After a long time in the first quarter of this year, a decline in real estate sales was recorded, the same trend continued in April and May.
According to preliminary data of the Republic Geodetic Institute, the value of turnover on the real estate market in April and May 2023 is 1.1 billion euros, which represents a decrease of 15 percent compared to the same period in 2022.
However, real estate agent Kaća Lazarevic states that the real drop in traffic is much greater than what the official data shows.
"From December until today, there has been a serious halt in real estate transactions. The official data published by the Republic Geodetic Institute are not even close to the real situation. The sale of real estate has decreased by more than 50 percent, and this can be seen from the situation at the notary's office, where there are no more crowds," said Lazarevic for the "Vremena" portal.
According to data from the real estate advertising site 4zida.rs, when it comes to the currently advertised offer, the average prices of apartments in new and old buildings are very similar. Thus, the average price of a new building in Belgrade is 2.496 euros, and an old building is 2.460. When it comes to Novi Sad, the price of a new building is 2.175 euros per square meter, and an old building is 2.249 euros.
Old construction and new construction
Lazarevic states that the prices of apartments in new buildings are still at their previous level, while the situation with old buildings is more favorable and adds that the prices that people used to bid for, and that in principle as much as they need, are no longer going to pass.
"With those who sell apartments that are old buildings, it is easier for buyers to negotiate with them, and from the first advertised price to the selling price, they sometimes lower it by up to 20, even up to 30 percent. They know how to lower the price by 10.000 euros, even by 20.000 on the price of the apartment, which was originally, for example, 250.000 euros. Now the average buyer is at a price of 100 to 250 thousand euros. By December, we had large customers from half a million to a million euros. They will not invest money now", says Lazarevic.
When it comes to new construction, according to her, there is no price correction like when it comes to old construction.
"The investors who financed the construction themselves are waiting. But those who are project financed, who have credit, they will have to start lowering prices. Simply, the credit buyers were lost. Interest rates are high, the growth of the Euribor led to the fact that loan installments jumped by 80, 100, and for some even up to 200 euros. "Credit buyers didn't ask questions earlier and bought mostly new construction, and now there are none," Lazarevic points out.
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