The conclusion of the 'What's Next in Real Estate in 2020' conference is that the real estate market is changing faster than ever and requires constant innovation. The conference, which took place at the Metropol Hotel in Belgrade, was organized by the leading real estate consultancy CBS International, part of the Cushman & Wakefield Group, for the most prominent domestic and international developers, as well as representatives of the banking sector.
Managing Director of CBS International in Serbia, Goran Živković, addressed the guests, highlighting the most important facts that marked the real estate market in 2019. After that, the following speakers presented trends and analysis for the next year across all business segments - Mina Kalezić, Sales and Marketing Director, Bojan Jevtić, Regional Director of Office Agency, Dušan Miletić, Director of Retail Agency, Boris Fent, Senior Consultant - Industrial and Land Agency and Srđan Teofilović, Director of Capital Markets and Investor Services. The event was moderated by Srđan Vujičić, Business Development Director.
The positive trend will continue in the coming period, as the Serbian real estate market is constantly developing and becoming more and more attractive for the most renowned global investors, as well as the banks that follow their projects with various types of financing. Investments are also extremely visible in the retail sector, which, in 2020, will gain several new shopping destinations such as BEO Shopping Center, BW Gallery, West 65 Mall, as well as the second phase of BIG Fashion Park. Following the construction of these facilities, Belgrade will have 550,000 square meters of modern retail space, which will facilitate the entry of many new brands to the market.
The residential market is not lagging behind as a significant number of large residential complexes are currently under construction such as Belgrade Waterfront, Wellport, Voždove Kapije, Skyline, Savada 3, West 65 Tower, Sakura Park, New Minel, Zepterra, City Residence and My Aviv, which will add to the appeal of the Serbian capital and supply new residential space.
In the office space segment, an important change happened, as many companies are increasingly interested in downtown locations for business, apart from New Belgrade. By the end of the year 2020 Belgrade will, with the finalization of the office development schemes currently under construction, reach a staggering 1 million square meters of office space in its offer. Among the several major office projects that are planned to be delivered on the market next year are the Ušće Tower 2, Navigator 2 and Sirius 2, as well as upcoming projects such as the Skyline Office Tower and the Green Escape complex in Bežanijska Kosa.
The focus is finally on the industrial and land sector, which will experience expansion in the future. Since the beginning of the year, more than 140,000 square meters of modern industrial and logistics facilities have been completed, with the current total supply in Serbia of over 2 million square meters.
It is important to note that the availability of financing is a major component in the growth of the investment market in our country. The banks are generally willing to finance yielding assets with sustainable income at attractive rates, allowing for attractive gaps to investors looking for leverage.
The event participants also addressed the frequently asked questions in recent months regarding the prices on residential market, given the strong construction activity, or the number of shopping formats under construction, taking into account new trends in terms of a higher share of online shopping.
The experts from CBS International agree that Serbia and Belgrade are finally becoming important location on the European investment map, and that, in terms of real estate market, we are falling less behind the more developed countries in the region.