DOCSLIB.ORG

Real Estate Industry in Serbia

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Real Estate Industry in Serbia Serbia Investment and Export Promotion Agency Vlajkoviceva 3 11000 Belgrade phone: +381 11 3398 550 fax: +381 11 3398 814 [email protected] www.siepa.gov.rs Real Estate Industry in Serbia Contents Plaza Centers in Serbia .................................. 2 Key Information on Serbia .............................. 3 Why Invest in the Real Estate Industry in Serbia ....... 4 Overview of the Real Estate Industry Basic Industry Indicators .............................. 6 Office Market Trends .................................. 7 Residential Market Trends ............................. 9 Retail Market Trends .................................10 FDI in the Real Estate Industry .......................11 Africa-Israel Corporation & Tidhar Group in Serbia ...12 Acquiring Construction Land Land Classification ...................................14 Leasing Municipality Land ...........................15 Acquiring the Right to Use Land .....................16 Conversion of Agricultural Land .....................17 GTC International in Serbia ............................18 Construction Procedure Assessment of Urban Conditions ....................19 Construction Approval ...............................19 Land Development Fee Payment and Main Project Preparation .............................20 Notice of the Start of Construction...................20 Construction .........................................20 Occupancy Permit ...................................20 Registration in the Cadastre..........................21 Financing Options ...................................22 Real Estate Transfer Real Estate Taxes .....................................22 Related Contacts .......................................23 SIEPA Services ..........................................24 Plaza Centers in Serbia Mr. Sagiv Meger, CEO, Plaza Centers Serbia Why did you decide to start a business in Serbia? We feel that Serbia is in an unstoppable race to close the economic gap it has with its neighboring countries. Thanks to economic liberalization and various newly introduced reforms, GDP was steadily increasing over the past years. This is exactly where Plaza Centers comes in–our goal is to provide a new quality of life for the people of Serbia to accommodate this new growth by providing the development they deserve. This has been our strategy for the past 12 years starting in Hungary and has proven to be a winning formula for us. What are your current and future projects in the country? Plaza Centers is focusing on Serbia as a whole and not only on the capital. Currently, we have 3 projects: one in Kragujevac (www.kragujevacplaza.rs) where we started building a shopping and entertainment center of 65,000 sq m GBA and two in Belgrade: Visnjicka Plaza with an approximate GBA of 90,000 sq m and our jewel project, which will be the old Police headquarters building in Knez Milos St, where we plan to build a 5-star+ hotel, Class A office tower, and high-end retail shopping center. We are busy acquiring more plots throughout various key towns, and Plaza intends to invest €500 million in Serbia within the next three to four years. Our aim is to uplift the economy as a whole, while offering the Serbian people quality accommodation, office facilities, and shopping and entertainment facilities. How do you perceive business climate in Serbia? We feel that the people, as well as the Serbian Government are ready for a positive change. Naturally, before the last elections, we were little concerned and we are still keeping a close eye on the political climate of Serbia. But, at the moment, we are very optimistic about the general climate in Serbia. 2 Helsinki 2083 km Oslo 2109 km Tallinn Stockholm 2075 km 2154 km Riga 1768 km Dublin Copenhagen EU Countries 2435 km 1659 km Non EU Countries CEFTA Hamburg 10th Pan–European Corridor 1547 km 7th Pan–European Corridor Amsterdam Berlin London 1721 km 1255 km Warsaw 1982 km 1067 km Brussels Kiev 1672 km 1302 km Frankfurt 1282 km Prague 907 km Vienna Paris 612km 1766 km Stuttgart 1155 km Bratislava Munich Salzburg 578 km 930 km 797 km Zürich Graz 1175 km Budapest 575 km 384 km Ljubljana Zagreb Milan 520 km 390 km 1009 km Bucharest Belgrade 641 km Marseille Sarajevo 1518 km 291 km Soa 403 km Skopje Barcelona Rome 423 km 1956 km Istanbul Madrid 1289 km 980 km 2566 km Tirana 612 km Thessaloniki 630 km Igoumenitsa 924 km Athens 1132 km Official Name Republic of Serbia Form of State Democratic Republic Political Structure President, Unicameral Assembly with 250 seats Key Information on Serbia Information Key Area 88,361 km2 Population 9.5 million South East Europe, central part of the Balkan Geographic Peninsula, at the intersection of Pan European Position Corridors No. 10 and No. 7 In the east, Serbia borders Bulgaria, in the northeast–Romania, in the north–Hungary, in Border the west–Croatia and Bosnia and Herzegovina, in the southwest–Montenegro, and in the south–Albania and Macedonia Temperate continental, with monthly average Climate temperatures ranging between 0.7°C in January and 17.5°C in