COLLIERS INTERNATIONAL 2011 SERBIA REAL ESTATE REVIEW Albania Bulgaria Croatia Czech Republic Greece Hungary Poland Romania Russia Serbia Slovakia Ukraine Accelerating success. 2011 COLLiers REAL ESTATE REVIEW » COUNTRY Serbia Dear Friends and Partners, The last year has proven to be challenging for all of us. All of the real estate market segments suffered, each in their own manner. Although the messages we receive from banks, investors as well as the government are encouraging, 2011 will continue to be a year of caution but a slow and definite recovery. Maja Sahbaz As a result of all this change, the one thing we can say is that the market general manager is a lot more sophisticated than it was 2 – 3 years ago. Some difficult colliers international serbia lessons were learned, and among them the most important one would be Address 115D Mihajla Pupina Blvd. that the market has shifted towards tenants and buyers. 11070 New Belgrade, Serbia Phone +381 11 313 99 55 It will continue to take an innovative and sophisticated approach to Email
[email protected] achieve successful and sustainable real estate solutions, tapping into local and global experience. We hope to continue to accelerate your success. Best regards, Maja Sahbaz P. 130 | COLLIErs INTERNATIONAL Research:
[email protected] 2011 COLLiers REAL ESTATE REVIEW » SERBIA ECONOMIC OVERVIEW KEY ECONOMIC FIGURES SUMMARY PROGNOSIS Metric 2010E 2011F After a sharp decline in GDP in 2009 Serbia’s GDP growth should be more GDP Growth 1.5% 2.5% (-3.1%), Serbia began to show some robust in 2011 than in 2010, with Industrial Production -0.5% 5.0% positive signs economically, with three UniCredit bank forecasting GDP growth Unemployment 20.0% 19.5% consecutive positive growth quarters of 2.7% in 2011.