“Trusted Square Meters – Market in Full Swing”: We present eKapija’s new special edition newsletter on real estate and construction

The eKapija portal has published a special edition newsletter on real estate and construction “Trusted Square Meters – Market in Full Swing”. This edition provides an overview of the key trends shaping the real estate and construction sector in the region today, from the transformation of the way we think about housing and urban development, through the strengthening of premium and mixed-use projects, to the increasingly pronounced focus on quality of life, sustainability and long-term value of investments. Through various stories from Serbia, Montenegro and the wider region, we highlight how the market is adapting to new expectations of buyers and investors, but also how the construction industry is responding to the challenges of modern urban development.

Architecture is not just a matter of ideas and creativity - it equally depends on the materials that enable ideas to be transformed into living space. Melanija Pavlovic, architect and general manager of JAF Serbia, one of the leading distributors of panel materials and timber, talks about how interconnected the development of the construction industry, design and new materials are. In an interview with eKapija, she talks about the changes that have shaped domestic architecture, new trends in furnishing and construction, the challenges of running a company in times of crisis, but also about why she believes that the construction sector will, despite all the uncertainties, continue to grow and develop.

In recent years, Montenegro has increasingly positioned itself as one of the most promising investment destinations in the Mediterranean when it comes to real estate. While some locations have already reached a more mature stage of development, new destinations are just coming to the fore and imposing themselves as the carriers of the next investment cycle. As Nemanja Kostic, project director of Porta Rai and Karisma Hotels & Resorts for Europe and the Middle East, told eKapija, the key question is no longer whether to invest in Montenegro, but where to recognize the next big opportunity.

We also spoke with Balazs Agocs, Head of Workplace Services CEE & SEE at iO Partners.

Once upon a time, a luxury property needed to be located by the sea. Today, buyers are looking for much more – a place where they can spend a significant part of the year, work, raise children and be part of a community, not just spend a few weeks of vacation. This is the idea behind Lustica Bay, a project on the Montenegrin coast that has grown from an ambitious vision into a community with more than 700 families from over 50 countries. We talked to Slavica Milic, Director of Marketing and Communications at Lustica Bay, about how the expectations of buyers of premium real estate are changing, what attracts investors the most today and what the further development plans are.

Retail parks in Serbia have been undergoing a significant transformation in recent years - from spaces intended primarily for quick and convenient shopping to multifunctional destinations that combine shopping, gastronomy, services and amenities for everyday life. We talked to Maja Dulc, CEO of CPI Property Group, about how the STOP SHOP concept is developing, what new phases of projects in Serbia bring, and why retail parks are considered one of the most stable formats in the real estate sector.

Coreside, a real estate consulting company operating within the Marera company, has published a report on the apartment and housing market in Belgrade for 2025, with key data, trends and expert insights on the development of the housing sector. By publishing the market overview for 2025, the company establishes continuity of market reporting through semi-annual analyses based on relevant data and expert insights. Bojan Ljubicic, real estate director at Marera, speaks to eKapija about the main findings of the report, changes in the demand structure and the importance of an analytical approach for investors and buyers.

What is left for a city after a major investment project is completed? Is it just new square meters or also public spaces, amenities and urban places that change the way citizens use and experience the city? These are the questions, they say at SEBRE, that lie at the heart of their development philosophy and influence the choice of locations, the design of projects and long-term investment decisions. Tomas Klima, CEO of SEBRE, spoke to eKapija about how they choose projects, why they believe that financial sustainability and the creation of lasting value are not conflicting goals, and what role Marina Dorcol should play in Belgrade’s future relationship with the Danube.

The modern real estate market is increasingly moving towards projects that, in addition to location and architecture, also offer a quality of life adapted to the needs of modern urban housing. The Dorcol Residence - a premium residential project located on the corner of Dunavska and Knezopoljska streets, in the immediate vicinity of the Linear Park, is developing in this direction. The project by Brixwell Investment brings the concept of modern luxury living in the central city zone, with a focus on functionality, quality of materials, energy efficiency, and the integration of facilities that make everyday life simpler and more comfortable.

In one of the most dynamic points of New Belgrade, in Heroja sa Kosara Boulevard, Belgrade Arbor is being built - a modern residential and business complex that thoughtfully combines high-standard architecture, everyday comfort, and long-term investment security. The project is authored by the renowned domestic architectural studio Bureau Cube Partners, known for important projects in Serbia, including the Nikola Tesla Museum in Belgrade, realized in collaboration with Zaha Hadid Architects. Their authorial approach, which combines functionality, expressive design and long-term sustainability, is also clearly recognized in the Belgrade Arbor concept.

Belgrade has been growing in height and width for years, but the way we live in these buildings has hardly changed. The focus has remained on square meters, location and price, while issues such as air quality, noise, the time we waste every day and the way the building affects the health of its residents have been put aside. This is exactly the gap that the New Belgrade project by K8 Properties, Nebessa kvart, is trying to fill, being presented as the first “wellness district” in the region. The completion of the entire Nebessa kvart is scheduled for the fourth quarter of 2028.

We will also show you what life looks like with a view of the Adriatic, thanks to the Lustica Bay projects: Heights, Peaks and Horizon.

According to Bojan Jevremovic, Leasing Director - Retail & Office at MPC Properties, the real estate market is currently undergoing a significant transformation. While the residential sector continues to grow strongly, commercial real estate is increasingly turning to mixed-use concepts, and the hotel segment is experiencing expansion driven by the growth of tourism and investments related to Expo. The future, Jevremovic believes, belongs to projects that offer added value and become destinations in their own right, rather than just a place to live, work or shop.