July Official Language Serbian Main Religion Christian Orthodox Other Religions Roman Catholic, Islamic, Jewish, Protestant Belgrade: 1,576,000; Novi Sad: 298,000; Largest Cities Nis: 250,000 Currency Dinar (RSD) GDP (2007) €29.54 billion GDP pc (2007) €4,002 Time Zone Central European Time (GMT + 01:00) Internet Domain .rs 3 Why Invest in the Real Estate Industry in Serbia COMPETITIVE TAX SY S TEM ROBU S T RE C ENT GR OWTH Serbia’s tax regime is highly conducive to doing business. For years, Serbia was among Europe’s fastest growing Corporate profit tax is the second lowest in Europe, while VAT economies. Between 2004 and 2008, economic growth is among the most competitive ones in Central and Eastern averaged 6.3%, while GDP per capita almost doubled. Strong Europe. In addition, businesses in the country can take GDP performance was largely driven by service sectors such advantage of a broad range of tax incentives. as telecommunications, retail, and banking. In addition, local food, beverage and construction industries expanded rapidly. Principal Tax Rates and Tax Incentives Based on the metal, food, textile, chemical, machinery, and Standard rate – 18% furniture sectors, Serbian exports also increased at a sharp rate VAT Lower rate – 8% of more than 33% annually. Corporate Profit Tax Uniform rate – 10% 20% (for dividends, shares in profits, royalties, GDP Growth Rate Withholding Tax interest income, capital gains, lease payments 2008 5.4% for real estate, and other assets) 2007 6.9% Salaries – 12% Personal Income Tax Other income – 20% 2006 5.2% 10% (for annual income above 5 average 2005 5.6% Annual Income Tax annual salaries) 2004 8.3% Social Insurance Pension and disability insurance – 11% Source: Statistical Oce of the Republic of Serbia Health insurance – 6.15% Contributions Unemployment insurance – 0.75% A 10-year corporate profit tax holiday for investments of over €7 million that create at least 100 new jobs A corporate profit tax credit of 20% of the fixed assets investment Carrying forward of losses over a period of up to 10 years Accelerated depreciation of fixed assets Salary tax base deduction in the fixed amount Tax Incentives of RSD 5,938 (app. €65) Salary tax exemptions for employees below 30 and above 45 years Social insurance contributions exemptions for employees below 30 and above 45 years Annual income tax deductions of up to 50% of the taxable income Customs-free imports of equipment based on foreign investment 4 ST R ON G FDI FI G U R E S BOOMIN G MA R KET POTENTIAL Since the onset of economic reforms in 2001, Serbia has In Serbia, there is strong demand in the office, residential, and grown into one of the premier emerging investment retail market. As a result of robust economic growth and strong locations in Central and Eastern Europe, with the FDI inflow FDI forecast, demand for quality office space has been on a of over €12 billion. The list of leading foreign investors steady rise. Likewise, a residential market is forecast to experience is topped by world-class companies and banks such as an upward trend due to a steady increase in household income Telenor, Philip Morris, Mobilkom, Banca Intesa, AB InBev, and a wide availability of mortgage loans. Furthermore, yields and many others. in the real estate sector tend to be higher than in other CEE According to PwC, Serbia is the 3rd most attractive countries, amounting to 10% in the office market. manufacturing and 7th most attractive services destination among emerging economies. Additionally, E&Y recorded over Prime Office Yields (Q1 2009) 100 inward investment projects in Serbia in 2007 and 2008– City Office Space Yields the 2nd best performance in the South East Europe region. Belgrade 10.00% Sofia 10.00% Inward FDI (EUR mn) Bucharest 9.50% 2008 2,255 Zagreb 8.50% 2007 2,601 Budapest 7.75% 2006 4,279 Bratislava 7.25% Prague 7.00% 2005 1,329 Warsaw 6.75% 2004 788 Source: CB Richard Ellis Source: National Bank of Serbia LOW OVE R HEA D CO S T S One of the key advantages of doing business in Serbia compared to other CEE countries are lower operating costs. Labor costs in Serbia are comparable to those in South East European countries, while standing at less than 50% of their level in Eastern European EU member states. In addition, electricity, gas, and other utilities are available at very favorable prices. Total Monthly Labor Costs in EUR (2007) Romania 527 Serbia 566 Slovakia 927 Croatia 973 Poland 997 Hungary 1,055 Czech Republic 1,201 Source: EUROSTAT, Croatian Central Bureau of Statistics, Statistical Oce the Republic of Serbia 5 Overview of the Real Estate Industry Basic Industry Indicators Employment and Salaries The industry employed 39,105 staff in September 2008. GDP The qualification structure is dominated by high school and According to the latest data available, 2007 GDP in the university-degree holders accounting for 35% and 28% of industry gained 10.35% in nominal terms against the previous total industry employment, respectively. They are followed by year. With GDP of around €2.72 billion, the industry accounted qualified workers, with a 11% share, while other categories for over 9% of the total economic output.
