"From Foundations to Detail – Projects, Ideas and Trends": We present eKapija's new special edition newsletter on real estate and construction

The eKapija portal has released a special edition newsletter on real estate and construction titled "From Foundations to Detail – Projects, Ideas and Trends". This edition features stories about projects that are transforming the appearance of cities and reshaping how we live and work, with a focus on spatial quality, functionality, material selection and modern technological solutions. Through regional examples, we showcase the ideas, expertise, and decisions behind successful projects, from initial planning stages to the creation of spaces tailored to the needs of contemporary life.

Transport infrastructure is a key factor influencing the long-term utility and appeal of real estate, ranging from residential and commercial properties to logistics facilities. The development of airports, the modernization of railways and the improvement of urban road networks can significantly alter the accessibility of specific locations. However, the extent of this impact depends on the intended use of the property and the specific needs of its users. In an exclusive article for eKapija, Nemanja Lazovic, founder of the agency Lazovic Real Estate, explores how transport connectivity affects the valuation of locations and discusses key considerations for buyers and investors.

Dubravka Rabrenovic, a Master of Civil Engineering and Project Coordinator for the Marina Dorcol development at the company SEBRE, spoke to our portal about the challenges involved in executing one of the most architecturally and technically demanding projects in Belgrade. A unique structural design, expansive glass surfaces, greenery integrated into the architecture and advanced technical systems require precise planning and the coordination of numerous disciplines and contractors. In this discussion, we explore how such a complex construction process is managed and what it takes to transform a construction site into a functional, high-quality living space.

CTPark Belgrade Borca will introduce new formats of industrial and warehouse space to the Serbian market, addressing the growing demand for modern, flexible business facilities near Belgrade. The fact that there is interest in the project even before construction begins is evidenced by the 20,000 square meters of space already pre-leased. We spoke with Petar Kolognat, Business Development Director at CTP Serbia, about the development of the complex, its strategic location and the opportunities it will offer to companies of all sizes.

Delta Real Estate is currently executing an investment cycle that includes the EUR 85 million Delta Iron project in Novi Sad, as well as the Delta District and Delta Land projects in Belgrade, the latter two with a combined value exceeding EUR 900 million. Delta Iron will deliver nearly 46,000 square meters of modern business space, with a focus on flexibility, energy efficiency and the quality of the work environment, while the other projects respond to shifting trends in the commercial and residential real estate markets. Milos Grdinic, Director of Development and Asset Management at Delta Real Estate, explains how Delta Iron addresses the evolving needs of tenants, discusses the future direction of the commercial real estate market and outlines the company's upcoming investment plans.

Porto Montenegro, Lustica Bay and Portonovi have laid the foundations for the development of branded residences in Montenegro. The future growth of this segment will depend on the quality of investments, professional management, a year-round offering and the preservation of natural and cultural heritage. International hotel and lifestyle brands are increasingly influencing real estate values, while buyers, in addition to seeking a prestigious location, expect personalized service, investment security and a high standard of living. Aleksandra Draskovic, founder and CEO of the real estate agency Montenegro Properties, discusses for eKapija the extent to which Montenegro can capitalize on this potential, what the new generation of buyers expects and how the country can maintain its competitiveness within the Mediterranean market.

The value of a real estate asset as an investment is determined not only by its market price but also by its earnings potential, the stability of demand, and the ability to keep risks under control. Therefore, before making a purchase, it is essential to consider the broader financial picture and define a plan that includes an exit strategy, notes Minet Music, founder and CEO of MM Real Estate, in an interview with eKapija. According to him, a sound investment decision begins with clear answers to three questions - what are you buying, how much are you paying and what do you aim to achieve with this purchase?

Nammos Hotels & Resorts has announced the Nammos Residences Montenegro project, which will feature 70 private residences in Smokva Bay on the Budva Riviera, situated between Budva and Petrovac, approximately ten minutes from Sveti Stefan. The complex is scheduled for completion in 2029, with starting prices for the residences set at 1.9 million euros. Following more than two decades of presence in destinations such as Mykonos, Dubai, and London, as well as the launch of a resort in Amaala on the Red Sea coast, Nammos is now expanding its operations into the Montenegrin market with this project.

