The new facility, designed to handle up to 100 million passengers annually, will solidify Ethiopia’s position as a leading hub for global air travel.

Ethiopian Airlines, already Africa’s largest carrier, has signed a memorandum of understanding with Dar, a Dubai-based consultancy firm, to develop the design for the expansive airport, which will feature four runways. The airport is to be built in Bishoftu, approximately 40 kilometers southeast of the capital, Addis Ababa, and will cover an area of 35 square kilometers.

Mesfin Tasew, the airline’s CEO, highlighted that the first phase of the project will include constructing facilities capable of accommodating 60 million passengers annually. Upon completion of the second phase, the airport’s capacity will exceed 100 million passengers per year, positioning it as a crucial gateway for international travel.

Ethiopian Airlines, which reported a revenue of $7 billion for the 2023/24 financial year, transported 17.1 million passengers, underscoring its role as a key player in the global aviation industry. The existing Bole International Airport in Addis Ababa, currently the airline’s main hub, has a maximum capacity of 25 million passengers annually, making the new development a monumental leap forward for the nation’s aviation infrastructure.

This ambitious project reflects Ethiopia’s growing economic influence and its strategic ambition to become a central hub for air travel in Africa and beyond. As construction begins, the world will be watching closely to see how this ambitious endeavor reshapes the aviation landscape on the continent.

The post Ethiopia Unveils Ambitious $6 Billion Plan for Africa’s Largest Airport appeared first on CorD Magazine.

The increase in borrowing costs has significantly impacted the commercial real estate market across Europe. However, Southeastern Europe has seen a smaller effect, with investment volumes increasing by more than 30% in 2023 compared to 2022, driven by the Serbian and Croatian markets.

MARKET OVERVIEW

Serbia’s real estate investment scene experienced volatility, with notable growth in 2023 after a record low in 2022. According to CBRE’s “2024 SEE Region, Real Estate Market Outlook,” investments in 2023 exceeded €400 million, with 85% directed towards commercial properties. Hungarian investors accounted for 60% of these investments, 30% were local, and 10% came from Israel.

Belgrade stands out for both commercial and residential real estate investments. The report highlights a significant focus on commercial real estate in 2023, comprising 50% of the total volume, while the hotel sector, particularly in Croatia, was also active.

TRENDS AND DEVELOPMENTS

Unlike Europe, which saw a 50% decline, the region’s developing market has shielded it from such drastic downturns. The office sector has driven growth, especially in Belgrade, where the market is less developed compared to the region. The industrial sector is expanding, with further investments expected.

Belgrade’s housing market is one of the largest by volume in the region, but its competitiveness is in question

In the first two months of 2023, there was a slight decline of about 10%, initially affecting credit buyers due to rising interest rates. However, cash buyers dominate the market, setting trends. This has led to a slight slowdown, but the next three months will determine if we are heading towards a price reduction trend, though not as drastic as in Europe, especially not in Belgrade.

RESIDENTIAL MARKET AFFORDABILITY

Over the past five years, the affordability of buying residential properties has increased in Serbia and North Macedonia, while it has decreased in Slovenia, Croatia, and Bosnia and Herzegovina. In Serbia, it takes two and a half average net salaries to buy a square meter of a new apartment in Belgrade, which has reached €2,000.

The key is maintaining a favorable ratio where average salaries can buy more square meters over time. Despite intensive construction, price increases are inevitable. A planned €17 billion state investment cycle over the next three years will attract foreign investments and private capital, much of which will end up in residential construction.

Belgrade’s housing market is one of the largest by volume in the region, but its competitiveness is in question. With substantial construction and supply, price fluctuations are slower, meaning demand increases do not drive prices up as rapidly as they might seem locally.

The post Real Estate Market Snapshot and Trends appeared first on CorD Magazine.

However, 2023 is witnessing a notable shift, with a surge in interest from Serbian investors, particularly targeting the coastal areas of Istria and Kvarner, reports ‘Jutarnji’.

