"Despite the relatively high prices of land in Belgrade, the city is still very attractive for investors".

Siniša Brašanac

Although at the moment the investment activity in Belgrade is of a smaller scale compared to Bucharest and Sofia, or maybe just because of this, the opportunities available for investors in real estate in the city who has managed to “re-invent itself” are incomparably outstanding. The same could be applied to Serbia as well, which attractiveness from real estate point of view is expected only to grow.

What are Belgrade’s competitive advantages over Bucharest and Sofia? How much are the yields achievable from real estate in Serbia higher than those achievable in Romania and Bulgaria? How can the fact that land in Belgrade is rather expensive play a positive role in the city’s urban development and is this a discouraging factor for property investors? Which kind of hospitality product has the brightest development prospects with regard to the Serbian capital? Has the time to build offices outside Belgrade come? These are only a few of the issues shedding light on the Serbian property market that Siniša Brašanac, General Manager of European Construction, part of MPC Properties, and Member of the Board of MPC Holding, reflects on in this interview. MPC Properties, the real estate unit of MPC Holding, is the company that is currently implementing one of Serbia’s most ambitious real estate projects and one of Belgrade’s most prominent landmarks, the Usce Multifunctional Development, which features the first regional shopping center in Serbia and the tallest building in the country.

Who are the world famous retailers that the Usce shopping center will introduce to the Serbian market? How is MPC Properties going to fund the implementation of the whole Usce Multifunctional project which is expected to entail investment volume of around EUR 160 mln? Is the sale of (parts of) the project likely and why? Will the company team up with foreign real estate players? What kind of space will the third phase of the Usce project, a twin tower of the current Usce Tower, be intended for? Mr. Brašanac answers all these topical questions exclusively for Property Xpress. He also talks about: Why MPC Properties has decided to put the accent on retail real estate? Which is the other property segment the company plans to pay special attention to and why? Which ex-Yugoslavian cities will be given priority to in MPC Properties’ development program? How is Serbia’s hotel market likely to evolve over the next 5 years and is there anything investors should worry about? Why, despite the fact that there are a lot of logistics projects underway in the country nothing has been implemented so far?



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