Everything a family needs is located close enough that daily life does not have to turn into a frantic race across different parts of the city. Consequently, a good location is about more than just an address. It is about the quality of everyday life. This is precisely what distinguishes Delta Land, a new urban quarter located at the intersection of Despota Stefana Boulevard and Poenkareova Street, on a site many Belgraders remember as the former Pamučni kombinat and the Sutjeska facility. The idea is simple: to create a place where a modern family can live in the city while still having ample space for peace, greenery and time spent together.

Within the Lustica Bay complex, we present three residential collections - Mirta, The Peaks, and Heights, which encompass various facets of the Mediterranean lifestyle, ranging from views of the Adriatic and privacy to proximity to nature and modern amenities. While Mirta rounds out the offering in the Marina Village neighborhood, The Peaks introduces living alongside Montenegro's first championship golf course and Heights expands the residential options in Centrale, the dynamic hub of Lustica Bay. Each of these collections offers a distinct coastal living experience, tailored to those seeking a blend of comfort, a natural setting and a Mediterranean atmosphere.

The recently renovated Tarkett showroom in Belgrade's Block A, along with the Tarkett Academy in Backa Palanka, introduces a new approach to showcasing flooring, featuring new collections and refreshed interiors. This transformation goes beyond aesthetics. The new display concept allows for a clearer overview of the product range and makes it easier to compare designs, textures and various solutions. Consequently, the showroom serves not merely as a place to exhibit products, but as a space where design concepts can be integrated with specific materials and practical solutions.

Coreside, a real estate brokerage and consultancy firm operating under the Marera group, has released a report on the residential real estate and housing development market in Belgrade for the first half of 2026. The findings indicate that the market has maintained a stable level of sales, alongside continued growth in credit financing and a shift toward higher price segments.

This special edition newsletter is supported by CBS International, part of the Cushman & Wakefield Group, and MPC Properties.

Voli Trade, which operates an extensive network of retail outlets throughout Montenegro, has decided to enter the residential real estate market. Specifically, on the site of the former Radoje Dakic factory, located in the City Kvart neighborhood of Podgorica, the company plans to construct a mixed-use residential and commercial complex. Spanning over 70,000 square meters, the development will feature 341 apartments distributed across six building blocks.

The Faro dell’Adriatico tourist complex, planned by the company Adriatic Project in Donji Stoj, situated inland from the Velika Plaza beach in Ulcinj, will comprise hotels, annexes and villas. It will also include supporting hospitality, wellness and recreational facilities, swimming pools, landscaped pedestrian zones and parking. The preliminary design outlines a gross construction area of 64,799 square meters, 244 accommodation units and 736 beds, with a total parking capacity estimated at 635 spaces.

On the banks of the Sava River, near Belgrade, the studio CADO has designed a seasonal vacation home featuring canvas walls that can be removed during the winter, allowing the architecture to adapt to natural conditions and the rhythm of the seasons. A lightweight steel structure, a textile envelope, and carefully planned natural ventilation ensure a comfortable stay during the warmer months without the need for additional cooling. A flexible interior and understated, natural tones complement a design concept that, rather than dominating its surroundings, fosters a connection between humans and nature.

A villa on the seafront in Donja Lastva, near Tivat, designed by the studio Mapa Architects, is shaped in response to a specific plot of land that is narrow where it opens toward the sea, but widens further back. An L-shaped configuration, linear walls that transition into bridges, spacious terraces and a swimming pool connect the interior and exterior spaces, while ensuring that every apartment enjoys a view of the sea. Minimalist geometry and a monochromatic white palette highlight the light, proportions and the coastal landscape, allowing the structure to blend unobtrusively into its densely built-up surroundings.

The supply of high-quality office space in Belgrade is failing to keep pace with tenant demand, while the gap between modern business buildings and older properties continues to widen. The vacancy rate for Class A space stands at just 1.9%, and rents in premium properties have reached 19 euros per square meter per month. Following a record low in the delivery of new office space in 2026, a larger number of projects are expected to come online starting in 2027. Ivan Stojic, Head of Office Agency for the Adria region at CBRE, notes that the supply of modern office space in Belgrade has surpassed 1.1 million square meters, with Class A properties accounting for approximately 68% of the total stock.

The company Okov plans to construct a shopping center in Podgorica spanning nearly 25,000 square meters. The facility is designed as a large commercial complex comprising several distinct functional zones. In addition to retail, the plans include hospitality, business, healthcare, entertainment and public facilities. The complex will also feature a House of Culture, a distinct functional unit integrated into the shopping center.

