Published on 15 January 2007 at 07:03 pm
Filed in Property News for Serbia » Serbia: Situation Too Sensitive for Property Investment
The political situation in Serbia is considered too sensitive for property investment decisions to be made at the current time - despite the fact that Serbia has made strong and significant economic advancements to date and has great plans for 2007 and beyond regarding easing the entire property buying process for foreigners and making the overall investment climate even more attractive.
So what has brought about this investor reticence, how long is it likely to last and what positive factors could potentially change overall investor sentiment in 2007 and restart the investment property market in Serbia? This article examines the current situation and future potential factors likely to affect the property market both positively and negatively.
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Serbia has of course been dogged by periods of conflict and war and its property market has naturally suffered as a direct result. A once relatively attractive market sector was reduced to tatters following the last series of conflicts which effectively ceased in 2001. Now just a few years on, the real estate sector in Serbia particularly in and around the capital city of Belgrade is slowly beginning to flourish again.
A great deal of real estate has yet to be returned by the state to its former owners, this fact together with the fact that the land registry system of titling property in Serbia is out of date means that the property market in Serbia is not without its potential pitfalls. This article detailing the property buying process in Serbia should provide investors with a basic introduction.
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Serbia has substantial investment potential for the property investor willing to commit to the market for the longer term.
Those who are patient and can wait for local purchasing power and mortgage lending facilities in Serbia to improve will likely reap fair returns from this emerging market.
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Serbia is an interesting country from a property buyer’s perspective; there is massive room for development and growth in the real estate sector particularly in Belgrade, and the government of Serbia are committed to encouraging and enabling foreign investment into the property market over the long term.
Furthermore rental demand for quality accommodation currently far outstrips supply in Belgrade and cripplingly high interest rates place property ownership beyond the local market; but as Serbia seeks to align its policies, economy and currency with those of the EU, so domestic purchasing power will increase along with investment into Serbia creating an attractive long term investment prospect for the property buyer willing to put up with some short term discomfort.
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