the priciest commercial space, also in Savski Venac, was sold for 3.09 million euros.