Historic palaces and villas in the Bay of Kotor can be repurposed and given a new lease on life through modern functions, but only if their restoration is grounded in the principles of cultural heritage preservation. The greatest challenge for architects lies in adapting historic structures to contemporary residential or hospitality standards while safeguarding their authenticity, architectural value and character. Reconciling different historical eras is the most demanding aspect of this work, explains Prof. Dr. Goran Radovic, an architect, conservation consultant and founder and director of the design firm Studio Prostor, who has worked on the rehabilitation and adaptation of several significant historic buildings in the Bay of Kotor.

Research into housing quality in Serbia has revealed that apartments built between 1975 and 1990 outperform newer developments in certain areas, such as functionality, storage space, and adaptability, whereas modern units excel in terms of thermal comfort and ease of maintenance. Prof. Dr. Djordje Alfirević, one of the authors of a 2025 study on this subject, discusses for eKapija what these differences reveal about contemporary design practices and the extent to which the long-term needs of residents are considered in current housing construction.

The real estate market in Serbia is entering a phase of relative stabilization. However, prices remain at record highs, and demand continues to outstrip supply. One of the priorities for the coming years will be curbing the shadow economy and unfair advertising, as well as establishing a shared database and portal designed to provide more reliable information on real estate. These are some of the market development directions leading up to 2030, as highlighted by Milic Djokovic while discussing the goals and plans of the Serbian Real Estate Brokers Group.

The real estate market in Bosnia and Herzegovina continues to see rising prices, though at a slower pace than during the peak growth period of 2022. Over the past five years, the average price of new-build properties has increased by approximately 100%, with prices per square meter in the center of Banja Luka reaching BAM 7,000. Dragan Milanovic, President of the Real Estate Brokers Association of Republika Srpska and Regional Director of REMAX BiH, notes that a price decline is not expected. Instead, a moderate annual growth of a few percent is anticipated, with the purchasing power of citizens serving as a key factor driving market trends.

The Real Estate Administration of Montenegro plans to establish a Registry of Real Estate Transaction Prices and a mass valuation system by 2030. This initiative is intended to facilitate more systematic market monitoring, improve access to data on realized prices, and standardize the methods used to determine property values. Such a move would represent a significant step toward modernizing land administration, fostering greater market transparency, ensuring fairer taxation, and enabling more efficient property management.

You can see the full content of the newsletter HERE.

SEBRE d.o.o. Beograd

CTP invest d.o.o. Beograd

Delta Real Estate d.o.o. Beograd

Montenegro properties doo Budva

MM REAL ESTATE d.o.o. Sarajevo

Nammos Hotels and Resorts

Voli trade d.o.o. Podgorica

Adriatic project doo Ulcinj

MAPA Architects d.o.o. Beograd

CBRE d.o.o. Beograd

Tarkett d.o.o. Bačka Palanka

Coreside d.o.o. Beograd

Marera Properties doo

CBS International Beograd

Balkans Real Estate d.o.o. Beograd

Remax direkt Banja Luka

LB HOTELS MANAGEMENT

Luštica Development ad Tivat

Udruženje posrednika u prometu nekretnina Republike Srpske

Grupacija posrednika u prometu nepokretnosti Srbije PKS

Uprava za nekretnine Podgorica

Okov doo Podgorica

Studio prostor doo Podgorica

CADO Architects

SEBRE

CTP Serbia

Delta Real Estate

Montenegro Properties

MM Real Estate

Nammos Hotels and Resorts

Voli Trade

Adriatic Project

CADO

Mapa Architects

CBRE

Okov

Tarkett

Coreside

Marera

Studio Prostor

CBS International

Cushman and Wakefield Group

MPC Properties

REMAX BiH

Luštica Bay

Real Estate Brokers Association of Republika Srpska

Serbian Real Estate Brokers Group

Real Estate Administration of Montenegro

Dubravka Rabrenović

Petar Kolognat

Miloš Grdinić

Aleksandar Drašković

Minet Musić

Ivan Stojić

Goran Radović

Đorđe Alfirević

Nemanja Lazović

Milić Đoković

Dragan Milanović

Marina Dorćol

CTPark Beograd Borča

Delta Iron

Delta District

Delta Land

Porto Montenegro

Portonovi

Nammos Residences Montenegro

Smokva Bay

Mirta

The Peaks

Heights

Centrale

Marina Village

Faro dell Adriatico

special edition newsletter real estate and construction

From Foundations to Detail Projects Ideas and Trends