Property prices tumbling in region
BELGRADE -- Flat prices in Zagreb and Banja Luka have dropped by 10 to 20 percent.
The price of new flats in Podgorica has been cut by half, Belgrade daily Politika writes.
Only Belgrade is holding firm: prices have leveled out, and are likely to fall by 5-10 percent in the coming year. Nonetheless, the global financial crisis has checked skyrocketing property prices in the capital, says the daily.
However, there will be no dramatic drop in real estate prices, as was the case in the U.S. and parts of Europe, and what reductions there are will be in five to ten percent increments on a yearly basis. There are estimates that demand may fall, but also supply, so the market will not suffer any major upheavals.
Sales have currently ground to a halt, but prices are the same, says Tomislav Sekulović, president of the Real Estate Agents Association. As long as there are five buyers battling for one apartment there is no way prices will drop. Only when the result is 2 to 1 can we expect prices to fall.
Aleksandra Kon, co-owner of Alka Estate Agents, says that the market has calmed down. Both buyers and sellers are keeping their ears to the ground and waiting to see what happens next.
“The prices are calm because we aren’t yet feeling the effects of the world financial crisis that might unsettle the real estate market. True, interest rates have increased, and less and less people will be able to take out loans from banks. But mortgage buyers are usually looking for flats up to EUR 110,000 in value, so, at one point, there could be a surplus of smaller flats. However, that’s not enough to disturb the market and I don’t believe that sellers will drop their prices,” she said.
October 23, 2008 | 16:10 | Source: FoNet | Comments: (0) | Send comment
BELGRADE -- Prime Minister Mirko Cvetković says that because of the global financial crisis, only modest GDP growth can be expected in 2009.
October 24, 2008 | 13:59 | Source: B92 | Comments: (0) | Send comment
PRAGUE -- South-East Europe should capitalize on its geographic position to transfer energy, says the secretary general of the Regional Cooperation Council.
October 24, 2008 | 16:17 | Source: Tanjug | Comments: (1) | Send comment
BELGRADE -- Finance Minister Dijana Dragutinović says that the government is planning a program with the IMF that will offer Serbia assistance in economic policy making.
October 24, 2008 | 17:10 | Source: Beta, Tanjug | Comments: (0) | Send comment
BELGRADE -- The National Bank of Serbia (NBS) has implemented emergency measures at the Metals Bank in Novi Sad.
October 24, 2008 | 15:51 | Source: Tanjug | Comments: (1) | Send comment
BELGRADE -- Prime Minister Mirko Cvetković, Deputy PM Mlađan Dinkić, and Infrastructure Minister Milutin Mrkonjić have met today with Deutsche Bahn representatives.
October 29, 2008 | 09:42 | Source: B92, Beta | Comments: (0) | Send comment
BELGRADE -- IMF representatives are beginning talks with officials in Belgrade on a new arrangement with Serbia and on economic policy for 2009.
October 29, 2008 | 12:42 | Source: Tanjug | Comments: (0) | Send comment
VRNJAČKA BANJA -- Energy Minister Petar Škundrić says that Serbia can become an energy leader in South-East Europe if it implements a modern energy infrastructure.
October 25, 2008 | 10:24 | Source: Beta | Comments: (0) | Send comment
BELGRADE -- The exchange rate of the dinar (RSD) against the euro (EUR) will see the home currency lose one percent on Monday.
October 28, 2008 | 12:50 | Source: B92 | Comments: (0) | Send comment
BELGRADE -- The domestic currency has fallen to its lowest value since the beginning of the year, with today’s exchange rate at RSD 84.47 to one euro.
October 25, 2008 | 11:10 | Source: B92, Blic | Comments: (1) | Send comment
BELGRADE -- The Alpine Porr consortium has withdrawn from all the elements of the Horgoš-Požega concession contract, reports say.
October 26, 2008 | 12:42 | Source: B92 | Comments: (1) | Send comment
BELGRADE -- B92 has learned that Alpine Porr consortium representatives will arrive here on Tuesday for the first round of talks.
October 28, 2008 | 13:41 | Source: B92 | Comments: (0) | Send comment
BELGRADE -- An International Monetary Fund mission will be in Belgrade from today until November 9, where it will meet with government and National Bank representatives.
October 27, 2008 | 13:39 | Source: Beta, Tanjug | Comments: (0) | Send comment
BELGRADE -- A round-table discussion for government officials and members of the business community organized by the Economist Media Group is being held today in Belgrade.
October 28, 2008 | 17:04 | Source: Večernje novosti | Comments: (0) | Send comment
BELGRADE -- Fiat Motors Serbia will discontinue production of the 101, Yugo and Florida models, but the cars’ production may resume in Africa, writes daily Novosti.
October 28, 2008 | 17:09 | Source: Beta | Comments: (0) | Send comment
BELGRADE -- Deputy PM Jovan Krkobabić says that the planned pension increases will have to wait until late 2010 because of the international financial crisis.
October 27, 2008 | 18:01 | Source: Beta, Tanjug | Comments: (0) | Send comment
BELGRADE -- Infrastructure Minister Milutin Mrkonjić said that the Alpine Porr's preparation costs for the Horgoš-Požega project should be reimbursed.
October 27, 2008 | 16:40 | Source: B92, Beta | Comments: (1) | Send comment
BELGRADE -- The Belgrade Stock Exchange (BSE) indexes once again slumped to reach the 2008 bottom during Monday's trading.
October 27, 2008 | 15:47 | Source: Tanjug | Comments: (0) | Send comment
BELGRADE -- The Ministry of Mining and Energy on Monday forwarded a request to the Ministry of Finance and Ministry of Trade to reduce the fuel price.