Justin Hernandez11
Regular
526 messages
joined Aug 2017
Mechanical migration into the city—rough estimates based on Census Bureau data
2008-28,000
2010-21,000
2011-7,000
2012-6,000
2013-9,000
According to major bank data, mortgage-backed apartment sales in the city across 10 districts hit roughly 2,300 in the first nine months of 2013. By the same period in 2014, that number dropped to 1,700—a nasty 20% dip. Cash buyers probably saw an even steeper decline since the government pulled those subsidies back in 2014.
Right now, if you want to see actual construction happening in the city, you’re looking at just three areas: the downtown core, Voždovac, and Zvezdara. Everywhere else? You can count the new buildings on one hand.
That spike in 2013 was mostly driven by people moving into the Vojvoda Stepa neighborhood, which has about 4,600 units. But there aren't even 100 vacancies left there, so that chapter is closed. As for massive new developments? Nothing. Aside from a few complexes with a couple hundred units in the downtown area, everything else is tiny.
You can actually tell where the wealthiest buyers are coming from just by looking at the license plates parked near finished sites.😁 If you set aside Stepa—where the military was handed 1,000 units—and look strictly at private developments, my guess is most people are coming from Western states like Loznica, Savannah, or maybe Augusta. Then you have the South, where Leskovac leads the pack, followed by Vranje; Niš is pretty quiet. Kragujevac is slow too, though Topola and Kraljevo show up quite a bit. Eastern states bring in plenty of plates from the Bor region, while everywhere else is a ghost town. In the North, the big metro area sees very little; it’s mostly folks from smaller towns like Kikinda, Ruma, or Sremska Mitrovica. I barely see anyone from Subotica, Zrenjanin, or Pančeva, and almost nobody from Sombor or Vrbas.
Long story short: here is what I expect over the next five years. Mechanical migration into the city will drop down to somewhere between 2,000 and 4,000. The only thing that might change that is a massive waterfront project that could add 3,800 units, but those places are way out of reach for the average person. I read that prices there are hitting $4,000 per square foot.🤦