Real Estate EN Volume 15

MAGAZINE

Real Estate magazine covers all current real estate subjects as well as modern lifestyle topics such as architecture, design, fashion, art, travel, gastronomy, and prestigious fresh new releases. The magazine was established in 2016 and is published on a quarterly basis.

DIRECTOR

Vladimir Popović vladimir.popovic@realestate-magazine .rs

EDITOR-IN-CHIEF Gordana Knežević Monašević gordana.km@realestate-magazine.rs

ART DIRECTOR

Ilija Petrović Indigo  Child indigochild.ilija@gmail.com

SALES MANAGER Đorđe Ivanković djordje.i@realestate-magazine.rs

EDITORIAL OFFICE

Jovana Nikolić Petra Vasiljević Petar Dobrosavljević Ana Kralj

TRANSLATOR Milica Miljković +381 11 324-32-74 redakcija@realestate-magazine.rs

It may not be as high as the Burj Khalifa, which we climbed to the 125th floor in this issue, but it is ours. And it is the highest in the region. The panorama of the capital is reflected in its glass facade, and from its top, at a height of 168 meters, the view is further away from Belgrade. Of course, it is the Belgrade Tower, a new trademark of the capital, which symbolically represents a completely new perspective on Belgrade and Serbia. In fact, there are more perspectives because the tower achieves a rotation of 90 degrees, and each new angle gives a different view. That is exactly the leitmotif of this December issue of our magazine: what are, indeed, the perspectives of Serbia and its capital when it comes to the real estate sector?

EDITORIAL A VIEW FROM ABOVE

ing year. New trends have already carved out pathways for future development. This will certainly open up new investment prospects as well as the arrival of new foreign brands and companies. And where there are investments, there are loans and project financing, which, according to banking experts, will only gain momentum and adapt to the needs of the market, which is pushing the boundaries in terms of building.

We’re starting the new year with great ambitions and possibly less anxiety than last year, because we’ve already learnt to deal with new business challenges in pandemic circumstances and shown that life goes on despite losses and restrictions. And with it, all of our dreams, plans, and results.

PUBLISHER

What are our needs, as viewed from the inside, and what is our potential as we look down on Belgrade and the entire country? What are the developers’ visions for spatial and urban development, and what are the demands of a new generation of buyers and renters? What effect does all of this have on building and housing standards? What is the future of the real estate market, which is expanding faster than ever? Will the construction boom, as seen in the satellite image of Serbia and the record number of building permits issued this year, eventually relieve the shortage of square meters of residential and commercial space and stabilize prices? Is this an opportunity to attract new foreign investments, and how high on the radar of large investors are we right now?

Our interlocutors on this issue are confident that the real estate industry’s expansion will continue next year, and that 2022 will be no less dynamic and exciting than the outgo-

We cannot be dissatisfied with the results in 2021, particularly in the real estate sector, and we surely deserved a good break over the holidays. And to relax right here at home, because Serbia is a true jewel when it comes to enjoyment, pleasure, and top gourmet atmosphere. Even Michelin’s inspectors couldn’t resist it during their secret mission to Belgrade.

More on this, as well as other interesting topics and trends in business and other categories that make our lives more beautiful and meaningful, may be found in our new issue, but also on our web page realestate-magazine. rs. We eagerly await your feedback and ideas so that we can work together to create 2022 and make it even more successful.

Yours…

EXCLUSIVE OFFICE SPACE REVOLUCIJA

ABOUT THE FACILITY

From the winner of the prestigious Mies van der Rohe Awards, the BigSEE Architecture Award and the annual award "Aleksej Brkić", another revolutionary project is coming – a business facility called Revolucija!

The most exclusive business facility in the region is popping up at the precise corner of Kralj Alexander Boulevard and Golsvordijeva Street, at the busiest pedestrian point in Belgrade and Serbia. The facade's structural elements are made of cast "nature" concrete, which has the same qualitative and representational properties as stone. The second plan includes a transparent wall curtain made of three-layer thermal glass, which is the best thermal insulator and has all of the necessary noise-reduction characteristics. A terrace has been designed for each floor, with a ceiling height of 330 cm. Its final materialization is conceived and projected in wood paneling, and the fence is defined by flowerpots with lush greenery. Natural ventilation of the business space is planned as well. The four-pipe air climatization system allows each office to have its own temperature control.

OFFICE SPACE FOR RENT

The nine-story structure will be used for business purposes, with 5,000 m2 of office space and 340 m2 of commercial space.

From the first to the fourth floor, the basic floor base covers 800 m2, and from the sixth to the eighth floor, 400 m2.

Possibility of adjusting the office space to the renters' requirements.

