Notwithstanding the Covid19, the Serbian property market was expanding steadily in 2020. Estate sales reached an all-time low during this time but swiftly bounced back, especially in Q4 2020. Many non-essential government employees as well as employees of private businesses chose to work from home during the quarantine. Residential home purchasing patterns changed as a result of this. The government’s subsidies to businesses and financial assistance to the populace are the main factors that have supported the real estate industry.
Increase in property rates
Property prices in Serbia increased 6.4% in the six months leading up to December 2010. Based on the General Statistics department of the Republic of Serbia, the typical cost of new homes was RSD144,294 (USD1,913) for every square meter in 2017. This is an increase of 12% from the previous year.
Belgrade has the costliest homes in the nation, costing RSD191,650 (USD 2,538) per square meter during the first half of 2011. Novi Sad is next, with an ordinary new home value of RSD 109,375 (USD 1,449) per square meter. The least expensive housing is in Cuprija, at RSD 59,196 (USD 785) per square meter. The real estate market in Serbia has been booming for a while, and between 2000 and 2010, house prices increased by 255%.
Serbs are currently purchasing bigger units. In H1 2011, new homes sold had an average area of 58 square meters, up from 55 square meters during the same timeframe in 2010.
Serbian property prices rose by 23% during the previous 12 months. Flats prices in many regions in Serbia have increased in price.
Some experienced the most price increase, while others experienced the smallest. According to real estate specialists, the desire for purchasing real estate as a method of financial safety has an impact on the rise in the cost of the property.
Property rates in Nis
The Nis housing market had the greatest price disparityusA 50 sq m unit in an ancient facility costs about 10,000 euros extra in only one year. In this southern Serbian city, the estimated price of an sq meter of living area has increased from €831last year to €1,020 this year, a 23% rise.
Property rates in Belgrade
In comparison to 2007, the cost of newly constructed apartments in Belgrade is two-fold high; RSD 248,058 per square meter. The growing patterns have been as strong as 25% during the past 15 years. The apparent timeframe saw three years of downturn in Serbia. Financial integration was implemented, resulting in the lowering and freezing of public sector salaries and pensions. The era was characterized by the worldwide financial recession and only three of the measured 15 years saw price decreases at rates of only 3%, 4%, and 6%.
Novi Sad and Kragujevac
Older flats are now costing €250 per square meter in Novi Sad. Kragujevac has a minimum rate rise of 30 euros per cubic meter.
A novel flat in Novi Sad costs an estimated €1,505 per square meter, which is 16% more than it did a year ago. In contrast, the cost of an apartment in an older building ranges from €1,255 to 1,517 euros per square meter. According to the National Geodetic Center, units in Kragujevac were typically bought for 1,011 euros in new areas and 772 euros in old areas at the start of 2021, which is 5% cheaper than the current costs.
Loan markets
After Slobodan Milosevic’s dictatorship was overthrown in 2000, the market began to stabilize, and the property and banking markets began to grow and recover.
Beginning from a small basis, family loans increased by more than 50% yearly between 2001 and 2007, going from RSD5.28 billion to RSD305 billion. Even non-residents are eligible for home mortgages, however at somewhat higher interest rates than Serbian nationals.