Load more

Recommended publications
  • Belgrade Rocks - New York Times
    Belgrade Rocks - New York Times http://travel.nytimes.com/2005/10/16/travel/16belgrade.html?ei=5070... October 16, 2005 Belgrade Rocks By SETH SHERWOOD Correction Appended NIGHT falls in the capital of the former Yugoslavia, and music fills the air. Everywhere. Along the banks of the Danube and Sava Rivers, serpentine chains of music-blasting splavovi - floating raft clubs - snake into the inky Balkan night. Fortified by huge meat-kebab dinners and Turkish coffees from Belgrade's myriad cafes, crowds of night owls line up to partake variously of Gypsy bands, electronic mixes, rock 'n' roll and a distinctly Serbian hybrid known as Turbofolk. As a parade of Puma-clad feet files down the metal gangway to a club called Exile, the night's marquee D.J., the New York City-based techno producer John Selway, prepares for his 2-to-6 a.m. set. "The most fun places to play are here, South America and Japan!" he shouts over rapid-fire industrial beats, praising the energy of the night life in the capital of Serbia and Montenegro, the name for what is left of Yugoslavia after its unraveling in the early 90's. "They're interested in new music and in building a scene!" Across the water, the lighted dome of St. Sava Church and illuminated stone walls of the centuries-old Kalemegdan Fortress hover over the capital's skyline. Just six years ago, during 78 days of NATO bombings intended to quell President Slobodan Milosevic's attacks on ethnic Albanians in the nation's Kosovo province, that same panorama exploded routinely in flame and debris.
    [Show full text]
  • Conference Abstracts
    Belgrade University World Association of Soil and Water Faculty of Forestry Conservation (WASWC) INTERNATIONAL CONFERENCE ON “LAND CONSERVATION” – LANDCON 1209 SUSTAINABLE LAND MANAGEMENT AND CLIMATE CHANGES September 17-21, 2012 Danube Region/Republic of Serbia Conference Abstracts World Association for International Sediment European Society for Soil Water Management Institute Sedimentation and Erosion Initiative (ISI-UNESCO) Conservation (ESSC) “JAROSLAV ČERNI” Research (WASER) International Conference: Land Conservation – LANDCON 1209 INTERNATIONAL CONFERENCE ON „LAND CONSERVATION” – LANDCON 1209 SUSTAINABLE LAND MANAGEMENT AND CLIMATE CHANGES September 17-21, 2012 Danube Region/Republic of Serbia CONFERENCE ABSTRACTS Editors: Miodrag ZLATIĆ Stanimir KOSTADINOV Belgrade, 2012 1 International Conference on Land Conservation – LANDCON 1209 INTERNATIONAL CONFERENCE ON „LAND CONSERVATION” – LANDCON 1209 SUSTAINABLE LAND MANAGEMENT AND CLIMATE CHANGES September 17-21, 2012 Danube Region/Republic of Serbia Conference Abstracts Publisher: University of Belgrade, Faculty of Forestry Editors: Miodrag ZLATIĆ Stanimir KOSTADINOV Editorial Board: Miodrag ZLATIĆ - University of Belgrade, Faculty of Forestry, Belgrade, Serbia Stanimir KOSTADINOV - University of Belgrade, Faculty of Forestry, Belgrade, Serbia Nada Dragović - University of Belgrade,Faculty of Forestry, Belgrade, Serbia Slobodan PETKOVIĆ - University of Belgrade, Faculty of Forestry, Belgrade, Serbia Editorial Office: Faculty of Forestry Phone: +381 11 3053-990 Kneza Višeslava 1 Fax:
    [Show full text]
  • Referenc Lista