Renters have access to 90 parking spaces within the building, including charging points for electric vehicles.

CENTERS FOR CONFERENCES AND EVENTS

The most modern conference and event centers are located on the fifth and last floor. They are designed to meet the most demanding congressional tourism standards. Their dynamic structure is the ideal basis for the organization of all types of events – congresses, conferences, business meetings, and other events, with a total capacity of up to 1,200 people.

MPC PROPERTIES BOUGHT SC DELTA CITY

MPC Properties, a regional leader in real estate development and management, purchased SC Delta City, one of the country’s most popular retail malls. MPC strengthened its retail portfolio with this transaction, which now includes five shopping centers: Ušće Shopping Center, BEO Shopping Center, Mercator Center Belgrade, Immo Outlet Center, and Delta City. “Our long-term

expertise in developing and managing the country’s largest retail and office projects, a well-coordinated team of international and domestic experts, the widest network of international and regional brands, but most importantly, a stable and sustainable portfolio, make MPC Properties a reliable partner for business development and upgrades,” as according to company’s announcement.

THE CONSTRUCTION OF THE BELGRADE METRO HAS BEGUN

MOKRA

GORA IS ON THE LIST OF THE WORLD’S BEST TOURIST VILLAGES

Mokra Gora in Serbia was elected to the list of the best tourist villages in the world for 2021 at the United Nations World Tourism Organization (UNWTO) General Assembly in Madrid in early December. In a competition featuring 175 communities from 75 nations, this award was granted to 44 villages from 32 countries throughout the world. The initiative was created with the aim of enhancing rural tourism, as well as the nature, cultural wealth, local values and activities, and local gastronomy. All of the villages that received this recognition for 2021 stand out for their natural beauty, cultural heritage, and tourism development in line with sustainable development goals. Mokra Gora is a picturesque mountain village located between the Tara and Zlatibor mountains, known for “The Sargan Eight”, a 300-meter-long historic railway track which goes up the hill making a perfect number eight.

The work on the embankment and terrain preparation on Makiško polje, in the location where the future metro depot will be built, marked the official start of the Belgrade metro construction project at the end of November. According to the plan for general rail system regulation, the first metro line will connect Železnik and Mirijevo, while the second would connect Mirijevo and Zemun. Both lines will be 21 kilometers long, and the first will be finished in 2028, while the second will be finished in 2030, as scheduled. The tram network and BG trains will be expanded as part of the same plan, so that by 2030, Belgrade will have 42 kilometers of subway, 223 kilometers of city and suburban railways, and 42.6 kilometers of new tram network, making the rail system the primary mode of public transportation in the city.

Photo: Pexels

THE NEW CAPITAL OF EGYPT

The Egyptian government began relocating to a new administrative capital 60 kilometers east of Cairo in December, six years after the project began. The new capital is being designed as a smart high-tech city with a population of 6.5 million people that would feature administrative, business, and diplomatic districts as well as large parks. The new city, which would span about 69,000 hectares, will cost $60 billion to build and is anticipated to be complet-

ed in 2030. The city’s skyline would be dominated by skyscrapers, the largest of which, called Oblisco Capitale, will be 1,000 meters tall and inspired by the pharaoh’s obelisks. Around 2,000 educational institutions, a technology park, 663 hospitals and clinics, 1,250 mosques and churches, a stadium with 90,000 seats, 40,000 hotel rooms, an entertainment park four times the size of Disneyland, and a 90-square-kilometer solar farm will be situated in the city.

TURN GREEN

EPIC GAMES CAMPUS IN NOVI SAD

BY

2024

Epic Games, one of the most well-known gaming companies, and 3Lateral, a subsidiary of the company, will construct a campus dedicated to information technology and gaming in Novi Sad. The building, which will be located near the University Center on Radnička Street, is designed to be an inspirational and multifunctional workspace that will support the complete development cycle of new technology solutions, from research to products. Environmentally sustainable solutions and environmental protection will receive special emphasis. The major project studies were prepared by Serbian firms A3 Architects, Antipod, DNEC, BWK, and Cepting, with the assistance of international consultants AltaTech, Theatreplan, Sandy Brown, and Guidepost. Campus construction is expected to be completed in 2024.

The Ministry of Mining and Energy would pay 230 million euros in subsidies for energy efficiency and solar panel installation next year, according to Zorana Mihajlović, Serbia’s Deputy Prime Minister and Minister of Mining and Energy. Given that we now spend four times more than the EU average on energy, the goal is to reduce energy consumption at the national level. “Energy efficiency will practically provide us with another energy capacity,” the minister explained, noting that “we throw the production of one thermal power plant out the window every year,” adding that “if we have solar panels on only 10% of the total roof area in Serbia, we will get installed power equal to what EPS has today.” The Ministry recently started the “Energy Efficiency – Turn Green” campaign, with the help of the European Union, to raise awareness of energy savings at all levels.