After the K3 facility confirmed the quality of the Green Escape complex concept through full occupancy, the Green Escape business complex in Bezanijska kosa continues its development with the construction of a new facility - K2. A modern business facility that combines high-quality and sustainable construction, functional and modern architecture and the ability to adapt the space to the needs of modern companies and investors. The project investor is IMEL Group, a company that is celebrating 45 years of successful business operations this year.

In the very heart of the capital, on the Republic Square, the transformation of one of the recognizable buildings of modernist architecture into a modern business space that will redefine the standards of a modern business environment is underway. Republica Business Center (RBC) brings a new dimension to office space, focused on the health and well-being of employees, the quality of the working environment and energy efficiency. The project investor is EuroCons Group.

In modern industrial, energy and IT systems, fire is no longer just a safety issue – it is a direct business risk. In facilities where continuity of work is the basis of business, the key problem is not the fire itself, but the moment when the system fails to recognize it in time. SecuriSmoke ASD 2000, from Securiton doo, is a new generation of aspiration systems, developed specifically for these conditions. Instead of passive detection, the system continuously samples the air through a network of pipes and analyzes it in a highly sensitive sensor. In this way, it enables detection at the earliest stage of the process – before visible smoke appears and before any consequences occur.

In modern housing and furnishing of business premises, there is an increasing demand for materials that can meet several requirements at the same time: to be durable, easy to maintain, visually attractive and suitable for quick installation. Floor coverings directly affect the appearance of the space, comfort, acoustics and everyday functionality of the interior. That is why LVT and SPC floors from Tarkett are taking an increasingly important place in decoration and renovation projects. They provide the look of wood, stone or other popular surfaces, with the practicality of a floor that is quickly installed, easy to maintain and remains reliable in everyday use.

The company Technology International Services presented its solutions for interior design and home comfort. In the world of modern interiors, every detail has its role. Today, users are not only looking for functionality, but also for products that combine top design, quality workmanship and durability. This is why Paini faucets are synonymous with sophistication and reliability in bathrooms and kitchens around the world. Also, Carisma Whisper is an advanced Sabiana solution for quiet and energy-efficient heating and cooling.

Although the new legalization model in Serbia “Svoj na svome” was presented as a solution that would speed up the registration of illegally constructed buildings and finally end the decades-long problem of illegal construction in Serbia, the results after the first months of implementation raise numerous questions. From the promise that the procedure will be completed by the end of March, to the postponement of deadlines until the end of the year, to the lack of detailed official data on the number of issued certificates and registrations in the cadaster, the impression is that the system has not yet shown the efficiency that was announced. Lawyer and consultant in the field of planning, construction and legalization, Djordje Vukotic, assesses that legalization should be viewed in the broader context of property rights reform in Serbia, but warns that the new model has also brought a number of legal, administrative and technical problems.

As extreme heat becomes more common, designing buildings that are resistant to overheating is becoming one of the key challenges for the construction industry. According to Dr. Bojana Zekovic from the Faculty of Architecture in Belgrade, such buildings are based on reducing solar gains and applying natural cooling methods to ensure comfort with less energy consumption.

In the past, the value of real estate in the mountains was almost exclusively tied to the winter season and the number of ski days, but this model has changed significantly in recent years. The development of mountain resorts such as Zlatibor, Kolasin and Jahorina is increasingly relying on the concept of year-round destinations, with investments in hotels, apartments, wellness facilities and features that attract guests throughout the year. It is precisely such a transformation that further stimulates the growth of the real estate market and raises the question of whether the most developed mountain resorts in the region are slowly building the position of new “mini Alps.”

Buying a first apartment for younger generations today is much more than solving the housing issue. Instead of the idea of a “home for life,” the focus is on location, quality of daily life, connectivity to the city, and long-term value of the property, which is why functionality and investment potential are increasingly taking precedence over square footage. Real estate appraiser Milic Djokovic talks about how buyers’ habits and expectations are changing.

You can view the entire newsletter HERE.

JAF d.o.o. Nova Pazova

Securiton d.o.o. Beograd

Arhitektonski fakultet Beograd

Technology international services d.o.o. Beograd

Turistička organizacija Zlatibor

Eurocons Group d.o.o. Vršac

Coreside d.o.o. Beograd

Imel group d.o.o Beograd

Balkans Real Estate d.o.o. Beograd

Tarkett d.o.o. Bačka Palanka

Brixwell Investment d.o.o. Beograd

K8 Properties doo Beograd

SEBRE d.o.o. Beograd

Marera Properties doo

Bureau Cube Partners d.o.o. Beograd

CPI Services d.o.o. Beograd

Luštica Development ad Tivat

iO Partners d.o.o. Beograd

Karisma Hotels Adriatic Montenegro d.o.o. Podgorica

JAF Serbia

Porta Rai and Karisma Hotels and Resorts

iO partners

Luštica Bay

CPI Property Group

Bureau Cube Partners

Marera Properties

SEBRE

Belgrade Arbor

Brixwell Investment

K8 Properties

Zaha Hadid Architects

MPC Properties

Tarkett

IMEL Group

Coreside

EuroCons Group

Securiton doo

Technology International Services

Faculty of Architecture in Belgrade

TO Zlatibor

Melanija Pavlović

Nemanja Kostić

Bojan Ljubičić

Slavica Milić

Maja Dulc

Tomas Klima

Bojan Jevremović

Đorđe Vukotić

Bojana Zeković

Milić Đoković

Nebessa kvart

The Dorcol Residence

Heights

Peaks

Horizon

Green Escape

Republica Business Center

SecuriSmoke ASD 2000

Paini faucets

Sabiana

Carisma Whisper

LVT floors

SPC floors