Serbian real estate market records drop during state of emergency

Serbian real estate market records drop during state of emergency

The volume of the Serbian real estate market dropped by 70 percent during the state of emergency between March 15 and May 6, the Republic Geodetic Authority said on Wednesday.

It added that prices did not drop during that seven week period. The statistics office said that 5,343 real estate sales were registered by notaries public, adding that more sales of housing were recorded than of farm or construction land. The real estate market dropped slightly on a daily basis to the end of April when a slight rise began.

The Authority said that the drop in sales was partly caused by the fact that housing and land registry offices were closed during the state of emergency and all sales contracts had to be registered online or by notaries public.