IGH OPENED HOTEL INDIGO BELGRADE

IHG Hotels & Resorts’ boutique hotel brand, has opened its first hotel in Serbia, Hotel Indigo Belgrade, as a part of Delta Holding’s InterContinetal Group. The hotel is set in a building with its own history, rustic facade, and hidden interior courtyard-atrium in the city’s very heart, in the pedestrian zone between Knez Mihailova and Čika Ljubina streets. The hotel’s interior design is artistically inspirational, with many details that make it unique and characteristic of Belgrade. The atmosphere of the Belgrade region is reflected in Hotel Indigo Belgrade, as well as the city’s history, food and drink culture, and unique architectural characteristics. Two levels at the base of the building have unique retail brands, while the higher floors house rooms and suites, the Duke restaurant, and the most cutting-edge fitness center.

MONTENEGRO’S HIGHWAY IS READY FOR TRAFFIC

The priority section of the Bar-Boljare highway, which runs from Podgorica to Mateševo and is 41 kilometers long, might be available to traffic by the end of the year, or by May next year at the latest, according to the Montenegro’s Ministry of Ecology, Spatial Plannin and Urbanism. This section’s construction is being done by the Chinese company CRBC, with whom a design and construction deal worth 809.6 million euros was signed in 2014. In terms of the main contract, the work will be completed after a two-and-ahalf-year delay, costing around

90 million euros more than the original estimate. The construction of the Bar-Boljare highway, which will connect Montenegro’s major port with the Serbian border, is the country’s greatest infrastructural project which represents a key step towards Montenegro’s approach to the Trans-European transport network. The Moračica Bridge, one of the construction wonders in the region and the largest single building on the priority section, was connected in 2019. The bridge is 175 m high (from the bottom of the Morača riverbed to the road 205 m), 23.4 m wide and 960 m long.

Photo:

THE RIMAC GROUP IS BUILDING THE NEW HEADQUARTERS

The building of Bugatti Rimac and Rimac Technology’s future headquarters near Zagreb, which began in August, is largely underway, with the first phase scheduled to be completed in 2023. According to the company, the Rimac Campus will be one of the largest research and development and production complexes in Europe producing the Rimac Nevera as well as key components for future Rimac and Bugatti models. The new factory will also be able to mass-produce electric drive systems, battery systems and other technologies developed for global automotive giants. The campus will be built

on 100,000 m2 of land, with a total size of 200,000 m2 for the facilities. The campus will provide a superior environment for both employees and visitors, with a test track surrounding the complex, a museum, design and engineering departments, and production and testing sections. Employees will have at their disposal a playroom, gym, restaurant, and kindergarten for their children, as well as “urban swamp” and meadows, a restaurant roof garden, a farm for domestic animals, and more.

The campus was designed by 3LHD, a Croatian architectural firm, and the project cost more than 200 million euros.

According to a recent announcement made as part of a new package of demographic measures, young married couples in Serbia will soon be able to get state financial support for the purchase of their first apartment. It’s would be a non-refundable support in the range of 10,000 to 20,000 euros, which is roughly the amount of a housing loan participation, which is frequently an impediment for young people trying to obtain real estate. The exact date this measure will take effect and who will be eligible for government assistance will be known in January, when the package of measures passes the parliamentary procedure, according to the Ministry of Family Care and Demography.

Mate Rimac, CEO of Rimac Group

Photo: Pixabay

WHERE IS THE REAL ESTATE MARKET GOING?

Despite a brief standstill at the start of the pandemic, the domestic real estate market not only quickly recovered, but has been expanding for the past year and a half. What has changed in the meantime, what trends we can expect in the coming year, and whether Serbia will continue to be Europe’s Hot Spot, we asked the West Properties leadership team

Text by: JOVANA NIKOLIĆ Photo: MILOŠ LUŽANIN

Last year was at least challenging for the real estate sector, although there will be no shortage of uncertainty and excitement in 2022. Record growth in real estate prices in cities across Serbia, particularly in Belgrade, where the average price per square meter surpassed 2,000 euros, as well as record real estate turnover and even a record number of issued building permits, indicate that this expansion will continue next year. Even though some expect that such a market will collapse, the leaders of West Properties believe that such a prediction is far from realistic. Many local and global factors influence the market, which West Properties has continuously observed and researched for the past 20 years, allowing them to raise the level of service in the real estate industry to the highest professional level and gain the trust of many domestic and foreign clients.