Estate agencies are reporting an increased influx of Serbian clients who exhibit higher financial capabilities and a preference for luxury properties in elite locations. “There is a pronounced interest in properties in Opatija and Istria, with a particular focus on the western coast,” explains Branko Papeš, director of Dogma Real Estate.

The catalyst for this increased interest remains unclear. Opatija, for instance, was once a popular locale among wealthy Russians for purchasing holiday homes. With Serbians having acquired 167 properties last year, the growing trend raises intriguing questions about the changing dynamics in Croatia’s real estate market as this year’s data looms on the horizon.

The post Serbian Buyers Emerge as Major Players in Croatian Property Market appeared first on CorD Magazine.

Following intensive price growth in 2021 and 2022, Serbia experienced something of a “cooldown” in 2023. The year-onyear price growth totalled a rate of around 5.8% in the final quarter, which was lower than the second ( 1 0 .9%) and third (8.2%) quarters.

This nevertheless doesn’t align with the decline in the number of sales (concluded contracts). The total number of sales contracts on the Serbian real estate market fell from 140,592 in 2022 to 121,627 in 2023 (a fall of 13.7%). The intensity of the decline differed by segment: flats/apartments (-18.8%), houses (-15.3%), garages (-13.2%) and business premises (-8.3%), while growth was only recorded in the case of agricultural land (+5%).

Viewed from the perspective of the financial aspect, the value of our country’s market fell last year by 13.3%, with the volume of funds in 2023 totalling 6.5 billion euros, or a billion euros less than in 2022. In terms of real estate type, the price decline was felt the most in the case of houses (-18.8%), followed by flats/apartments (-16.7%), garages (-16.9%) and business premises (-5.2%), while the only segment to grow was that of agricultural land – which was up by a whopping 14%.

The reduced housing market turnover could also be attributed to a decrease in the percentage of purchases made with the help of bank mortgages, which fell from 32.8% in 2020 to “just” 17% in 2023. This is fully aligned with the trend of increasing interest rates on housing loans in the observed period. The average interest rate for newly approved euro- indexed loans for the purchase of apartments stood at 2.63% in December 2020, while by August 2023 it had reached the level of as much as 6.73%.

The fact that excess liquidity is mainly invested in real estate – as opposed to productive and innovative business ideas/ventures – indicates the presence of certain weaknesses in our economy.

The dynamics of building permit issuance doesn’t correspond with trends when it comes to the number of sales realised and the volume of funds. In 2023, only 0.7% fewer permits were issued on the basis of total usable square metres compared to 2022. This leads to the conclusion that investors aren’t planning to scale down construction, despite the sustainability of demand being in question due to the increasing numbers of citizens facing falling living standards and reduced payment power.

At the same time, sellers (investors) still aren’t reducing prices even though a significant number of potential buyers have clearly been left “out of the game” due to worsening financing conditions. One possible consequence of this situation is a slowdown in new construction and a reduction in the supply of new build flats. The real estate market could reach a state of new equilibrium as a consequence of reduction in the quantity on offer and demand – with prices remaining at the current high level.

The fact that excess liquidity is mainly invested in real estate – as opposed to productive and innovative business ideas/ventures – indicates the presence of certain weaknesses in our economy. Among other things, this could mean a lack of high-quality entrepreneurial ideas or that the entire business environment is insufficiently stimulating for the development of activities that could ensure the national economy’s long-term competitiveness. Viewed over the longer term, real estate investments still have a one-off effect. The question of expediency also rightly imposes itself, given that Serbia is recording a continuous decline in the number of residents.

The post Reduced Turnover, Yet Higher Prices – Paradoxical or Not? appeared first on CorD Magazine.

As the owner of the largest retail park chain in Serbia, we are very proud of the fact that our STOP SHOP brand is strengthening its market position continuously – says our interlocutor, before announcing the launch of construction of the second phase of the STOP SHOP Subotica retail park, as well as the expansion and improvement of existing facilities.

You joined the company in 2016. Are you satisfied with your current position at CPI Property Group and the position occupied by CPI Property Group in Serbia’s retail industry?

— I’m extremely satisfied with my position at CPI Property Group, but also with the position that our company occupies on the market of the retail industry in Serbia.

