Real estate expert Kaća Lazarević recently discussed the current slowdown in apartment sales, urging investors to focus on building properties tailored to the needs of buyers, particularly young married couples. She emphasized the need for affordable apartments, particularly those priced between 100,000 to 200,000 euros, which are highly sought after by this demographic.
Lazarević explained that factors like legalization and the efficiency of the cadastre are playing a significant role in the stagnation of the real estate market. Legalization, if permitted by law, would increase the variety and availability of real estate options, while the current inefficiency of the cadastre is holding back hundreds of thousands of properties from entering the market.
She added that if the cadastre were more efficient, it could lead to a surge in supply, which would, in turn, help correct real estate prices. Lazarević pointed out that there is a shortage of well-priced apartments, particularly those suitable for young married couples, and that high loan costs are also a barrier.
She explained that many couples with two stable incomes and some savings still struggle to find suitable homes. With a budget of 100,000 euros, potential buyers are often told by real estate agencies that there is nothing available in their price range, and the only option is to buy in distant suburbs. For an average couple, their budget typically caps at 200,000 euros, which further limits their choices.
According to Lazarević, investors face little risk as they primarily focus on high-end properties. Even if they are unable to rent these out, they can still sell them, as these properties are often purchased by companies. She noted that, while there are not many foreign buyers, companies are increasingly taking these higher-end apartments for various business purposes, such as for psychologists and psychiatrists setting up offices. She also mentioned that the rental market fluctuates, with periods of high availability but low demand.
Lazarević also commented on the lack of investment options in Serbia, noting that there is no stock exchange or alternative ways to store money, which is devalued by inflation. She stated that clients seeking apartments may need to make some compromises, as certain areas of the city, particularly those built earlier, offer good quality, greenery, and parking, making them viable options for those who cannot afford to live in the city center.
When discussing the most expensive properties, Lazarević pointed out that elite buildings in neighborhoods like Vračar, Senjak, Dedinje, and New Belgrade are seeing the highest price per square meter, with these prices typically being predetermined due to large-scale developments in those areas. On the other hand, older properties generally range in price from 2,500 to 3,500 euros per square meter, with prices depending on the condition of the apartment.