“The market will certainly slow down at some point, as continuous expansion is neither natural nor normal. Stagnation will occur, but no

one can tell when it will happen, just as no one could have foreseen such a rapid expansion. The market was dormant for a while after the previous financial crisis in 2009, but it began to wake up in 2011 and 2012, and the process is still ongoing. During the pandemic, this process simply accelerated in comparison to the natural flow that existed before, primarily because people invested in real estate as the safest form of savings out of fear for the acquired capital”, explains Vladimir Vukićević, CEO.

The dread of inflation, which was projected as a result of governmental aid to the economy, which was the practice in most countries, and the printing of money, triggered this psy-

chological moment, according to Managing Director Vladimir Popović. “People who had money sought to safeguard it as soon as possible, fearing inflation, so they bought real estate, which ultimately led to greater demand, which in turn raised real estate prices. Meanwhile, raw material prices for real estate construction have risen due to issues in logistics and supply chains, affecting the price per square meter as well,” Popović adds.

When asked how much the prices per square meter will grow, Vladimir Popović believes that the answer is simple: as long as demand exceeds supply. “Many factors influence the price per square meter, including the cost of the land,

the cost of contributions, the cost of primary and secondary infrastructure, and, most importantly, the time it takes to complete the project. All of the factors that influence the price of a newly constructed apartment are eventually passed on to the customer. And it will remain that way until supply and demand are balanced, which, in my opinion, will not happen anytime soon”, says Popović.

According to Vladimir Vukićević, the supply-demand imbalance is most obvious in Belgrade, where nearly every unit in a new building can be sold instantly, provided it satisfies quality criteria. “Although we see a lot of cranes in Belgrade, we’re talking about hundreds of

Vladimir Vukićević, CEO, and Vladimir Popović, Managing Director

thousands, if not millions, of square meters, but when we turn it into housing units, which amounts to about three to five thousand new housing units per year in Belgrade, it is insufficient for a city of two million people”, Vukićević says. He goes on to say that the increased migration from the interior to the capital, as well as our diaspora, which has aspirations to return to Serbia at the conclusion of their working lives, should be factored in. When all of the requirements are considered, it is apparent that Belgrade still lacks a significant amount of living space, and that high demand will continue to be a trend.

All of this creates opportunities for new real estate investments, which Vladimir Popović believes are more than desirable. “In terms of several factors, such as infrastructure, transportation, and even urban population, Belgrade is still a poorly developed city. There are streets two or three kilometers from the center that are densely packed with small, dilapidated dwellings and so do not meet the micro-location. All of these are prospective areas for new building, and I feel that we cannot talk about achieving the peak in city construction as long as such locations exist and are not urbanized,” Popović says.

According to West Properties, while apartments of 50 to 80 square meters are still the most sold, there is an increasing demand for luxury apartments of up to 150 square meters, from which customers expect maximum comfort – from the building’s garage, representative entrance, and security guard, to the gym, pool, and spa within the residential complex, which only demonstrates how much clients’ criteria

COWORKING & NETWORKING

have changed recently. Luxury apartments in new buildings, at premium locations, such as Senjak, Dedinje, Vracar and New Belgrade, are sold in advance at very high prices. Behind such investments, as well as behind large residential complexes of up to 200,000 square meters, are well-known investors who are trusted, Vladimir Vukićević points out.

“Until recently, they were mostly foreign investors, but in recent years, domestic investors have become increasingly relevant. There are domestic and international construction companies on the market, as well as numerous European funds that invest foreign resources in domestic projects. Foreign investments are always welcome since they add to the excitement

The crisis time, particularly the first year of the pandemic, was extremely difficult for all players in our real estate market, and West Porperties’ strategy was to keep operating as usual. On the one hand, they were highly effective in adjusting to new market trends, such as the need for coworking business space among clients at one point, and on the other side, they worked on their own networking. “During the previous period, we were able to make contact with potential new partners all around the world. I’m hoping that we’ve done an excellent

job of networking, which will most likely lead to new business prospects. What matters most to us as a company is that we have maintained and, even during the most difficult phase, the lockdown, we have remained consistent with our business standards, which has maintained customer trust. We even stepped up our efforts, particularly in terms of hiring new and high-quality professionals, all for the benefit of our clients, who have not been shortchanged in the last year and a half,” Vladimir Popović says.