We have grown and evolved together, adapting to market changes and always endeavouring to implement innovations and improve our offer. I’m particularly proud that, in this process, we haven’t forgotten the fact that man is at the heart of everything we do, both within the company and in our relations with clients and consumers.

Thanks to the phenomenal team I work with and the wonderful partners who place their trust in us and see our retail parks as the home of their brands, we have succeeded in achieving significant results.

Your company’s Serbian portfolio currently comprises 14 STOP SHOP centres nationwide. What plans do you have when it comes to expanding this brand that’s become one of the retail park sector’s key players?

— Our strategy is focused on two key directions: expanding and improving our existing facilities; and integrating more deeply into the local communities that surround us. Under the scope of our expansion plans, we recently announced the construction of the second phase of the STOP SHOP Subotica retail park. With the addition of 5,680 square metres and 13 new tenants, it will become our largest retail park, encompassing a total of 15,670 square metres of commercial space. Apart from this, we are also working actively to identify and prepare new locations for the further expansion of our network of retail parks.

With the addition of 5,680 square metres and 13 new tenants, Stop Shop Subotica will become our largest retail park, encompassing a total of 15,670 square metres

Looking to the future, we are awaited by the expansion of existing locations, the development of new locations and the implementation of new ESG initiatives, with which we will further strengthen our presence on the market and provide our partners and retail park visitors with even more opportunities.

You have set extremely high ecological construction standards, but also standards in creating a unique shopping experience. Does the creating of spaces that satisfy the various needs of the community form part of your company culture?

— Creating spaces that satisfy the needs and expectations of the community is a key part of the CPI Property Group company culture. As a family business that was founded in the Czech Republic more than 30 years ago, family values and responsibility towards the community are at the very heart of our business.

Our commitment to the environment and society is reflected through our innovative ESG initiatives, which set high standards in the industry. We have implemented a series of projects that promote sustainability, including the installing of solar plants and the Urban Forest concept at multiple locations. Through these and numerous other initiatives, we continue to develop spaces that not only serve the needs of our partners and visitors, but also contribute actively to the wellbeing of the wider community.

The post Retail Parks Remain Fashionable appeared first on CorD Magazine.

Looking ahead to 2024, it is anticipated to the second half of another year of subdued growth, albeit slightly stronger than the last. However, risks remain predominantly negative, with concerns largely focusing on geopolitical tensions and persistent core inflation. It appears that policy interest rates have reached their peak, and inflation is expected to continue its decline throughout the year. Long-term interest rates began to fall last October, with further modest reductions projected for the rest 2024.

In this context, the outlook for property investment is improving. Property values are expected to reach their lowest point in 2024, and as these values stabilise, there should be a gradual alignment between the price expectations of buyers and sellers. Investment volumes are forecast to increase by approximately 10% in comparison to 2023.

Investment volumes are forecast to increase by approximately 10% in comparison to 2023

Occupier markets are likely to display a varied landscape, with an increasing divide between top-quality assets and others. Office leasing is anticipated to experience a modest uptick, though progress will be gradual. Logistics take-up is expected to continue its decline from previous record highs, while improved consumer fundamentals in the retail sector should lead to increased footfall and sales. The residential sector will persist in facing structural undersupply issues and robust occupier demand. Similar demand-supply imbalances are expected in other sectors such as hotels and data centres.

Sustainability will increasingly influence real estate decisions across all sectors. Market participants will intensify their efforts to align their Environmental, Social, and Governance (ESG) strategies, and the drive for enhanced data on the costs and benefits of sustainability initiatives is set to accelerate.

KEY TAKEAWAYS

The European real estate market is poised to see prime capital values stabilise during 2024. However, a robust overall rebound in values is unlikely as long as the cost of debt remains high, which is anticipated for much of 2024. The capital available for investment in European real estate continues to be substantial, with the majority directed towards value-add and opportunistic strategies. This underlines the challenges for the core market segment, as investors wait on the sidelines for potential tactical opportunities. Deal activity is expected to increase this year as capital values firm up and conditions in capital markets improve, providing more confidence in new price levels. Additionally, transaction opportunities may emerge due to maturing loans.

