The real estate market is currently at a standstill after five years of strong growth. But this is just a lull, according to some experts, as it will be greatly influenced by the announced capital investments.
The organization of the international exhibition EXPO 2027 has attracted the most attention so far, with Surčin expected to experience a boom not only due to the construction of exhibition space and hotels, but also logistical capacities, warehouses, and residential buildings, according to the specialized real estate portal 4zida.rs.
For investors, as well as for buyers looking to invest in real estate, other neighborhoods have become more attractive with the announcement of new major infrastructure projects. Both investors and buyers see potential for future price increases per square meter in these locations, and thus for their profit.
Future hubs: Pančevo, Novi Sad, Niš...
In addition to Surčin and Belgrade Waterfront, at the top of the list of destinations with potential for growth are Mirijevo, Pančevo, as well as large cities like Novi Sad and Niš, which will become true business and residential hubs due to the announced construction of several highways and expressways - says Aleksandra Mihajlović from 4zida.Mihajlović adds that the advertised price per square meter of apartments in Pančevo in old buildings is 1,350 euros, and in new buildings, it's 1,600 euros, while prices per square meter in old buildings in Novi Sad currently range from 1,700 to 2,800 euros, and in Niš from 1,220 to 1,900 euros.
Veljko Mijušković, a lecturer at the University of Belgrade's Faculty of Economics, points out that infrastructure projects can increase the value of real estate in the vicinity, as they often lead to improved accessibility, attracting investors, and increasing demand for residential and commercial space.
Capital investments can significantly impact the demand and prices of real estate. Increased construction and demand for apartments in Belgrade often depend on urban plans, infrastructure projects, and economic dynamics. Currently, considering the EXPO 2027 project, some of the areas attracting the attention of investors and buyers are Mirijevo, Surčin, New Belgrade, as well as Vračar, Savski Venac, and parts of the city near the Sava River. Additionally, revitalization projects of certain neighborhoods and planned infrastructure upgrades can contribute to the increase in demand for real estate in those areas - Mijušković points out.Corridors also increase apartment prices
Nikola Radić, from the "Ataše nekretnine" agency, says that the main drivers of any real estate market, affecting both supply and demand, are the state of financial markets, i.e., the price and availability of capital.
Capital investments, as initiators and drivers of development, directly influence demand, and thus the price of real estate. They generate demand in a narrow locality, a certain micro-location gains in quality in terms of infrastructure, transportation, and similar, which leads to increased demand for real estate, and thus to an increase in the price per square meter. As capital investments in Serbia become increasingly present and significant in recent years, it is realistic to expect an increase in demand, and then an increase in the price of real estate in certain locations - Nikola Radić points out.Mirijevo becoming increasingly interesting
He emphasizes that one of the largest infrastructure projects in Serbia is the construction of the Belgrade-Niš high-speed railway, which he believes will have a significant impact on the development of the entire country, especially for southern Serbia. Niš is already a hub where the eastern and southern branches of Corridor 10, towards Bulgaria and North Macedonia, converge, and the construction of a new corridor to Pristina, named the "Highway of Peace," is underway.
A project the size of building a high-speed railway has the potential to mobilize investments in various areas. Such a perspective retains people, so we believe in the development of southern Serbia and Niš, Leskovac, Vranje - says Radić.He notes that Mirijevo, as a relatively young and promising settlement with constant demand from real estate buyers, has gained additional importance with the metro project as a significant capital investment, concerning Belgrade neighborhoods.
Mirijevo, as a micro-location, has its advantages and constant demand for residential square meters. The Zvezdara municipality is one of the few with a positive natural population growth rate in Serbia, and considering this fact, as well as the announcement of the construction of initial metro stations in that residential area, this location has prospects - Nikola Radić believes.Today, the price of an apartment in an old building in this Belgrade neighborhood is around 1,500 euros per square meter, while in newly built objects, it's around 2,000 euros. Radić emphasizes that a decade ago, the price per square meter in this residential area averaged around 1,000 euros in old buildings and around 1,300 euros in new buildings, which is also another indicator of increased demand for real estate and confirms the justification for investment in that area.
Thus, in new construction, quality properties can be found, for which there is a great demand from buyers, and their price reaches even more than 2,000 euros per square meter. A similar situation is also seen in the Surčin municipality, where demand is generated by the large capital investment EXPO. As a location where we also notice increased construction of commercial real estate, Pančevo stands out. The development of local infrastructure (roads, utilities, health), the arrival of a greater number of foreign investors, along with the relative proximity to Belgrade as the capital, makes the city of Pančevo a prospective investment destination - says Radić.New factories also stimulate apartment construction
Every new industrial zone implies the opening of new jobs, as well as the arrival of workforce from surrounding municipalities, significantly increasing the demand for real estate in some neighborhoods.
Although there has been talk in recent months about Surčin as a location that will be increasingly sought after due to the EXPO international exhibition, this municipality has been experiencing prosperity for several years when it comes to the economy. Along with Stara Pazova and Inđija, it is one of the three local self-governments in Serbia where there are almost no unemployed people. Due to its geostrategic position, proximity to the highway and airport, these municipalities have been attractive to investors before, and Veljko Mijušković believes they have great potential for development in the future.
Also, new jobs created due to factories can affect the demand for apartments nearby. On the other hand, challenges can arise, such as changes in the landscape and increased congestion. Outside Belgrade, several locations in Serbia are becoming attractive due to infrastructure projects. Niš has a perspective due to the airport, while Novi Sad stands out as a center of economy and culture, with numerous investments and improvements. Also, industrial zones like Šimanovac road and the industrial zone in Inđija also attract the attention of investors. Mountain resorts like Zlatibor and Kopaonik are also still attractive for construction investments - says Veljko Mijušković.
