He believes that such price growth is drastic if compared to the period five to six years ago, when a square meter of apartments on the outskirts of the capital cost up to 800 euros.
Đorđevic states that the increased interest in buying real estate, and thus the rise in apartment prices, are expected in view of the crisis caused by the pandemic and the war in Ukraine, because, he says, people realized that investing in real estate is the safest way to save money.
He added that record low interest rates on housing loans in the last few years contributed to the increased purchase of real estate in the country.
He stated that in the period 2020/21. In 2008, the interest rate on housing loans was 2.71 percent on average, which made it easier for people to decide to buy apartments that way.
When asked how safe it is to invest in real estate at the moment and take out housing loans, Đorđević emphasized that our country has been hit by various crises in the last hundred years, but that "what was invested in real estate remains".
"During the sanctions and wars in Serbia, savings collapsed, but what was left in real estate was preserved," he said and assessed that this will happen even now during the global economic crisis.
He believes that real estate prices can fluctuate, but that money invested in real estate can always be returned, if not earned, given the current rise in housing prices in the country.
Đorđević said that recently the number of foreigners interested in buying apartments in our country has been increasing, but that they have a harder time deciding to buy because of our Residence Act.
"We have a problem, our law does not recognize the acquisition of residence based on investments. A foreigner must leave Serbia after 90 days if he does not have a work visa, regardless of whether he has an apartment in our country," he said.
He added that this is not the case in other countries, and cited the example of Greece, where if a foreigner buys real estate of a certain value, he acquires the right to residence.
Đorđević concluded that real estate prices in Serbia will not fall in the coming period and that the growth trend will continue, but will not reach the level of 2021.
He said that the prices of renting out apartments have increased, and that this also contributes to the fact that the interest in buying real estate does not wane, because people have the option of returning the invested money through renting apartments.