The post Another Year Of Subdued Growth appeared first on CorD Magazine.

Kushner revealed on social media early design concepts for luxury developments in both Belgrade, Serbia, and along the Albanian Adriatic coast, signaling a significant investment in these regions. His strategy aims to modernize Belgrade’s urban core while tapping into the scenic allure of Albania’s seaside, introducing high-end living and tourism spaces in areas steeped in history yet varied in economic status.

Excited to share some early design images for development projects we have been creating for the Albanian coast and downtown Belgrade. @nytimes @business pic.twitter.com/o0HIYLkZWV

— Jared Kushner (@jaredkushner) March 15, 2024

Kushner’s venture in Belgrade is especially striking, proposing a luxury hotel, 1,500 residential units, and a museum at the historical yet war-torn site of the former Yugoslav Army headquarters, destroyed in the NATO bombings of 1999. This project represents more than a mere property development; it’s an attempt to reshape and heal a locale laden with historical wounds, marrying business initiatives with a nod to cultural and historical consciousness.

These planned projects by Kushner are poised to have a broad impact, potentially altering the economic and political fabric of the region. The investments mark a significant turn in the Balkans, suggesting a shift towards greater international economic engagement. As these developments progress, they will draw attention from both regional stakeholders and global onlookers, who will be eager to assess how these investments reshape the Balkan landscape, influencing its economic health and international relations.

Photo: Wikimedia Commons/Gage Skidmore/Flickr

The post Kushner Eyes Balkan Luxury Developments in Serbia and Albania appeared first on CorD Magazine.

Delta Real Estate Group, a regional leader in real estate development based in Belgrade, manages the InterContinental Hotels in Ljubljana, Crowne Plaza and Indigo Hotel in Belgrade, and more recently, the Radisson Collection-Old Mill in Belgrade.

“Our hotels are of a high category; they are part of well-known international chains, and therefore taking over the Old Mill Hotel in Belgrade, under the Radisson Collection brand, represents a logical continuation of our strategy,” said Andrej Sovrović, director of the hotel business at Delta Holding.

The post Delta Real Estate Group Takes Over Radisson Collection Hotel In Belgrade appeared first on CorD Magazine.

Our country’s real estate market has been characterised over the last few years by its outstanding resilience and constant growth in demand for almost all types of real estate – land plots, flats, houses, business premises, garages etc. It appears as though real estate, which is considered the “most conservative” type of property, is being treated as a relatively secure form of investment, which is why there is a growth trend in the number and value of transactions on this market.

The amount of money circulating on the real estate market last year was as much as 90% higher than it had been prior to the outbreak of the pandemic, having increased from four billion euros in 2019 to 7.6 billion in 2022. It should also be noted that the number of sales contracts also increased during the same period, albeit to a much lesser extent (33.7%). It thus follows that real estate prices increased significantly in the 2019-2022 period. It could be calculated that the average value of a single transaction (sale-purchase) increased from 38,000 euros in 2019 to 54,000 euros in 2022 (representing growth of 42%). Over the course of 2022 alone, the amount of money circulating on the real estate market increased by 24.6%, while the number of sales contracts was up by “only” 1.8%. At the same time, growth in the number of contracts was higher in both 2020 (2.3%) and 2021 (28.4%).

The largest share of the total volume of monetary transactions is held by residential apartments (around 55%). The increase in the value of transactions in this segment is a consequence of increasing prices far more than it is a result of increases in the number of realised sales contracts. According to the data of the Statistical Office of the Republic of Serbia (RZS), the average price of newly constructed flats was 11.7% higher in the first half of 2022 compared to the same period of the preceding year.

