Photo: freepik.comThe demand for all types of real estate has been growing since the beginning of the year, and the biggest growth trend was recorded for garage space. Real estate agencies say that garage space has become an almost crucial item in the decision to buy an apartment and that real estate in buildings that do not have it are harder to sell. On the other hand, the demand is growing because of buyers who want to invest in this type of real estate, in order to rent it out, because the monthly rent costs from 50 to 200 euros, depending on the location.
Compared to the first half of last year, in the first six months of this year, 22% more garage spaces were sold, but the volume of funds increased by almost 59%, indicating that owners now have to shell out a lot more money to buy parking space for their four-wheelers.
According to the statistics of the Republic Geodetic Institute (RGZ), three years ago, one garage was sold for every five apartments in Serbia, while based on the data for the first half of this year, every third apartment was bought with a garage.
From January to June, 25,775 apartments were sold, and 8,451 garage spaces were sold. The growth of garage space turnover is even better illustrated by the comparative data from the first half of 2019, when 3,833 garage spaces were sold, which means that the number of sales has more than doubled compared to three years ago.
Vladimir Obradović from the Nekretnine Obradović agency told Euronews Serbia that the demand for garages is high, especially in new buildings, and that clients do not even consider buying an apartment if the package does not include a parking space, while old buildings that do not have a garage space sell less well. especially in Belgrade.
"Garages are generally sold with apartments when it comes to new construction. The city is expanding in height, not in width, and there is a lack of space. Anyone who wants to buy an apartment is also looking for a garage, especially in the city center. Old apartments that do not have a garage are more difficult to sell, regardless of their good location and high prices. "All new buildings are required to have garages, and without a garage space, it is difficult to sell them," explains Obradović.
He notes that there are people who are looking for garages to invest in, that is, to rent out a parking space, but they are almost never sold separately.
"Investors avoid doing that, because then it is difficult for them to sell an apartment that does not have a 'reserved' garage space." Demand is high and prices have soared. A garage that cost about 15,000 euros last year is now 25,000 euros, and in some locations up to 30,000 euros. For potential buyers, the problem is not only the high price, but also the fact that such a property cannot be found for sale," says Obradović.
On average, a garage space can be purchased in Belgrade for around 15,000 euros, although the location of the building dictates the final price. It is almost impossible to get one in Savski venac for less than 20,000 euros. According to RGZ data, even 90% of garage spaces in this Belgrade municipality were sold at a price ranging from 20,000 to 26,000 euros. The most common prices in the Old Town are from 19,000 to 30,000 euros, and about 75% of real estate of this type is sold in that range, but the most expensive one in the first half of the year was sold for 37,000 euros.
In the first half of 2022, a total of 8,451 garage spaces were traded on the territory of Serbia, of which 6,196 garage spaces, 755 garage spaces and 1,500 parking spaces outside the building. When it comes to the share in the total number of sales of garage spaces, the largest share of 56%, that is, every second garage was sold in Belgrade. The prices of garage spaces on the territory of Serbia ranged from a minimum of 300 euros in Boljevac to 48,000 euros in Kopaonik, and the same price was reached in Belgrade.
When it comes to other cities, the highest prices after Belgrade are in Čajetina, that is, in Zlatibor, where the most expensive garage space was sold for 21,500 euros. In Niš, garage spaces were sold in the range of 500 to 15,000 euros, in Kragujevac for 1,200 to 12,000 euros, while the most sold garage spaces in Novi Sad were paid for from 8,000 to 18,000 euros, and for the most expensive, the new owner allocated 31,000 euros.
"GARAGES HAVE BECOME A SERIOUS BUSINESS"
Appraiser Milić Đoković tells Euronews Serbia that garages have become a serious business, because they are expensive and necessary. There are people who buy them solely for the purpose of issuing them and thus invest their surplus money.
"Unfortunately, the infrastructure does not follow the construction in terms of parking." Parking is a big problem in all major cities. It is more profitable to buy a garage space than to rent it, but it is not easy to find either. People who have money, but not enough for an apartment, buy a garage and rent it out for a minimum of 70 euros. Their investment will thus be returned in fifteen years. Many see this as a good solution, because only the rent is taken, that is, there are no renovation costs, no care for carpentry or tiles, and no depreciation, as in the case of an apartment or a house that is rented out," says Đoković.
According to information from the ad, renting a garage space costs from 50 euros on Banovo brdo to 200 euros on Dorćol or New Belgrade, while buying costs from 8,000 to 25,000 euros, although there are extremes of around 40,000 euros, but these are rare examples.
Apart from big cities, where parking has long become a big problem, the demand for parking spaces, according to Milić Đoković, also exists in popular holiday destinations, such as Kopaonik and Zlatibor. In mountain centers, garage prices range from 10,000 to 40,000 euros. Renting out is less common, but that's why the garage raises the price of renting a room or apartment.
Source: euronews.rs