Belgrade still lacks a significant amount of living space, and high demand will continue to be a trend, says Vladimir Vukićević

PARTICIPATION IN MIPIM IS AN HONOR AND A RESPONSIBILITY

West

reason is that they will be able to present themselves, Serbia, and the region as a whole to potential investors. The second reason is that it will allow its staff to meet some of the best real estate experts in the world, allowing them to network and strengthen the company’s business.

of the race in our market. For a foreign investor looking to enter a new market, system security is critical, and we must keep in mind that Serbia is not yet a member of the EU, which is an aggravating factor that many investors in the surrounding countries are cautious about. For investors and buyers, the financial structure is also critical. That is why we always recommend project financing to our investors, as it provides an additional guarantee to the buyer that everything will go as planned with that facility from the start. When it comes to major investments, that flow must be as smooth as possible, with as few oscillations as feasible,” Vukićević explains.

Not only are apartments in short supply in the domestic real estate market, but so is office space, particularly in Belgrade, despite the fact that we have now exceeded the millionth square

meter with the newly built 100,000 square meters. This disparity is even more striking when comparing Belgrade to Zagreb, which has half the population, while Belgrade has half the number of square meters of office space, Vladimir Popović points out. “Our clients have expressed a strong desire to relocate their businesses to the old part of the city, where we still have a chronic lack of office space, as evidenced by our exclusive representation of renting space in several office buildings in the old part of the city, including Ziegel House in Vracar, Kings Cross in Dedinje, Swiss Build in Zvezdara, and Mia Dorcol in Dorcol. New business premises projects are being implemented in New Belgrade, with others planned for other parts of the city, indicating a positive trend for the city of Belgrade as a whole. The emergence of new companies and the expansion of existing ones are positive indicators that the economy is improving,” Popovic says and adds that there is a growing expansion of logistics centers and warehouses in this area of commercial real estate, indicating that Belgrade is experiencing economic growth, which will benefit everyone.

In terms of expectations for 2022, West Properties anticipates a return to normal business practices, but given the world’s continued instability, they believe that investing in real estate will remain the only way for people to feel secure and save money. “I am certain that, in that regard, Serbia will remain Europe’s Hot Spot, due primarily to construction trends. More building licenses, in my opinion, will be issued. I expect the demand trend to continue, in part because it is unclear whether global inflation would consume people’s money in their accounts, thus it is likely that our diaspora will employ this kind of security. They’ll buy real estate here even sooner because it’s cheaper than abroad,” Popović says.

Properties will be the only Serbian real estate company at MIPIM, the world’s most prestigious real estate fair, which will take place in Cannes in March. Participating in such an event, which brings together the world’s largest real estate experts, is both an honor and a responsibility for the WP, for two reasons. The first

New real estate investments are more than desirable, according to Vladimir Popović

THE NCR CAMPUS IN BELGRADE IS EUROPE’S LARGEST

The NCR Corporation’s new, state-ofthe-art technology campus in Block 42 in New Belgrade opened in early October. This American company’s new business center was built to the greatest standards of smart construction, covering 30,000 square meters, with a total investment of more than 100 million dollars. The new building, which honors the tenth anniversary of NCR’s operations in Serbia, is Europe’s largest NCR technology campus, bringing together more than 5,000 experts from various fields such as engineers, economists, lawyers, philologists, analysts, marketing and communications experts. The campus is designed as an open space, with 21 rooms dedicated to specific purposes, such as a development software testing lab and a Customer Experience Center, as well as 185 meeting rooms. The structure has 13 elevators, two parking levels, and seven stories of office space. NCR is a global technology leader in offering high-quality, professional support to companies in various industries, enabling about 550,000,000 transactions each day through its software, hardware, and range of services. NCR is one of Serbia’s largest IT employers, and it engages in a specific program of university collaboration, with more than 80% of employees belonging to the millennial generation.

NEW RESIDENTIAL COMPLEX IN LJUBLJANA

Anew housing estate called Novo Brdo, which will house 498 families and individuals, was recently opened in Ljubljana. The estate will also host various public services, such as a library and shops, as well as an open outdoor space with plenty of green areas, children’s playgrounds and a pond. It is the largest among the projects that recently provided a total of 1,887 new housing units in Slovenia and

it was made possible by a 50 million euro loan from the Council of Europe Development Bank. The Housing Fund is now working on a new cycle of ten projects totaling 906 projected housing units, for which it will request a new loan from the Council of Europe Development Bank. It is estimated that Slovenia needs about 10,000 additional housing units, and the Slovenian government plans to provide about 5,000 by 2026.