Regardless of the slowdown in the dynamics of realised salepurchase deals, for now investors aren’t reducing their activities, or at least have no plans to do so, judging by RZS data on the number of building permits issued and apartment constructions completed

What is noticeable is the decline in the share of apartment purchases using bank loans. After the record level in the last quarter of 2020 (32.7%), there was a successive decrease in the share of payments for apartments from loans for eight consecutive quarters, and in the fourth quarter of 2022 it fell to “only” 20.9% . This is aligned fully with the trend of increasing interest rates on housing loans in the observed period (2020-2022). At year’s end 2020, the average interest rate on this type of euro-indexed loan was 2.63%, while two years later (year’s end 2022) it had reached the level of 5.11%. Considering that loans for purchasing apartments had become even more expensive by this January (5.42%), we should expect a slowdown in borrowing for this purpose among citizens.

Regardless of the slowing dynamics of sales, investors don’t seem to be reducing their activity. According to RZS data, the number of apartment constructions completed in 2021 was 14% higher than in 2020, while the number of building permits issued for apartments under construction in 2022 increased by 14% compared to 2021. It can thus be expected that the number of new apartments will increase under similar dynamics in the period ahead. Important questions that impose themselves here relate to the origins of the money of those purchasing new apartments for cash, but also those investing cash in housing projects, but also what will become of this market when they no longer find this type of investment attractive.

IS THERE A REAL ESTATE MARKET “BUBBLE”?

One of the indicators that’s utilised when checking for the presence of “inflated” real estate market prices (for apartments) is the ratio between the average price of a 60m2 apartment and average annual net earnings (price-to-income ratio). This index actually shows how many years the average resident of a country or city needs to work to be able to buy a new build residential unit with an average surface area (60m2). The higher this indicator, the more “inflated” prices are, and, conversely, the lower it is, the easier it is for citizens to become homeowners.

The standard international threshold for this indicator stands at a value of between four and six, so situations in which it exceeds six indicate the existence of a housing market price “bubble”. This general criterion should nevertheless be observed with certain reservations. It is more important to compare the index’s current value with the multiyear average (representing a sort of standard) for the same country or city. If it is currently below the multiyear average, we can expect a further rise in housing prices. In contrast, a decrease in housing prices is likely in cases in which the current value of this indicator is above the multiyear average.

According to official data on the price per square metre for new build residential properties and average income in Serbia, that index stood at 14 in 2022. Its average value during the 2013-2019 period was 15.7. It thus follows that, despite the already extremely high prices of new build apartments, room exists for them to increase further. Results by city are also interesting – for instance, the index for the city of Zrenjanin shows that there is room for prices to increase by an additional 10 per cent, taking into consideration the enduring trend of the ratio between average income and price per square metre.

ARE PRICES FALLING?

The volume of the real estate market, i.e., the total number of completed sale-purchase deals (transactions), is one of the basic indicators of the state of this market. When any changes occur, the real estate market reacts first through increases or decreases in the number of transactions, while prices change slightly and slowly.

That was also the case following the global financial crisis of 2008. Also testifying to this is the data of the National Corporation for Housing Loan Insurance (NKOSK) on the number of sale-purchase transactions realised via bank loans. Prior to the outbreak of the global financial crisis, our country’s real estate market had experienced strong expansion (2005-2008 period). Inflows of funds from privatisations, FDI growth, the hiring of new workers and very dynamic crediting activity in the area of long-term housing loans (mortgages) among banks under foreign ownership all played their part. However, everything ground to a halt once the negative impact of the crisis had been felt in our country (autumn 2008). Many people lost their jobs and monthly earnings and were thus unable to regularly service their obligations to banks, the share of non-performing loans in bank portfolios “exploded” and banks became much more cautious and rigorous when approving new loans. The result was a drastic drop (of as much as 58%) in the number of sale-purchase transactions conducted with the help of bank loans. However, prices didn’t fall significantly, because – obviously – the fall in demand was accompanied by a fall in the supply of residential buildings.

When prices are expected to fall, those who have money/cash will wait to buy, while sellers who can afford it won’t rush to sell and thus reduce the price. It is possible for there to be a repeat of the scenario from 2009 – with a strong drop in the number of transactions, accompanied by a smaller drop in prices.

AND WHAT ABOUT HOUSING LOANS?

