< Back To This Issue's Index >< Subscribe >< Send a Letter to the Editor >

The real estate market in Belgrade has been very liquid for the past ten years; aficionados of the local culture and people need not have this syndrome explained to them.  For the rest of us, suffice to say that war or not, Belgrade is the center of the Balkans and always will be.   The rule of three L’s [location, location, location] will keep that situation steady for the rest of our lives.  First a bit of background about Belgrade and maybe a bit of history concerning Serbia as well.   Belgrade has been settled for almost 8,000 years.   The old Roman Empire named the people who settled here at the time the Illyrians and then named them the Skardisi.   Belgrade is settled on the confluence of two large rivers, the Sava, which flows here from Zagreb, and the Danube, which flows here from Budapest on its way to the Black Sea.  Having been contested for over more than half of its history, Belgrade is lacking in old, exemplary architecture which is the trademark of Prague.   The last attack here was in 1999, and some of the damaged buildings haven’t been demolished to date, some say to serve as a reminder to the locals.  The new government is trying to focus on increasing tourism as well; however, the results of these efforts might not be realized until the tourist season of 2003 – 2004.  Nonetheless, Belgrade as the capital, and Serbia itself, are more welcoming to foreigners than most western ‘news outlets’ would lead you to believe.   Do expect to pay a bit more as a foreigner when renting but nothing compared to the huge markup in Prague – foreigners at one time were automatically charged twice what a Czech would be charged. Bids and offers for real estate in the capital city form the basis of pricing real estate by the square meter.   Even though most people still price real estate in former German Deutsch marks, all prices are paid in Euros without exception.   In this case, we’ll refer to those old prices as ‘points.   Dividing the number of points in two will allow one to arrive at the price, in Euros.

Richard Forrester is a ‘refugee of the system’ who was originally born and raised in the northern parts of Texas. Having spent 7 years in the US Army and, then finishing a BA, with honors, Mr. Forrester has lived overseas for the past six years. He says, “I first came to Europe, on a very typical students’ tour, in 1982. At the time, I had no idea at all that I would ever be living outside the United States.   In reflection, working for the ‘machine’  [the US Govt.] for more than 7 years created a vast change in the perspective with which I began to view the government and, how they view US citizens. When I was offered the chance to work for the UN in Yugoslavia I grabbed my exit ticket. I haven’t really considered going back. I currently reside in Belgrade, Serbia, after having resided the past six years in Prague, Czech Republic, and, Amsterdam."  . Additional Resources EscapeArtist.com seach engine Tax Havens  2nd Passports  Overseas Jobs  Living Overseas  Moving to Europe  Regional Directory  Maps Of The World  World's Newspapers  Offshore Investments  World Reference Desk  Offshore Investment Articles  Offshore Real Estate Quarterly  www.invest-in-serbia.com  Contact Richard B. Forrester .

The data compiled for this article come from the prices offered and asked for both residential and commercial space at one of the largest real estate agencies here in Belgrade, ‘Alka’.   There are many other sources for pricing, including, Novosti Oglasi,  Halo Oglasi, among some others.   Becoming legal here is quite a chore, please feel free to contact me for advice concerning that procedure.   The analysis for this article included not only the prices for the most expensive, luxury apartments but also prices for all sorts of commercial space for firms of different needs.   This included normal business space, coffee shop and cabaret space, real estate for barber and cosmetic 

operations, etc., in the heart of Belgrade.   To be exact, last week, the most expensive area of Belgrade was Vracar, near the Stari Grad [Old city], which could cost you as much as 1750€ per square meter.    In some of the outlying suburbs, say, for example, Barajevo, Ritopeku, Bolecu, prices for residential space can go for as low as 250€/meter2. Basically, the areas of Belgrade can be divided into four price groups which can be best illustrated by the table to the right (prices set in €/meter2). As previously stated, this data has been gathered from one of the oldest and most reputable real estate agencies in Belgrade.   Obviously, Vracar and the old city are the most expensive places to live.   What this data really means is that it would probably be impossible to find any kind of space, in Vracar or Stari Grad, whether it be old and dirty, in the basement, or on the highest floor without a lift, for under 750€ per meter.  Obviously, these higher prices are indicated only for property which has the highest standards of luxury and accessories, newly renovated, on a lower floor.    Sales of property located on higher floors is always weaker in Beograd.

Vracar 750-1750 Center, Stari Grad 750–1500 Dorcol 650–1000 Vozdovac 550–900 Golf, suncana padina 750–900 Banovo Brdo 650–850 Zemun 500–900 Konjarnik, Sumice 600–800 New Belgrade, center 650-850 Medakovic 2,3 600-750 New Belgrade, Blocks 550-700 Karaburma 550-650 Kanarevo brdo, Miljakovac 500-650 Banjica 550 - 750 Cerak,  Winery 550 - 650 Bezanijska kosa 550 - 650 Vidikovac 550 - 650 Brace Jerkovic 500 - 650 Mirijevo 500 - 650

The recent trend is for prices to be floating upwards.  The recent influx of foreigners is not expected to deminish by next year.   In addition, some Serbs from the diaspora are beginning to return, and this is affecting prices.   Prime Minister Zoran Dindic said in an interview that the government expects the prices of real estate to increase about 50% over the next 5-7 years; this figure of 50% can be used as a minimum guide number.  
 

On the brighter side, the government is promising to drastically lower the requirements and procedures that a foreigner must endure to legally purchase property in Serbia.   It might sound a bit hollow, but given all the different reforms and new laws already enacted by the new government of Serbia, they will probably be able to change those laws and conventions as well.  If you have never traveled to the Balkans, you owe it to yourself to see how life is lived here.   There are many hotels of all comfort levels available to tourists.   There are many healthful springs, spas and baths in Serbia, some of which have been operating for many thousands of years.  Public transportation here is quite good, and connections to the west are improving every month.   Don’t wait until all the good opportunities are gone, come and see Serbia now.

..

< Back To This Issue's Index >< Subscribe >< Send a Letter to the Editor >