September 26, 2022
Due to unstable geopolitical conditions, this segment of the real estate market is slowly recovering after two years of stagnation. According to experts, demand is increasing and businesses are “shifting” their offices and operations to larger cities in Serbia.
According to the most recent data from the State Geodetic Institute, 1,765 business property sales were recorded in Serbia in the first half of 2022, with the turnover increasing by 9% compared to the same period in the previous year (RGZ).
In Serbia, prices in the first half of this year ranged from EUR 50 per square meter in the Pomoravski district to EUR 12,240, which is the cost of one square meter of company premises in Belgrade, based on an examination of pricing and the size of business premises.
“Demand was not so strong because it drastically decreased during the epidemic and continued to decline even after it calmed slightly due to many people continuing to work from home. Despite the impact that recent events in Ukraine have had on the real estate market, there has recently been a significant increase in demand, particularly for A-category commercial properties that meet the highest standards, such as the Ue Tower, the West 65 tower, Airport City, and others, according to Milo Mitić, executive director of the real estate firm City Expert.
Additionally, Miti notes that many businesses are moving their activities to Serbia’s major cities as a result of the current conditions brought on by the situation in Ukraine.
It is evident that numerous businesses with headquarters in Moscow are relocating, primarily to Belgrade but also to other cities like Novi Sad and Niš. These big businesses, who are on the lookout for big commercial space, have an impact on the flow of supply and demand for both apartments and office space. The fact that these businesses employ a sizable number of people who also require housing has an impact on demand, says Mitić.
Source: SerbianMonitor.com
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