    Referenc lista Marija OSTOJIĆ - dipl.inž.šum. za pejzažnu arhitekturu odgovorni projektant – licenca br. 373 3934 03 odgovorni izvodjač radova - licenca br. 474 H503 13 Referenc lista uradjenih projekata, tehničkih kontrola, Poslova stručnog nadzora, izvedenih radova PROJEKTOVANJE 2002 *Objekat: Tržni centar ‘Mercator’, blok 31,Novi Beograd Investitor: “Mercator” d.o.o. Pasterova 14a, Beograd Projekat: Izmena projekta za ozelenjavanje terena oko objekta Projketna org.: “ARP” d.o.o., Beograd Datum: Novembar 2002. *Objekat: Poslovno – proizvodni centar Bulevar kralja Aleksandra, Beograd Investitor: “OKRUGLICA - IGM” , Beograd Projekat: Glavni projekat ozelenjavanja Projketna org.: “ARP” d.o.o., Beograd Datum: Novembar 2002. 2003 *Objekat: Benzinska stanica, blok 63, Novi Beograd Investitor: Korać Slobodan , Beograd Projekat: Glavni projekat ozelenjavanja Projketna org.: “ARP” d.o.o., Beograd Datum: Februar 2003. *Objekat: Poslovni objekat GTC,blok 30, Novi Beograd Investitor: GTC INTERNACIONAL DEVELOPMENTS, M. Pupina 165a, N. Beograd Projekat: Glavni projekat ozelenjavanja Projketna org.: “ARP” d.o.o., Beograd Datum: Mart 2003. *Objekat: Porodični stambeni objekat Investitor: G-din. Dragan Karadžić, Beograd Neznanog Junaka 21,Beograd Projekat: Glavni projekat ozelenjavanja sa analizom postojećeg stanja Projketna org.: Kompanija “KOLING” a.d., Beograd Datum: April 2003. *Objekat: O-1,G-1, Miljakovac III, Beograd Investitor: Građevinska Direkcija Srbije d.o.o., Beograd Projekat: Glavni projekat uređenja terena sa ozelenjavanjem Projketna
    [Show full text]
  • A New Identity for a Prosperous Future? 42Nd Isocarp Congress 2006
    Aleksandra Stupar, (Re)Symbolizing the Modern Heritage: A New Identity for a Prosperous Future? 42nd ISoCaRP Congress 2006 (Re)Symbolizing the Modern Heritage: A New Identity for a Prosperous Future? Introduction Built on the deserted marshlands between the historical cores of Belgrade and Zemun, New Belgrade was transmitting a strong political message of the new post-war Yugoslav society. Therefore, it accepted a ritual pattern well known for centuries and played an important role in a symbolical initiation of the newly established communist system. As the offspring of the Athens Charter and the huge political aspirations of President Tito, New Belgrade was established upon the principles of the Radian City project and Brasilia, although with its own uniqueness. Besides its competitive advantages over other parts of Belgrade metropolitan area, it was, from the beginning of its construction, the pivotal point of regime propaganda, accepted with great enthusiasm by the masses. Consequently, some of the first proposals for its development and the concept of the final project, clearly underline the importance of this urban entity in the modern life of the State and the Community. At the same time, a number of architectural sketches, models and photographs, used to document the impressive planning and building process, offer an interesting multi- layered story which expresses the ideals, values and imperatives of the state and its leader. However, after decades of more or less successful existence, this Modern (anti)utopia became a scene for a new 21st century experiment - the (re)symbolization of the modernist vocabulary, this time caused by the strong global forces.
