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Nenad Stojanović, Managing Director, R.E.A.L. Consulting

Current State Of The Belgrade Real Estate Market

We may or may not like the Belgrade Waterfront development, but one thing that’s for sure is that it has impacted on the real estate markets of Belgrade and certain other major cities in Serbia simply exploding

The famous maxim used around the world when investing in bricks, “location, location and only location”, has once again proven to be completely true. Newly constructed properties are increasingly in demand, while old buildings are, unfortunately, still lagging far behind. According to our estimate, this market segment will change and start to grow in the near future.

The City of Belgrade, in cooperation with the Institute for the Protection of Monuments, has launched the process of establishing as a Protected Spatial Cultural-Historical Unit the Krunski Venac urban neighbourhood, encompassing Krunska Street and the Neimar Escarpment, where we can still find ambient units that are very often a century old. These houses are masterpieces of both our renowned and lesser-known masons and architects, where Belgrade families raised entire generations and led an intensive social life.

The awareness of citizens has changed, with several associations having been launched to protect these unique units, such as the corner of Smiljanic, Njegoševa, Kneginje Zorka and Krunska streets, and the city government is starting to understand and appreciate that factor.

Investing in such structures, representing protected salon-type houses with a yard, garage and summer kitchen, situated in unique Belgrade locations, is a safe haven for investing money. A great example of this is provided by Upper Dorćol and Kosančićev Venac, which have enjoyed the status of protected spatial cultural-historical units for a long time. It’s almost impossible to find a salon house or apartment in those neighbourhoods, while there is constant demand for them. I would estimate that these rarities will be increasingly sought-after and that their price will inevitably rise.

There are plenty of examples like these around the world, and above all in Europe, so let’s protect what we already have and invest money right there.

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