Experts are divided in their assessment: Will there be a bigger drop in real estate prices in 2024?


Real estate agent Katarina Lazarevic expects that the prices of square meters will be corrected in the next six months, but that there will not be a big drop in real estate prices. Lazarevic tells RTS that traffic is lower than it was six months or a year ago.

According to her, people often enter real estate sales with unrealistic prices. The case of the owner of an apartment in the very center of Belgrade, who reduced the price by almost 150,000 euros, but there is still no buyer, is a violation of this.

It is very difficult to convince them what the real price is, so when they finally get that real price, then the customers in the meantime run away and buy what they could at the real price“, she said to RTS Lazarevic.

What is offered at a realistic price, ie. what seems like a realistic price to buyers, sells out quickly.

When you put an apartment on the market with a price that you determine as an agency together with the owner of the apartment and sell it in the next week or 15 days, it means that it was the right price for your apartment“, says the guest of the Belgrade Chronicle.

Prices will be corrected, there will be no drastic drop

When asked when the prices of square meters could start to fall, he replied that he expects that in the next six months they will be corrected, but that there will not be a big drop in real estate prices.

“As long as there are buyers, prices will not drop so quickly. I expect that in the next six months prices will be corrected, but that terrible drop will never happen again. We will hardly be in a situation where prices will return to the level they are at. was a few years ago, when loans were much more favorable“, says Lazarevic.

He also notes that, as much as it seems that the whole of Belgrade is under construction, there is still a lack of apartments. It also answers the question of whether it is wise to buy an apartment now or wait for lower prices per square meter.

An apartment should be bought now. Prices will be corrected, but the question is what will remain on the market. We are not a market where there are quality and good apartments, we are not talking about new buildings, we are talking about old buildings and in general the offer is very bad. As much as it seems to you that the whole of Belgrade is under construction, there is still a lack of apartments“, states Lazarevic.

On the other hand, an economist and consultant Vladimir Djukanovic says for Flash that it is quite certain that the prices of square meters will have to fall in the coming period.

A decrease in the price of square meters is quite expected in the coming period because the traffic has fallen, which means that there is no demand and the prices must fall. In that case, it takes three to six months for these figures shown by the official data to be reflected in the price. At this moment, the offer is never higher, but the buying has stopped. The sellers are still holding the prices and this can be seen in the prices of the square meters which are still unchanged, and it will take a period of time up to half a year where they will realize that they have to lower the prices. We will see how much it will drop, but I expect from five to 20 percent“, says Đukanović.

Đukanović explains that during the corona virus pandemic, the printing of large amounts of money contributed to people massively investing in real estate, which led to “inflating” prices. However, he points out that in the coming period there will be a reversal of the trend and a turn of prices in the other direction.

The report of the portal for October shows that the prices of square meters in all major cities in Serbia are almost unchanged compared to the month of November this year. Some municipalities also recorded a decrease, but in a minimal, almost imperceptible percentage. Prices per square meter are still the highest in Belgrade, while apartment prices in Novi Sad are catching up.

According to that report, out of all the larger Belgrade municipalities, the price drop was recorded only in the municipality of Palilula, by almost four percent, while in Vračar, otherwise the most sought-after location in Belgrade, the square footage fell by less than half a percent.

In Novi Sad, only Podbara recorded a price drop of 0.44 percent, while in Niš the square footage fell by 0.27 percent in Pantelej and Palilula. In the same period, the city location Pancevo recorded a decrease of 2.43 percent in square footage.

The article is in Serbian

Tags: Experts divided assessment bigger drop real estate prices


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