When we analyse real estate market developments, we must take the latest circumstances into account, i.e., the restrictive monetary policy (raising of interest rates) that is deployed with the aim of curbing inflation.

Borrowing conditions for Serbian citizens have become drastically worse over the previous year. The average interest rate on dinar cash loans rose from 8.64% in February 2022 to a whopping 14.29% in February this year. There has also been a significant rise in prices of housing loans (indexed in euros), which occupy an important place in the structure of total bank placements in the retail sector.

When it comes to indexed loans, as much as 85% of placed funds (approx. €5 billion) relate to housing loans, which are naturally long-term loans.

Although it is a thankless task to forecast what will happen with this market in 2023, construction plans evidently exist. With an increased supply and a slightly lower level of demand, there is perhaps reason to assume that we could see the emergence of a “cooldown”

Over 150,000 households are repaying a loan for a residential flat/house. The average interest rate for this type of loan has more than doubled over the course of the last year – from 2.61% to 5.8%. This is the highest interest rate for housing loans since September 2011, when it reached a level of 5.96%.

If we take the example of a family that started repaying a 60,000-euro housing loan with a 20-year repayment period in February of last year, the monthly instalment (annuity) stood at 320 euros at the start of the repayment period, while today it has risen to the amount of 405 euros, which is a hike of 85 euros (10,000 dinars).

As such, a significant number of potential homebuyers remain “out of the game” – as it isn’t so easy to take out a loan. Banks are now more rigorous when approving loans, borrowing conditions are worse and place a far higher burden on monthly incomes, and this is slowly leading to the waning of demand for apartments in this segment.

OFFER OF RESIDENTIAL UNITS

However, regardless of the slowdown in the dynamics of realised sale-purchase deals, for now investors aren’t reducing their activities, or at least have no plans to do so, judging by RZS data on the number of building permits issued and apartment constructions completed.

The number of apartments completed in 2021 was up 14 per cent on 2020, while the number of building permits issued in 2022 was up by 14 per cent compared to 2021. The number of new apartments can therefore be expected to increase under similar dynamics in the coming period. Although it is a thankless task to forecast what will happen with this market in 2023, construction plans evidently exist. With an increased supply and a slightly lower level of demand, there is perhaps reason to assume that we could see the emergence of a “cooldown”.

At the same time, it is possible for geopolitical circumstances and rising interest rates, which generally impact negatively on investors, to cause a freeze in construction at a certain juncture.

The growth of prices is gradually starting to slow in the U.S. and EU. That differs by member state in the European Union, but it is noticeable that growth in the prices of apartments and houses was “weaker” at the level of the EU as a whole in 2022. Compared to the same period of 2021, prices were up 3.6% in Q4 2022, which is lower than in the first (10.4%), second (9.8%) and third quarters (7.3%).

The post Real Estate Prices Have Yet To Peak appeared first on CorD Magazine.

When it comes to the EU market, ESG principles will soon be essential for everyone from Serbia wanting to do business with other companies, but Serbia has yet to adopt a specific law that addresses these issues – explains Novaston CEO Mia Zečević, before revealing why this is among the most important topics for all investors.

Given that you’re entering the second decade of your operations, has the time come to expand your portfolio or conquer new markets?

We’ve grown from seven employees to become a unique platform with more than 40 strategic projects and 500,000m2 of real estate surface area that we manage for more than 15 clients, among which are the likes of Schneider Electric, Ikea Serbia, NEPI Rockcastle, CPI Property Group et al.

We have built a position in the retail, business and logistics sectors, and we are continuing to apply trends in the management of aparthotels in our country and around the region. Alongside property management, our platform also offers owners a return on their investment through the rental of apartments, considering the tourist potential and project concept. We are working on several other similar projects, with the goal of providing a long-term investment product for all stakeholders in the project development process.

It used to be location that had a crucial influence on the value of real estate, while the standout factors today are ESG standards and energy sustainability. Are these new standards also flourishing in our country?

