Photo: upklyak on FreepikGarages have become the stars of the real estate market in Serbia since their value increased by as much as 75 percent in 2022 compared to 2021, while sales jumped 28 percent in the fourth quarter of last year compared to the same period in 2021, according to the report of the Republic Geodetic Authority (RGZ).
"The prices of garages go up to 40,000 euros, and the most expensive garage was sold in the Belgrade Waterfront for 58,400 euros. People even buy garage spaces to rent them out. The turnover of garages and garage spaces in Belgrade and Novi Sad was 60 million euros only in the last quarter of 2022," according to Ivana Štrbac, head of the real estate valuation department at RGA, reports Blic Biznis.
According to her, the fourth quarter is traditionally the one with the highest turnover and sales in Serbia. In the last quarter of 2022, the value of apartment prices increased by 13.7 percent compared to the same quarter of 2021, and compared to the previous quarter of 2022, it was 3.3 percent higher.
She pointed out that people are more interested in new construction than in buying apartments that need adaptation because the price of construction materials has increased and there is a serious shortage of workers.
Also, due to the high prices of square meters in Belgrade and Novi Sad, it is expected that the turnover of real estate on the outskirts will increase, with more houses and apartments being purchased in Grocka, Mladenovac, and Batajnica.
Nenad Djordjević, President of the Management Board of the Real Estate Cluster, told Television K1 that the Serbian real estate market is an investment one.
"When there are indications that there may be inflation, instability, or war in Europe, which is the case now, our people want to invest in real estate. Our people do not trust what seeks long-term social stability, such as the stock market," Djordjević explains.
According to Djordjević, more than 80% of families in Serbia own at least one property, and our people own many apartments that they do not live in but instead rent out.
He says that rent prices were low until a greater number of foreigners who rent real estate appeared, so prices rose, but that this is a trend and that stagnation will surely occur.
"With these current rent prices, we have arrived at a return on investment that is approximately at the level of Western countries. In the USA, it is nine to ten years; in European countries, it is 12 or 13. We are now at around 12 or 13 years, and with old prices it was more than 20 years," Djordjević says.
He says that housing loans are more expensive than in 2021, but they are still very affordable.
Source: Blic Biznis
