In just six months, Avalon Real Estate has become one of the leading consulting firms in the field of commercial real estate, says company founder and CEO Bojan Jevtić
This interview with Avalon Real Estate’s Bojan Jevtić reveals how the commercial real estate market has developed in our country, how this industry’s standards and quality of service are being raised, what clients expect from consultants, and where Serbia stands today in relation to the region.
Avalon Real Estate is a specialised consulting firm that offers a personalised service to its clients. Is that what makes a difference in your business and defines your market position?
— Our company specialises in real estate brokerage. We primarily deal with commercial real estate, with a particular focus on office spaces, industrial properties, land and the capital market, without neglecting other segments of the sector, such as residential and retail real estate.
Avalon was founded on the notion of a group of real estate professionals, who’ve had an active market presence for many years, coming together to make a significant impact with their work. Our experience was more than sufficient to create a serious boutique consultancy offering a top-quality service in a different format, and enabling us to effectively cover all segments of the real estate market with a smaller team. Avalon has been around for just under six months, but the combined experience of our team of 14 exceeds 100 years. Fourteen people, a century of experience.
How important is it that standards in your industry are finally being redefined and raised?
— The real estate market in our country only started developing after the year 2000, with significant growth beginning around 2005, when foreign investors began entering the market. Thanks to new standards, coupled with the entry of foreign investors and consulting franchises, we have also been able to raise the quality of our services. For us, continuous improvement is not just a business strategy, it is part of our identity and dedication to daily growth. Our expertise is no longer built solely on knowledge, but also on the experiences we’ve accumulated over the years we’ve spent working in this industry. Each project and every client brings new insights that shape us and ultimately make us better in future processes. Through these processes, we’ve learned that standards must constantly be raised and that, as consultants, we should redefine and surpass them each time. One of the greatest feelings of satisfaction in our business comes when clients return, and we have many of those.
Avalon has been around for just under six months, but the combined experience of our team of 14 exceeds 100 years. Fourteen people, a century of experience
As for our team, we firmly believe that success comes from constant learning and adaptation, and this experience allows us to anticipate our clients’ needs even before they define them themselves. We like to ensure that every client feels that they are in safe hands, that we have considered every detail and understood and respected their specific needs. The value of our transactions ranges from several hundred thousand euros to millions, which is why it is crucial for clients to feel that their business and money are in safe hands. Only then can we sustain our market presence.
Does Serbia have the potential to develop as a regional leader and push the boundaries of the commercial real estate market?
— The commercial real estate sector has seen remarkable growth over the past five to six years, particularly in comparison to the rest of the region. We have made significant progress compared to Zagreb, Sofia, and even Bucharest, as we had been lagging behind them for many years. We have nearly reached Sofia’s level when it comes to many key commercial parameters, such as rental prices and the number of leased square metres. One parameter that particularly pleases investors is the percentage of available space; Belgrade stands at 6%, while that percentage is closer to 15% in Sofia and Bucharest. As a result of these positive trends, we have increasing opportunities to work with clients who recognise Serbia as an attractive investment destination.
Expo 2027 is expected to be greatly significant for Serbia’s development. How will this event impact your industry?
— The EXPO will undoubtedly have a massive impact on our industry and beyond. In fact, it is already bringing us a lot. This event will provide an extraordinary opportunity for the development of all real estate sectors, as it will increase Serbia’s visibility on the global stage and attract significant investments in this segment. We are already seeing progress, with many international players interested in hotels and logistics. There has already been a significant increase in interest in real estate, particularly land, which is reflected in rising prices. In the first quarter of 2024, over 300 properties were purchased in the Surčin municipality, where a completely new city is being built on 240 hectares for Expo 2027, which is more than 30% higher than in the same period of last year.
We like every client of ours to feel that they are in safe hands; that we have considered every detail, and understood and respected their specific needs
Many investors are buying land, believing that its value will increase and that infrastructure will follow – something we have no reason to doubt, as this is a project of national importance. The plots being sold are zoned, primarily for commercial purposes, meaning that the focus will be on the construction of commercial real estate and logistics centres, while there could be greater development of residential projects later. Trends suggest that the EXPO will have a long-term positive impact on Serbia’s real estate market, and we will continue to provide strategic advice that will enable our clients to make the most of these opportunities.
Your personal experience includes leading some of the largest transactions, sales and successful realisations. Are you ready to surpass these achievements?
— I have been in this business for almost 20 years, having worked with all major companies on the market and, finally, several of us colleagues decided to launch our own consultancy. We have seen that we possess enough knowledge, experience and courage for such an undertaking. We have been helped by the fact that we’ve worked on a large number of purchase and sale transactions worth over 320 million euros and leased more than 235,000 square metres of space on a market that has approximately 1.4 million square metres in the office segment. Although these are very significant figures percentage-wise, I believe we will surpass them. Judging by the first six months of our operations, during which we leased over 27,000 square metres, and considering that we are on track to realise some very large capital investments by our standards, namely the sale of large assets, this optimism isn’t unfounded. We have a very high-quality team, first and foremost comprising good people who are full of enthusiasm; a team that understands the market and trends, is proactive, client-oriented and dedicated to every detail. Such a team is a great privilege today – a team that is ready to respond to all our clients’ needs.