Inflation grounds Serbia’s housing market
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Serbian house prices continued to crawl in 2007 after a bleak performance in 2006. When adjusted for inflation, Serbia’s house prices fell 7.3% in 2007, and 4.9% in 2006.
Inflationary pressures combined with high interest rates and increased construction activity led to the weak performance. Of course in non-inflation adjusted terms, the picture looks somewhat more positive - the average nominal price of new dwellings rose 3.8% in 2007, after rising by 0.82% in 2006, according to figures from the Statistical Office of Serbia (StatSerb).
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