ESG principles are no longer a trend and choice issue, but rather implementing them in all areas of business is a key factor that’s almost an essential requirement for all companies. They will soon be a necessity for all those from Serbia wanting to do business with other companies when it comes to the EU market. We still lack a specific law that deals with ESG issues, apart from traditional regulations in the domain of environmental, labour and criminal law, which isn’t sufficient because ESG implies a much broader story. The will also exists to regulate this area, so we will see what kind of incentives there will be for companies that implement ESG principles in their business strategies.

Our goal is to provide all stakeholders in the project development process with a long-term investment product

The problem is that, for local investors, the most important factor is the costs that they have, so they only observe the extent to which a project pays off through the short and medium term. Their greatest interest is in how they can extract greater profit as soon as possible, often overlooking the fact that they would be more profitable over the long run. Foreign companies think differently. As an example, I can note that we worked on a project to reconstruct a business property in Novi Sad, where the investor is local and the building is being entered by one of the world’s largest companies – Schneider Electric – that knows what it wants.

You worked in cooperation with law firm Gecić Law to release a guide for real estate investments in Serbia? How did that come about?

The ‘Guide to real estate development – Office Space Case study’ shows, in an understandable and transparent way, the process of investing in the development of a project to construct business premises. Our goal was to create something concise, in one place, for those wanting to invest; to demystify every stage of that challenging process: from making the decision to invest, via construction and opening, to the moment when the building comes to life. Its creation included the participation of the Novaston team, which is characterised by its specific expertise, familiarity with the real estate market in Serbia and the region, more than 15 years of experience in the creation and management of hundreds of thousands of square metres of real estate, together with the team of law firm Gecić Law, which took care of the legal aspect.

The post ESG Principles For Permanent Savings appeared first on CorD Magazine.

When one works with the desire for employees to be happy to be part of the WMD team, and for satisfied customers to recommend us to others and return to us, then success cannot be lacking – says Wood Mood Design (WMD) owner Milica Marić, before revealing why it is important for customers to share the values championed by the brand.

Despite you hailing from a family that has a long tradition of processing and working with wood, the Wood Mood Design brand didn’t emerge overnight. How would you describe the journey from your first pieces of furniture to this unique sales salon?

Even as a child, I found it more interesting to play with little pieces of wood. My parents deal with the production of fine art equipment and accessories, while it was my grandfather who was the traditional old carpenter…

I also quickly developed an interest in technical drawing. I saw that somewhere, probably from my father, who’s a mechanical engineer. I was somehow constantly imbued with the artistic and technical aspects, so – despite having completed my schooling in the natural sciences and mathematics department at high school – I opted to enrole in the Faculty of Applied Arts in Belgrade to study interior architecture.

I came up with my first pieces, a WM club table, while in my second year of college. That wasn’t a study course assignment, but rather my resolve to design and create an attractive and appealing table, lightweight, on wheels, which would replace the heavy wooden desk in my room that I had to move every night and which caused me a lot of back pain. The idea emerged when I was sketching symbols while chatting with a friend on the phone. Inspiration can strike in different places and at different moments.

When I completed my studies, I submitted my works in contests, in a desire to discover whether anyone liked what I was doing. I won several international design awards in Italy, Brussels, L.A., Slovenia and the most important one – the Golden Muse Design Award – in NYC, for my design of the Long Socks desk. That is valued and recognised among customers.

Theory is certainly important as a foundation, but people who launch any business should recognise the importance of practice and dedication, and money will come

I also participated in a contest that was held under the patronage of the Government of the Republic of Serbia. We made the works at company Simpo and then prepared the exhibition. The fact that, after graduating from college, I learnt at such a large and organised manufacturer is of immeasurable importance. Practical experience is essential after graduating from college, while theory is certainly important as a foundation. People who launch any business should recognise the importance of practice and dedication, and money will come.

I remember how I started… I did most things as a service for other manufacturers, and then a car accident that happened when I was overcome by exhaustion changed the course of WOOD MOOD. It was then that we decided to buy a CNC machine and some simpler machines, as WMD had already started developing after the first furniture fair and the award for exceptional aesthetic design solution. Awards have continued to come ever since, while sales have grown…

The first WOOD MOOD piece was sold in 2010. From then until today, and the range of products has changed significantly since then. I set out ambitiously, making large accent pieces that beautify and ennoble a space. Twelve years passed before the opening of the sales salon in Belgrade. When I was ready to accept the risk, an unusual space emerged, filled with warmth and originality, as customers usually comment.

