Serbia’s Real Estate Market 2024: 15% Growth or a Stability Illusion?
Is Serbia’s real estate market really booming, or are we just being fooled by the numbers? The Republic Geodetic Authority (RGZ) announced that the value of real estate transactions in 2024 jumped by a whopping 15% compared to last year, reaching a staggering €7.4 billion. But is this really a reason to celebrate, or just a mask hiding deeper problems?
Value and Transaction Growth
The number of concluded sales contracts increased by 4.2%, which sounds like good news. The regulated segment of the market accounts for a massive 75% of the total transaction value, about €5.6 billion. The share of regulated contracts in the total number of transactions is an impressive 86%. But is everything really that rosy?
Where is the Most Trading Happening?
The highest number of contracts was concluded in Novi Sad, while the largest cash turnover was recorded in Belgrade, especially in the First Basic Court. The notary office of Sretenović Bora leads in the number of contracts (1,567), while Jasna Bojadžijevska’s office in Belgrade holds the record for transaction value – €176 million.
Partially Regulated Market is Sinking
Here comes the twist – the partially regulated market, which makes up 25% of the total value (€1.8 billion), is showing a 7% drop in value and a 1% decrease in the number of contracts. This is the first time such a decline has been observed, casting a shadow over the overall market optimism.
Most contracts in this segment were concluded in Belgrade, where the highest transaction value was also recorded, about one-third of the total value of the partially regulated market. The notary office of Srbislav Cvejić in Belgrade leads in both contract numbers and value – €86.1 million.
Is the Market Really Slowing Down?
While some claim the real estate market is slowing, RGZ clearly states that data shows the opposite – stable growth and dynamics, especially in the regulated segment. This, they say, is the result of measures aimed at improving legal security and transaction efficiency.
Why Transparency is Key?
The decline in the partially regulated market further highlights the importance of having transparent and reliable data. RGZ calls on all market participants to use valid information when buying, selling, or valuing real estate. Only this way can security and stability in this crucial area be ensured.
Conclusion: Growth or Illusion?
Is the 15% growth a sign that Serbia’s real estate market is thriving, or just a mask for problems in the partially regulated segment? While the regulated part shows strength and stability, the drop in the partially regulated segment casts a shadow on the overall picture. It’s clear that legal security and transparency are key to the future.
If you thought the real estate market was just about pretty numbers, think again! What do you think – is this real growth or just numbers fooling us? Drop a comment, let’s see who’s for reality and who’s for fairy tales!
