Expenses and Features of Buying Procedure in Serbia
November 24, 2020
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It is not very difficult to buy real estate in Serbia even for a foreigner. But is that all you need to do? What kind of taxes do you have to pay? What is the size of an agen't comission? How does the realty price vary among locations? Find answers to each and every question in the article on Prian.info.
Additional Expenses
The tax on the purchase of real estate
Within 10 business days from the date of occurrence of the tax liability, i.e. from the date of signing the purchase and sale agreement, the taxpayer must submit a tax return with reliable information.
For secondary market property the owner must pay a tax on the transfer of absolute rights (Porez na prenos apsolutnih prava) - 2.5%.
For new buildings the owner pays value added tax (Porez na dodanu vrednost) – 10%. When buying a garage, the tax is 20%.
As a rule, the tax is included in the total cost of the property specified in the contract.
Duties and public services
Adding a new owner to the real estate cadastre – €50.
Realtor's fee
The size of it depends. 90% of real estate agencies in Serbia work on the principle of "2% from the buyer, 2% from the seller".
Let's look at the example of real estate worth €200,000. The buyer's commission is 2% of the cost. Which means, the buyer pays €200,000 + €4,000 = €204,000. The seller's commission is also 2%. Meaning, the seller gets €200,000 – €4,000 = €196,000.
In rare cases, the commission is taken only from the seller (most often this happens when they sell real estate from an investor and / or have an exclusive right to sell).
The agency can also set and fix a minimum commission in the cooperation agreement. Its size is usually from €500 to €1,000. It is applied if the cost of real estate is lower than a certain amount, and the amount of work for the agency is the same. For example, if the price of a property is €30,000, the agency's standard commission should be €600, but the contract with the agency may specify a minimum commission of €750.
In the rental market, the realtor's commission for the owner and tenant is from 50% to 100% of the rental amount for one month.
Lawyer's fee
In the standard version, payment for the services of a lawyer is included in the agency's commission, but the buyer can contact a lawyer when working without intermediaries or for additional verification. Approximate prices:
verification of documents for the property of interest (authenticity, presence of encumbrances, etc.) – €150,
formation of a contract of sale – €50-100,
each consultation – €30-50.
Notary's fee
His participation in the transaction is mandatory. On average, the certification of the contract of sale of an apartment will cost from €300 to €450.
The fee of the interpreter
The presence of an interpreter at the conclusion of the contract and a written translation of the contract are required.
The standard cost of services is €60 per hour (usually the signing procedure takes from 40 minutes to an hour).
Translation rates are €12-15 per page.
The following types of private property are found in Serbia:
Individual ownership (100% ownership of the property).
Joint ownership of a property (shares are not defined).
Shared ownership (specified exactly who has what share).
The transaction procedure does not differ for these types, except that when buying a joint property or share, you must obtain the consent of all co-owners.
Real estate on high demand
One-bedroom and living-room apartments with an area of 40-50 sq. m and studios with an area of about 25 sq. m are most in demand.
Locals prefer to choose apartments from the first to the fourths floors and small apartment buildings. The cost of apartments on the top floors, especially in buildings without an elevator, can be lower by 30% per sq.m.
Pay attention to residential premises or apartments on the ground floors. Prices for them can also be lower by up to 40% per sq.m. But if the house is located in the center, it can be a very profitable investment. After all, when renting out the rates for such apartments are almost the same as for other floors in the same location.
Real estate prices differ markedly in the heart of major cities and a little further from it. For example, the cost of a "square" in apartments in the center of Belgrade can reach €2,500 per sq.m, and in a 20-minute drive in a similar type of housing already costs €1600-1800 per sq.m.
The procedure for buying a house does not differ from buying an apartment, except that foreigners must check the type of land under the house. After all, agricultural land cannot be purchased by foreigners.
The highest demand is for commercial premises in the center of Belgrade, this applies to both buying and renting. The procedure for buying commercial real estate is not different from buying residential property, but the price is about 20% higher, and the annual property tax is 20-30% higher as well.
The country is actively under construction, 20% of the built property is sold at the stage of excavation, and 50% - before the completion of construction and obtaining permission to move in. At the same time, prices at the stage of development and after completion of construction are almost the same, the difference can be €100-200 per sq.m in Serbia, high quality real estate in both the primary and secondary markets. For example, there are no poorly-established prefabricated panel houses.
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