INVESTORS KNOW THEY HAVE A PARTNER IN THE SERBIAN GOVERNMENT

Despite numerous challenges caused by the pandemic, Serbia has remained a financially stable country. We have a favorable investment and business climate, for which we are renowned amongst foreign investors. That is why we need to keep investing in infrastructure, and that is why in 2022 we will continue with large capital projects, says Siniša Mali, the Minister of Finance in the Government of the Republic of Serbia

Text by: GORDANA KNEŽEVIĆ MONAŠEVIĆ

If a word of the year was chosen in Serbia – the word investments would definitely carry this title for 2021 as well. Not only because we have heard it so many times over the past 365 days, but also because of the impressive numbers that clearly show how much and what has been invested in Serbia in the last year, despite the uncertain circumstances caused by the pandemic. Of these, as well as all other economic balance figures, you may feel dizzy when doing an interview with the Minister of Finance by the end of the year. Nevertheless, these figures are the best indicator of economic growth and business climate that marks Serbia as one of the most attractive investment locations in the world. Serbia’s interest is to attract even more investments in the coming period, says Minister of Finance Sinisa Mali in an interview with our magazine. He explains why we should be optimistic about the year 2022, which economic sectors have the greatest potential for new investments, and what is particularly appealing for the new building investments.

Now, at the end of the year, when we summarize the overall economic balance, how satisfied are you with the economic situation in the Republic of Serbia?

— We really should be satisfied and proud of everything we have accomplished with the economic plan. In the difficult and uncertain times of the coronavirus pandemic, and in a situation where the whole world is facing the economic consequences of that pandemic, we are achieving excellent results. The results are significantly better than we expected at the beginning of the year, which is why the rate of our economic growth has been revised upwards, to seven percent. Also, our public debt is absolutely under control and it is planned to reach up to 58.2 percent, which means that it will not exceed 60 percent set by Maastricht. Unemployment is at the level it was before the pandemic, and the average net salary in the period January-September increased by 5.6 percent in real terms and amounted to 64.487 dinars. At the same time, in the first nine months of this year, industrial production grew by 7.3 percent, and the increase in coverage of imports by exports of 76.6% was also recorded. So, thanks to our successful economic policy and the fact that we have opened more than 250 factories throughout Serbia in the last seven years, we contribute to the coverage of imports by exports and become less and less dependent on imports. All this is only a part of concrete indicators, which testify to

Foto: Jolanda Korac

how strong and stable our economy is and how optimistically we are entering 2022.

The recently passed budget for 2022 includes a record 486 billion dinars ($4.79 billion) for capital investments, among other things. What kind of investments are we talking about?

— In 2022, record capital project allocations will continue, including those that have already commenced and some that have yet to begin. The budget set aside 485.8 billion dinars for that purpose, i.e. as much as 7.3 percent of GDP, and those funds are, among other things, intended for the construction of highways, railways, bridges, hospitals, health centers, ecology, and environmental protection. Here are just a few examples. The budget for next year allocates funds for the Fruskogorski corridor, the Moravian corridor, the section Preljina-Pozega, the highway Belgrade-Sarajevo, for the construction of the road Ruma-Sabac-Loznica, for the Danube highway, the section of the highway Belgrade-Zrenjanin, the fast road Backi Breg-Kikinda, the section of the highway New Belgrade-Surcin, section Nis-Plocnik, for bypasses, bridges, and tunnels, for the project of the Hungarian-Serbian railway, railway Subotica-Szeged, and Nis-Dimitrovgrad.

A thousand kilometers of highways and fast roads is amazing data with which we enter 2022. Is it

possible to evaluate the advantages of contemporary road infrastructure right now?

— The construction of highways and expressways contributes to better connections within the country, but it is also of great strategic and regional importance. It saves time, reduces transportation costs, improves accessibility, and creates better regional connectivity. All of this leads to increased budget income, which we then use for building schools, hospitals, health centers. The level of commercial activity on highways increases as they are constructed. Along with the completion of the corridors, new investors are coming, new factories are opening, raising the salaries and living standards of the citizens of Serbia.

We are entering the new year with the first fast trains, but also with the construction of the first line of the Belgrade metro. How much does the construction of the subway itself enhance the working temperature and investment attractiveness of Belgrade?

— Building a subway in Belgrade is one of the largest and most important infrastructure projects we are currently implementing. The dream of building a subway in Belgrade has lasted for decades, and I am proud that we are finally fulfilling that dream today. The construction of the

Digging foundations for the Hilton hotel

IKEA construction site

metro in Belgrade is part of the “Serbia 2025” project, which president Aleksandar Vucic has placed the highest priority on. This will make life easier for citizens, establish a healther mode of transportation, reduce traffic jams and impact on Serbia’s GDP growth. While I was mayor, I used to say that Belgrade would be a “city of cranes and hoists.” Finally, the metro will transform Belgrade into a global metropolis. This will result in new investments and jobs.

