In 2009, residential sales prices in Belgrade have demonstrated a decreasing trend, reaching between 10-15% decrease since the beginning of the year. According to Colliers International, this decrease was mainly marked in mid-quality and higher-mid quality projects, whereas the most exclusive projects have either retained the same levels or noted a decrease of 5-10%.
Despite the sales levels decrease, residential transactions were still scarce, primarily due to unavailability of favorable bank credits, i.e. banks exhibited higher interest rates and stricter crediting policy. By offering subsidized loans for buyers of new apartments, the Government tried to stimulate the residential development market which had ground to a halt by early 2009.
Nevertheless, the interest of citizens of Belgrade for high quality apartments remains high despite unfavorable economic conditions. In only 4 months, two thirds of apartments were sold in modern residential-commercial complex Metropolitan Apartments, located in the broader centre of Belgrade.
Colliers International, the Exclusive agent for this project, announced that there are 25 apartments remaining in the complex with an average price of 2,100 /m2. Available apartments have various structures and the price varies depending on position, floor and size of the units. In addition, the project offers 18 retail units located on the ground floor for 3,800 /m2.
Project financing has been provided by Hypo Alpe Adria Bank a.d. and Erste bank a.d. banks in 50-50% ratio. The construction is moving fast and according to plan, and the move in date is December 2010.
Source: Colliers