    [Show full text]
  • Serbia Real Estate Today
    CONTENTS Contents 04,05 SERBIA AT A GLANCE 06,07 ECONOMY 08,09,10 EDUCATION 11 MOTIVATION PLATFORM 12,13 ACQUISITION OF REAL ESTATE 14,15 SERBIA OFFICE MARKET 16,17 BELGRADE SUBMARKETS 18,19 NEW TRENDS IN OFFICE SPACES 20,21,22 RETAIL MARKET 23 RETAIL WAREHOUSE MARKET 24,25,26 RESIDENTIAL MARKET 27 RESIDENTIAL LEASE 28 INDUSTRIAL MARKET 29 LAND 30,31 HOTEL MARKET 32,33 INVESTMENT MARKET 34,35,36,37 TAXATION ON REAL ESTATE IN SERBIA 38,39 CONTACT 40 MARKET PRACTICE 01 FOREWORD Dragan Radulovic, Managing Director With the very active first half of the year and throughout Serbia. In addition, a couple of globally announced projects by key international known brands are currently putting a lot of effort developers some being already present, the trying to secure the position within the existing others just watching for the opportunity to enter, shopping schemes, especially in larger cities like we could be optimistic at least when it comes to Belgrade, Nis and Novi Sad. the end of 2014 and the start of the year 2015. Residential market has for the past two years Serbian property market being as underdeveloped stabilized, both in terms of the sales prices and as as it is, becomes more attractive for the per the demand vs. supply ratio. Overall, the developers, seeing the present moment as most demand has been picking up from the second half favourable, especially having in mind the absence of 2013, and the well-defined residential concepts of the construction activity in the last couple of at key city locations, sell out within one year from years throughout all industry sectors, causing the end of construction.
    [Show full text]
  • Resi Lease 011.Cdr
    RESIDENTIAL LEASING SERVICES 2019 © CBS INTERNATIONAL CBS International has in its offer Main Residential Areas Efficient analysis of Full support throughout the leasing process more than 2,500 high-quality client’s needs Ÿ Approaching the landlords and negotiations houses and apartments. Ÿ Vračar area offers contemporary Ÿ Market survey apartments and penthouses as well as Ÿ Evaluation of the achieved agreement terms elegant traditional villas Ÿ Sourcing out the for selected offers properties that Ÿ Dedinje/Senjak area offers residential Ÿ Reaching the final decision match the houses with spacious gardens along with Residential requirements Ÿ large apartments Leasing Final negotiation and signing the contract Ÿ Offers evaluation Ÿ Ÿ City Center offers one to four-bedroom 24/7 support We provide our clients with and short-listing salon type apartments and penthouses a thorough insight into Ÿ New Belgrade offers a range from Belgrade Residential Market, one-bedroom apartments to thus enabling them to find four-bedroom penthouses the right property that would WE COVER IT meet their residential needs. As our client, you will enjoy full support during and after Ø Tenant Representation negotiation process with the prospective landlord. Ø Landlord Representation CBS International has in its offer Main Residential Areas Efficient analysis of Full support throughout the leasing process more than 2,500 high-quality client’s needs Ÿ Approaching the landlords and negotiations houses and apartments. Ÿ Vračar area offers contemporary Ÿ Market survey apartments and
    [Show full text]
  • Investment in Our Clients' Best Interest
    Investment in our clients’ best interest The focus of our efforts and engagement is pri- Fokus na{ih napora i anga`ovanja usmeren je prvenstveno na zado- marily on client satisfaction, and hence our com- voljstvo na{ih klijenata ali i pokazuje na{u poslovnu filozofiju da pany philosophy is to be always one step ahead. We budemo uvek jedan korak ispred. To je razlog {to stalno usavr{avamo are continually perfecting the systems that underpin the function- sisteme na kojima po~iva funkcionisanje Airport City-ja i u kontinu- ality of Airport City and constantly investing strategically in their itetu zna~ajno investiramo u njihov razvoj, pre svega da bismo na{im development, primarily in order to allow our clients to reduce their klijentima omogu}ili smanjenje tro{kova i u{tedeli zna~ajna costs and save significant resources. Together with ACPM we are cur- sredstva. U ovom trenutku zajedno sa ACPM-om postavili rently focusing on an energy efficiency project as our top priority. We smo projekat energetske efikasnosti u `i`u na{ih aktivnosti. will endeavour to continue constantly launching new projects in the Trudi}emo se da i ubudu}e stalno pokre}emo nove projek- interests of maintaining ACB at the level of the best business com- te u interesu odr`avanja ACB-a na nivou najboljeg plex, Airport City CEO, Adir Elal, told Whats up. poslovnog kompleksa, kazao je za Whats up, direktor Airport continued on pg 04>> City-ja, Adir Elal. nastavak na strani 04>> 02 03 Your positive response to the 2011 Vizila Calendar reinforced Va{e pozitivne reakcije na kalendar Vizila 2011 u~vrstila su our belief that the environment we have here at Airport City nas u uverenju da je na{a sredina u Airport City-ju otvore- ACB supporting is open to both change and positive exchanges of the tradi- na za promene i pozitivnu razmenu tradicija i kultura koje tions and cultures that coalesce at our business park.