In the first seven months of this year, foreign direct investment inflows totaled 2.72 billion dinars, up 30% over the same period last year. What were the most popular investment industries, and where do the biggest investors come from?

— If we look at the activities, the biggest net inflow of foreign direct investments in the first half of this year was realized in mining, due to the investments of the company Zijin Mining. Of course, there is also the processing industry as the sector that traditionally attracts the largest foreign direct investment, as well as the transportation, construction, and finan-

cial services sectors, which all recorded significant inflows. When we talk about the geographical origin of investors, the European Union is still the most important investor in Serbia with a share of 58 percent of total investments. But, when we speak of countries, China, the Netherlands, Germany, Switzerland, and Austria have the largest net inflow of foreign investments, accounting for slightly less than 70% of all matured investments.

What is especially attractive to foreign investors that approves their decision to invest in Serbia?

— Serbia’s image in the world has significantly improved in the last few years, and our country has become appreciated both in the East and in the West. Investors know that their investments and businesses are safe when they invest in Serbia. Serbia is also in an excellent geographical position and is the leader in this region of Europe, with good infrastructure, educated young people, and people who are willing to work. Investors also know that they can always count on the Government of Ser-

Reconstruction of Obiliceva St. in Belgrade

bia as a partner, and that we are here to listen to them, talk to them, and address any problems that may arise.

Belgrade, as well as the entire country, has turned into a massive construction zone. How appealing is real estate investment for foreign companies?

— Despite the numerous challenges caused by the pandemic, Serbia has remained a financially stable country, full of opportunities, and, as such, it is interesting to everyone, so business people from all over the world are present here today. We have a favorable investment and business climate, for which we are

ONE OF THE CONSTRUCTION SEGMENTS THAT IS PARTICULARLY APPEALING TO INVESTORS, PRIMARILY FOREIGN ONES, IS INVESTING IN THE CONSTRUCTION OR ADAPTATION OF HOTEL AND SPA FACILITIES

renowned amongst foreign investors. It is crucial that all potential investors, in every sector, including construction, are aware of this.

It’s not surprising that investments in the construction and building sector in 2020 totaled over 400 million euros, nearly twice as much as the Southeast Europe/Balkans region’s average for that year. It is an industry with a significant share in our GDP and has recently expanded, particularly in large cities such as Belgrade and Novi Sad.

One of the construction segments that is particularly appealing to investors, primarily foreign ones, is investing in the construction or adaptation of hotel and spa facilities. As a country rich in natural springs and thermal waters, with 28 spas and 19 climatic places, Serbia is an attractive destination for investors in spas, hotels, and even medical centers. Investors in this segment also have the support of the Serbian Government, which provides subsidies for the building and adaptation of spa and hotel facilities. Industrial facilities, logis-

tics centers, and commercial facilities are also becoming increasingly prominent segments of construction investment.

Belgrade Waterfront is currently the region’s largest building site and one of Serbia’s major international investments, launching domestic construction and related industries. Can you provide other examples of good practice?

— When it comes to the construction sector, Belgrade Waterfront is one of the examples of the successful realization of international investment in Serbia. We have a huge construction site, which is the largest project of its kind in Southeast Europe. I am very happy and proud of what we have accomplished since. Instead of the ugliest part of the city, we now have the most beautiful area of the capital, which Belgraders, as well as other citizens of Serbia, are proud of and are eager to show to visitors. Belgrade Waterfront shows that dreams come true and promises are being fulfilled. There are 14 buildings under construction in Belgrade Waterfront. So far, more than 3,500 apartments have been sold, because there are as many as 24 buildings on the market. We can confidently state that Belgrade Waterfront changed the perspective of the capital and Serbia and propelled the construction industry and economy. This project is currently the best example of good practice, but we are fully open to investors who are interested in similar projects and will also contribute to job creation.

What are the predictions for foreign investments in 2022? Which sectors are likely to attract the most foreign investments?

— Serbia’s interest is to attract even more domestic and foreign investments, particularly long-term, export-oriented investments that add value, as well as new technical and technological solutions. I am confident that we will continue to achieve good results in 2022, possibly even exceeding the record set in 2019, when we received 3.815 billion euros in FDI. According to data from this year, FDI inflows reached 3.18 billion euros in the first ten days of November, while the NBS estimates

that by the end of the year, the value of FDI will amount to about 3.4 billion euros. By the way, during the pandemic last year, the total share of investments in GDP was 24.2 percent, and in 2019 it was 25.1 percent, which are both satisfactory outcomes.

