The current state of the Serbian, Croatian and Slovenian property markets was the topic of our latest online panel. The adaption of new technologies, especially in the retail and hotel sectors, is crucial to handle the shock of the coronavirus lockdowns. Five experts, with the moderation Mia Zecevic, CEO of the Novaston Real Estate Platform, shared their knowledge on the implications of the current crisis in the Balkans region.
The real estate sector in the Balkans is not so connected to Western European countries yet, so the normal operation of the market may come back faster. For now, the region seems to be quite resilient to the crisis, explained Klemen Fajmut, Expansion and Development Manager at Imagine.
New standards will come, the implementation of technological innovation, even though it will take at least about half a year, can happen faster than we would have expected without the current shock. In this regard, the future of retail needs to be rethought. Many new technologies, technical tools and prevention techniques have to be adopted, he added.
There is a slight difference between Serbia and many other countries considering the effects of the coronavirus restrictions, as in Serbia, there was no complete lockdown, argued Srdjan Teofilovic, Head of Capital Markets & Investor Services at CBS International | Cushman & Wakefield Group. Most shops were open during the whole lockdown, retailers could decide whether they operate or not, according to the governmental decision.
According to Filip Vucagic MRICS, Partner / Director at Colliers International Croatia, the main difficulty is the uncertainty of the situation, i.e. not knowing what can we expect in two weeks. While China is a huge country where domestic tourism is significant, European countries, especially Croatia, are dependent on the hospitality sector. However, this also provides new opportunities to adopt new trends. Hotels need to adapt to the changes and new structures of operation.
In Slovenia, too, hospitality is the worst-hit sector, contrary to logistics, which, also in the Balkans, is the winner of the crisis, said Matevz Mencak, Head of Real Estate Funds at Generali Investments LCC Slovenia.