    [Show full text]
  • City Within a City
    AIRPORT CITY BELGRADE “ Awarded as THE BEST OFFICE DEVELOPMENT PROJECT of the year IN SOUTHEASTERN EUROPE “ Airport City Belgrade newsletter June / 2015 n ° 17 City within a city It has already become customary for June to be the month when the Već je postalo uobičajeno da jun bude mesec kada se Avenue is “happening”; the month during which many companies “dešava” Avenija, mesec u kome mnoge kompanije slave celebrate their anniversaries or mark their successes. It was on the godišnjice ili obeležavaju svoje uspehe. Prvu zgradu ACB- last day of June in 2006 that we officially opened ACB’s first -buil a smo svečano otvorili poslednjeg dana juna 2006 i tada ding and at the same time placed a Megillah, with signatures and smo u temelje sledeće faze položili Megilu s potpisima i good wishes for the prosperity of Airport City, in the foundations dobrim željama za prosperitet Airport City-ja. Ovog juna of the next phase. This June we are launching the fourth phase of započinjemo četvrtu fazu izgradnje, zakoračićemo preko construction and will step beyond the 75,000m2 mark, which has oznake 75.000m2 koliko je bilo ovde već izvesno vreme i EXPANDING been the limit here for some time, and look ahead to the future radujemo se i budućem izgledu ovog dela projekta pre- appearance of this part of the project towards Tošin bunar and the ma Tošinom bunaru, užurbanoj atmosferi gradilišta koja wards busy atmosphere of the construction site which, regardless of how bez obzira koliko nosi sa sobom žamor ili buku predstav- noisy it may be, represents a sign that there’s something new on the lja znak da je nešto novo na pomolu - kranovi su uvek TO morrow horizon – cranes are a symbol of new beginnings.
    [Show full text]
  • Belgrade Rocks
    October 16, 2005 Belgrade Rocks By SETH SHERWOOD Correction Appended NIGHT falls in the capital of the former Yugoslavia, and music fills the air. Everywhere. Along the banks of the Danube and Sava Rivers, serpentine chains of music-blasting splavovi - floating raft clubs - snake into the inky Balkan night. Fortified by huge meat- kebab dinners and Turkish coffees from Belgrade's myriad cafes, crowds of night owls line up to partake variously of Gypsy bands, electronic mixes, rock 'n' roll and a distinctly Serbian hybrid known as Turbofolk. As a parade of Puma-clad feet files down the metal gangway to a club called Exile, the night's marquee D.J., the New York City-based techno producer John Selway, prepares for his 2-to-6 a.m. set. "The most fun places to play are here, South America and Japan!" he shouts over rapid- fire industrial beats, praising the energy of the night life in the capital of Serbia and Montenegro, the name for what is left of Yugoslavia after its unraveling in the early 90's. "They're interested in new music and in building a scene!" Across the water, the lighted dome of St. Sava Church and illuminated stone walls of the centuries-old Kalemegdan Fortress hover over the capital's skyline. Just six years ago, during 78 days of NATO bombings intended to quell President Slobodan Milosevic's attacks on ethnic Albanians in the nation's Kosovo province, that same panorama exploded routinely in flame and debris. This night, with Mr. Milosevic on trial in The Hague and Belgrade's doors open to the West, it's only the lights from Exile's open-air dance floor that flash in the night sky.
