Serbian property sales drop 33% in March

Real estate transactions in Serbia dropped by one-third in March compared to a year ago, according to the Republic Geodetic Authority (RGZ). In March, 65 percent of all real estate purchases were made using cash only (compared to 70 percent in March 2019), while 35 percent of real estate purchases were financed with loans, a five percent increase from the year before. The RGZ noted that the number of transactions that took place on April 3, 2020 was 70 percent less than the same day in 2019. All real estate transactions have to be presented to the RGZ in order to be considered official. The government has warned that standard time limits for the RGZ will not apply during the state of emergency and that the organization will not be considered to be responsbile for any consequences resulting from potential delays.