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Real Estate Industry

 

  • Highest office yields in Central and Eastern Europe - 10%
  • Strong demand for residential space across the country
  • Shopping center stock well below the CEE average
  • Over €2 billion worth of current real estate projects in Belgrade only

Attractive Yields Yields in Serbia's real estate sector tend to be higher than in other CEE countries, amounting to e.g. 10% in the office market.

Expanding Demand In Serbia, there is strong demand in the office, residential, and retail market. The Belgrade office market continued to record renewed demand starting in the second half of year 2009. As compared to the same period the previous year, take-up in H1 2010 increased by roughly 19%. Likewise, a residential market is forecast to experience an upward trend due to a steady increase in household income and a wide availability of mortgage loans. Rental demand for shopping centers comes mostly from international retailers with established regional presence, however domestic brands and retailers also show significant interest.

Industry Overview On average, the industry employed nearly 3,000 employees in 2009. In the course of 2009, the average monthly net salary in the real estate sector amounted to €457. The average monthly net pay dropped by 14.3% against 2008 in RSD terms or by 25.8% calculated in EUR. At the end of April 2010, there were 1,579 companies, as well as 1,043 entrepreneurs in real estate development, trade, renting, agencies, and management.