    [Show full text]
  • SINGIDUNUM UNIVERSITY Department of Postgraduates Studies
    SINGIDUNUM UNIVERSITY Department of Postgraduates Studies Study Program Business Systems in Tourism and Hospitality MASTER THESIS MICE Tourism and Sustainable Development - The Challenge and Potential for Belgrade Mentor: Candidate: Professor Jovan Popesku, PhD Sladjana Skopljak Kresović 405638/2013 Belgrade, July 2015 TABLE OF CONTENTS Introduction ......................................................................................................................................3 Subject of the research .....................................................................................................................5 Goal of the research .........................................................................................................................5 Research hypotheses ........................................................................................................................6 Research methods ............................................................................................................................6 PART ONE – MICE TOURISM IN THEORY AND PRACTICE 1.1. Definition of MICE tourism.................................................................................................6 1.2. The MICE industry in figures ..............................................................................................7 1.3. Typology of MICE tourism .................................................................................................8 1.3.1. Meetings ...................................................................................................................9
    [Show full text]
  • Valuation & Advisory
    Regional Capabilities VALUATION & ADVISORY COVERING THE REGION CBS International is a member of Cushman & Wakefield Alliance, a leading global real estate services firm, operating with 53,000 employees in more than 60 countries worldwide. Cushman & Wakefield is among the largest commercial real estate services firm with revenue of $8.8 billion across core services. It is present through fully owned and affiliate offices in all capital cities in the SEE region. CBS International as a regional leader enters 2nd decade of impeccable performance, covering a broad rangeof integrated services including: office agency, retail agency, residential sales and lease agency, industrial& land agency, valuation & development advisory, capital markets, market research, project management,property and facilities management, marketing. CBS International is managing offices in Serbia, Croatia, Montenegro and North Macedonia with 120+ employees. Hall of Fame Awards 2020 / The Best Real Estate Consultancy in Central and Southeast Europe / The Best Retail Real Estate Agency in Central and Southeast Europe. 2019 Euromoney Awards / Top Real Estate Advisor Overall, Top Valuation Consultant, Top Letting/Agency, Top Research Consultant. 2019 CIJ Awards / Best Commercial Real Estate Agency SEE / Best Commercial Real Estate Agency Serbia / Best Project Management Company of the Year 120+ EMPLOYEES 4 COUNTRIES 12+ YEARS MARKET PRESENCE IN THE REGION 280,000 sq m LEASED IN THE LAST 3 YEARS CORE SERVICES • Property valuations in accordance with International • Bank
    [Show full text]
  • RESEARCH REPORT Belgrade Office Market Q2 2014
    RESEARCH REPORT Belgrade Office Market www.cbre.rs Q2 2014 HOT TOPICS BELGRADE OFFICE STOCK • In Q2 2014, the vacancy rate The speculative office stock of half a million sq m of GLA remained unchanged further dropped below 10% (as during H1 2014. At the moment, Belgrade contemporary supply exceeds 734,000 compared to the total stock) sq m of GLA, out of which 70% is speculative, i.e. 513,000 sq m and 28% owner • Due to the lack of new supply, the occupied space, or 221,000 sq m. market becomes undersupplied of quality office spaces as at the BELGRADE OFFICE STOCK (SQ M GLA) moment only few office buildings may accommodate requests of Speculative Class A Stock Speculative Class B Stock Owner-Ocuppied stock Total Completions over 500 sq m as a compound 600,000 unit 500,000 400,000 m GLA m Sq 300,000 200,000 Serbia essentials 100,000 Population 7,186,862 (Census 2011) 0 Average salary (EUR) 388 2005 2006 2007 2008 2009 2010 2011 2012 2013 June 2014 Total completions include Speculative Completions and Owner-Occupied Completions Average Household Source: CBS International, part of the CBRE Affiliate Network, locally prepared 477 Expenditure (EUR) Q1 2014 Unemployment rate (Labor Force 20.3% Survey – Q2 2014) At the moment, the office market faces the lack of new supply and no large GDP -1.1% projects have commenced construction. Only small-scale projects are either under Q2 2014 (y-o-y) construction, either being done in shall and core condition, waiting for the future CPI 2.1% tenants for the final completion.
    [Show full text]