You participate in almost every segment of production – from initial idea, technical development and CNC machine programming, all the way to presentation and sales. Is it fair to say that this isn’t really a regular approach to doing business?

I am the owner, but primarily also the designer. And that need I have to create has already produced the recognisable brand that is WOOD MOOD DESIGN. That comes with responsibility, both towards the people with whom I work and towards the customers. I want the people I work with to be happy and satisfied to be working at WMD and for our satisfied customers to recommend us to others and return themselves. I learned to programme and work on the CNC machine, which also means a lot to me when it comes to the development of new products, but I also plan to involve others in that.

The post Furniture Harmonised With Nature appeared first on CorD Magazine.

Ms. Yalçınkaya brings over 20 years of real estate business experience with extensive know-how in acquisition, disposal, (re)development, leasing, asset, and property management. During her career in multinational companies, she was responsible for numerous investment projects and operations of real estate assets.

Prior to joining MPC, she served as the CEO and Board Member for both the Multi Corporation and ECE Group’s subsidiaries in Türkiye and provided oversight and guidance to the largest retail real estate platforms in the country.

“I am excited to join MPC Properties and uphold the company’s vision to build communities and enable prosperity for all, in addition to MPC’s commitment to bring the best innovative real estate project solutions on the market “, said Yalçınkaya.

The post MPC Properties Appoints Pınar Yalçınkaya As The New CEO appeared first on CorD Magazine.

According to their data, buyers of a new apartment in Munich pay an average of 10,500 euros per square meter, and in Paris an average price is 13,462 euros, while prices in London, Oslo and Frankfurt are around 8,400 euros.

On the other hand, in the Bulgarian cities of Varna and Burgas on the Black Sea, which were also included in the analysis of real estate prices in 68 large cities from 23 European countries, new apartments can be found for an average of around 900 euros per square meter.

The analysis also shows that prices of construction have increased throughout Europe, and interrupted supply chains and shortages of construction materials have increased the risk in planning and executing construction projects.

An additional problem is inflation and a lack of workers, which further raises prices, but as the report concludes, rising interest rates could slow down demand and price growth.

The post Paris And Munich Ranked Most Expensive EU Cities To Buy Property appeared first on CorD Magazine.

In an interview with Tanjug, Strbac mentioned that the purchase of real estate from loans has decreased, so that 88 percent of turnover is paid in cash and that buyers are more cautious when taking out housing loans, due to the increase in interest rates.

“It is interesting that, compared to last year, there was a slight decrease in the purchase of apartments on credit, because in previous years about 30 percent were paid from loans, and this year 27 percent of apartments were purchased on credit,” Štrbac said.

She added that real estate is getting more expensive, but despite that, the amount of money in real estate transactions has increased as well as increased demand for real estate in Serbia.

“The European Committee for the Assessment of Systematic Risk stated in its report as an explanation for the constant demand for real estate and the rise in its prices that people are afraid of inflation and think that their money will be safer if they buy some real estate, so a drastic drop in demand for real estate is not expected”, stated Strbac.

According to RGZ data, compared to last year, real estate turnover increased the most in Kragujevac by 7.5 percent, then in Belgrade by 4.5 percent and in Novi Sad by three percent.

Štrbac stated that the most purchased are apartments, construction land, houses, agricultural land, and garage and office space. She also stated that the most expensive square meter of living space was paid for an apartment of 97 square meters in a tower in Belgrade on the water, and it cost 9,545 euros, and the most expensive apartment sold in the same neighborhood with an area of ​​163 square meters was paid close to 1.4 million euros.

The most expensive house, worth 2.9 million euros, was sold in the Belgrade municipality of Stari grad, a business area of ​​3,183 square meters was paid for 10.2 million euros, and the most expensive garage was sold in Kopaonik for 42,000 euros.

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