The Residential Real Estate Transactions market in Serbia has been experiencing significant growth in recent years, driven by a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Serbian real estate market have been shifting towards residential properties, as people seek to invest in their own homes or rental properties. The desire for homeownership and the potential for rental income have become increasingly attractive to customers, leading to a rise in residential real estate transactions. Trends in the market also play a crucial role in the development of the Residential Real Estate Transactions market in Serbia. One notable trend is the increasing demand for urban living. As cities in Serbia continue to develop and expand, more people are choosing to live in urban areas for better job opportunities, access to amenities, and a vibrant lifestyle. This trend has led to a higher demand for residential properties in cities, driving up the number of transactions. Another trend in the market is the growing interest in sustainable and energy-efficient homes. With an increasing awareness of environmental issues and the rising cost of utilities, customers are seeking properties that are eco-friendly and energy-efficient. This trend has prompted developers to incorporate sustainable features into their projects, such as solar panels, energy-efficient appliances, and green building materials. As a result, the market for residential properties with these features has seen a surge in transactions. Local special circumstances in Serbia have also contributed to the development of the Residential Real Estate Transactions market. One such circumstance is the government's efforts to attract foreign investment in the real estate sector. The Serbian government has implemented various policies and incentives to encourage foreign buyers to invest in residential properties, such as simplified procedures for obtaining residency permits and favorable tax regulations. These initiatives have stimulated foreign investment and boosted the number of transactions in the market. Underlying macroeconomic factors have also played a significant role in the growth of the Residential Real Estate Transactions market in Serbia. The country's stable economic growth, low interest rates, and favorable mortgage conditions have made it easier for individuals to purchase residential properties. Additionally, Serbia's integration into the European Union and its improving business environment have attracted foreign investors, further driving the demand for residential real estate. In conclusion, the Residential Real Estate Transactions market in Serbia is developing due to customer preferences for residential properties, trends such as urban living and sustainable homes, local special circumstances including government incentives, and underlying macroeconomic factors such as stable economic growth and favorable mortgage conditions. These factors have collectively contributed to the growth and expansion of the market, making it an attractive investment opportunity for both domestic and foreign buyers.
Data coverage:
Figures are based on total and average revenue of residential real estate transactions (sales).Modeling approach:
Market size is determined by a bottom-up approach. We use national statistics, international organizations, and industry associations to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country specific industry associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita.Forecasts:
We use a variety of forecasting techniques, depending on the behavior of the market, for instance, exponential trend smoothing. The main drivers are GDP per capita, population, number of renter and owner households, price level index, housing consumer spending per capita.Additional Notes:
Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war considered at a country-specific level.
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