Belgrade metro project set to transform Serbia's economy

27
Apr
2026
News - Belgrade metro project set to transform Serbia's economy #Alstom #Belgrade #Infrastructure #investment #Metro #SEE #Serbia

by Irina Gasson | Economy

The construction of the Belgrade Metro represents the largest civil engineering project in Serbia and is expected to be a primary driver of economic growth in the coming years. For decades, public transport in Belgrade relied solely on buses, trams, and the city railway (BG Voz). The development of a comprehensive underground system is expected to have a transformative effect on commuting patterns and travel times.


Belgrade remains the largest city in Europe without a functional underground metro. While the project faced delays for many years, its commencement is now certain, with preparatory works already well underway, says Dejan Krajinović, EECFA's Serbian analyst.

The project represents a large-scale international collaboration between China and France. The Chinese construction giant Powerchina is tasked with tunnel boring, while the French company Alstom will provide the rolling stock and system management. Recent reports from China confirm that custom-made Tunnel Boring Machines (TBMs) for the Belgrade Metro are ready and are set to be shipped to Serbia this June.

Line 1 of the Belgrade Metro is divided into two phases: Phase 1 spans 15km and includes 15 stations, while Phase 2 is a planned extension of an additional 6km and 5 stations. The majority of Phase 1 will be underground, with 11km consisting of deep tunnels and 2km constructed using the cut-and-cover method. Some stations will reach up to 40m below ground level.

Estimates suggest that Line 1 could cost between €3.5 billion and €3.8 billion, meaning the project's scale will have a tremendous impact on civil engineering output from 2027 onwards. This is a key infrastructure development aimed at boosting growth against recessionary trends in the EU and an unstable global economic environment.




New leases

  • UDH, one of Poland’s largest distributors of premium imported beers, has leased approximately 1,400 sq m of modern warehouse and office space at the Park Rysy Kraków distribution centre. The tenant, which has chosen to expand its operations in southern Poland, was once again represented by AXI IMMO.
  • Golden Star Estate has secured a long-term lease agreement with global technology solutions and consulting provider C&F for nearly 1,900 sqm of office space at the Konstruktorska Business Center. Following the transaction, the property, located in Warsaw’s Mokotów business district, is now almost fully leased. The Polish branch of C&F will officially relocate to the facility at the beginning of 2027.
  • Natland Group has committed to its long-term presence at Prague-based Rohan Business Center through a lease extension covering 2,004 sqm of office space, together with storage facilities and dedicated parking spaces, in a deal brokered by iO Partners.

New appointments

  • Indotek Group has announced the appointment of Diederik Bakker as Group Chief Investment Officer and Group Head of Asset Management. In his new role, the Dutch real estate investment professional will gradually assume responsibility for the company's ITAM (investment, transaction, and asset management) activities across 12 European countries, supporting the next phase of Indotek Group’s growth. His focus includes facilitating sound investment decisions across Europe and developing a group-level portfolio management strategy that combines local market knowledge with international asset management know-how.
  • Peakside Capital Advisors has appointed Bogi Gabrovic to advise the board and support its investment and acquisition activities in Poland. Gabrovic brings more than 25 years of CEE real estate experience to the role, having previously held senior executive positions at CTP, Golub & Company, and White Star Real Estate, where she managed transactions exceeding €2 billion.
  • Katarína Brydone, Jana Vlková and Vendula Maršová have been appointed as the first Equity Partners of Colliers’ Czech business. Brydone brings more than 20 years of experience in international real estate. Vlková has more than 25 years of experience in commercial real estate. Maršová, Partner and Head of Valuation and Advisory Services, brings more than 16 years of experience in real estate valuation and advisory.

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