Photo: PixabayThe Republic Geodetic Authority introduced the apartment price index for the Republic of Serbia, which, as the press release points out, enabled citizens and the economy for the first time to have a free, transparent and precise insight into the data on the basis of which they can follow the developments in the real estate market. RGZ states that the number of apartments sold in the third quarter of 2022 is 5.6 percent lower compared to the same period last year, stressing that the decline in the purchase and sale of real estate through loans also contributes to the market slowdown.
The housing price index for the Republic of Serbia was developed in accordance with international methodological guidelines and on the basis of a model for the mass assessment of housing, which, in addition to prices from sales contracts, also takes into account various characteristics of real estate from relevant sources - the Real Estate Price Register, the Real Estate Cadastre, the Register of Housing Communities, Geoserbia and the tax administration, it is stated in the announcement.
RGA notes that accurate and credible monitoring of trends in the real estate market is necessary so that all social and economic segments can function as efficiently as possible and so that economic policy makers can monitor and react to potential risks in a timely manner.
The housing price index for Serbia in the third quarter of 2022 is 138.08 and shows a sharp increase in housing prices that has been going on for the whole year. In terms of price growth, Vojvodina and the city of Belgrade lead the way, but as in the previous few quarters, the strongest price growth is in the region of southern and eastern Serbia.
It is indicated that the number of apartments sold in the third quarter of 2022 is 5.6 percent lower compared to the same period in 2021, which indicates a "calming" of the market.
GROWTH IN THE TOTAL VALUE OF SOLD APARTMENTS
On the other hand, it is stated that, considering that prices are still growing strongly, the total value of the market measured by the sum of realized purchases and sales of apartments is still increasing, namely 12 percent compared to the third quarter of 2021.
As the RGA claims, such a picture represents a noticeable slowdown in market growth, given that the total value of apartment sales in the previous quarter was even 26.1 percent higher compared to the same period last year.
The year-on-year decrease in the number of sales of apartments financed by bank loans contributes to such a trend.
In the previous period, in international comparisons, the housing price index in Serbia had an increasing trend, as did a large number of countries.
Source: rts.rs
