ARTICLES LABELLED WITH TAG Serbia

AFI Europe Serbia is launching on the construction of the Skyline Omnia office tower on Belgrade’s Kneza Milosa. The project, worth €73 million, will see the completion of 132-metre high office tower with 31 floors, covering nearly 40,000 sqm.

Delta Holding has acquired the 29,374 sqm Sava Center congress complex in Belgrade. After several attempts by the City of Belgrade to sell the property, Delta Holding confirmed that it is willing to accept the latest €17.5 million price plus the €50 million of obligatory investment. According to the estimates of foreign consultants hired by Delta, the investment for the renovation of Sava Center will be more than €60 million.

The region’s largest shopping centre Galerija Belgrad will open on 30 October. With a total area of 300,000 sqm, Galerija Belgrade will offer local and international brands in one place, dozens of cafes and restaurants, two entertainment complexes, a cinema with the most advanced IMAX technology and as many as 3,600 parking places.

The Belgrade city government has invited bids for the sale of the Sava congress centre at a minimum price of€ 27.42 million.

Aviv Park Zrenjanin, a 25,000 sqm open-air shopping centre in the Vojvodina region of Serbia, has officially started operating under the management of BIG Shopping Centers. The new operator acquired the building earlier this year.

Developer MPC Properties has opened the Ušće Tower Two office building in Belgrade. The 22-storey building offers 23,200 sqm of leasable space. The developer will be seeking BREEAM certification for the property that is located in New Belgrade’s central business district.

The competition authorities of Poland, Hungary and Serbia have all granted consent for Optimum Ventures Private Equity Fund’s takeover of a majority shareholding (61.49%) in Globe Trade Centre S.A., a Polish company trading on the Warsaw Stock Exchange and Johannesburg Stock Exchange.

In the Serbian economy, the construction industry has been one of the sectors least affected by COVID-19, with only smaller decrease recorded in production volumes and logistical capacity. The Eastern European Construction Forecasting Association has published a COVID-19 update on the construction sector of Serbia.

Ever since the World Health Organization declared a pandemic caused by the COVID-19 virus, our lifestyles and the way business is done have changed completely worldwide. Although the end of the several-week-long isolation is close, it is quite certain that this period will have its effects on many aspects of life. This is also reflected in the results of a major survey recently conducted by a leading real estate consultancy CBS International, part of Cushman & Wakefield Group, called "Traditional Office vs. Home Office in a Changed Business Environment". The survey involved 250 domestic and international companies from different industries, based in Serbia, and the results comprehensively illustrated how COVID-19 affected and will affect their business in the future.

Even though it is too early to estimate precisely, the pandemic of COVID-19 will certainly have an impact on the global economy and, the probability of a global recession in 2020 is considered high. It appears that we will witness consecutive declines in global and regional GDP in the current and next quarter of 2020.  CBS International, a member of Cushman & Wakefield Alliance, summarized the potential implications of the COVID-19 crisis on the Serbian property market.