Our goal is to retain Serbia among the most appealing investment destinations, because investments mean new jobs. They have a positive impact on domestic partners who enter supply chains and improve their production and competitiveness. We strive to attract as many investment projects as possible, which will enable the creation of extra added value and projects that will bring sophisticated technologies to Serbia. In that sense, there is room for such investments from the food industry, through ICT technologies, to the automotive, electronic,

mechanical, and related production sectors.

Also, there are more and more high-tech projects, especially regarding the automotive and related industries such as electronics, mechanical, metal, where world manufacturers and innovators are present in Serbia, such as the German Continental and many others. These are the companies that are opening research and development centers in Serbia and developing new products, creating innovations in our country. With that, the value of individual investment projects and projects that are no longer labor-intensive but capital-intensive is growing, and there will be more and more of that. That is why we need to keep investing in infrastructure, and that is why in 2022 we will continue with large capital projects. All this is part of the “Serbia 2025“ project, and the main goal is to raise the living standard of citizens.

Foto: Stefan Stojanović

INVEST IN SERBIA: REAL ESTATE

At the investment conference, held in the Pavilion of the Republic of Serbia during the theme week “Urban and Rural development,” the aspects and opportunities for investments in the construction of commercial real estate projects, industrial and retail parks in Serbia were presented

Text by: JOVANA NIKOLIĆ Photo: SERBIAN CHAMBER OF COMMERCE

IVANA VULETIĆ Secretary of the Construction Association, SCC

The World Expo 2020 Dubai, under the theme “Connecting Minds, Creating the Future”, gathered 200 participants, including 192 countries, international organizations, companies and educational institutions. The Serbian Pavilion is in the “Mobility” district, and the performance is titled “Serbia creates ideas – Inspired by the Past, Shaping the Future.” During the exhibition, the Serbian Chamber of Commerce, in cooperation with the General Secretariat of the Government of the Republic of Serbia, representatives of the Serbian Pavilion for Expo 2020 Dubai and the Development Agency of Serbia, organizes business delegations and programs for businessmen for nine theme weeks. How everything went that week of “Urban and Rural Development” at the beginning of November, reports Ivana Vuletic, Secretary of the Construction Association, Construction Material Industry and Housing Industry of the Serbian Chamber of Commerce.

“During the third theme week, “Urban and Rural development”, 77 companies, or 158 businessmen, participated in the business delegation, setting a record for the number of businessmen in a single delegation. Those 77 companies that were part of the business delegation employ 4,546 people and their to-

tal business income for 2019, according to financial reports, was more than 50 billion dinars,” says Ivana Vuletić.

During this theme week, Serbian businessmen were introduced to the Business Hub SCC in the South Dubai industrial zone and the possibilities of its use for organizing meetings and presentations for free. This unique, modernly equipped business space represents a new type of international support for businessmen. It is designed for the presentation of Serbian companies from various industries, the presentation of specific products and services, as well as for the meetings and presentations with potential partners.

As part of the week “Urban and Rural Development,” the investment conference “Invest in Serbia: Real Estate” was held in the Serbian Pavilion, attended by Tatjana Matić, Minister of Trade, Tourism and Telecommunications, Tomislav Momirović, Minister of Construction, Transport and Infrastructure, Danilo Cicmil, advisor to the President of the Republic of Serbia and Marko Čadež, President of the Serbian Chamber of Commerce. Aspects and opportunities for investments in the construction of commercial real estate projects, industrial and retail parks in our country were presented at the conference.

In addition to presenting opportunities and trends to the business audience, numerous meetings were held in the sector with representatives of companies interested in investing. The idea of the conference was to attract projects that would enrich Serbia with something quite modern and in line with global trends in construction and real estate. There was a lot of interest in what Serbia has to offer in terms of real estate investment at the conference.

Businessmen had the opportunity to meet possible business partners in direct B2B interactions throughout their stay at Expo 2020. The discussions took place in the pavilions of Slovakia, India, Sweden and the USA. Also, numerous individual meetings with companies from Hungary, Latvia, Iran, Germany and Korea were held. More than 90 businessmen from Serbia, Slovenia, Slovakia, India, Latvia, Syria, the United States, Iran, Malaysia, Argentina and the United Arab Emirates attended the B2B event in the Pavilion of the Republic of Serbia.

“Considering that numerous Serbian companies are already operating in the UAE and the Middle East region, a panel was organized in the premises of SCC Business Hub, where our businessmen, who are already working in the UAE, shared their experiences. The pres-

entation of Ognjen Sudžum, whose company UPG Engineering has been operating in the UAE and Saudi Arabia for many years, was extremely helpful,” says Ivana Vuletić.

More than 2,000 business contacts were made at the Expo during this week, according to the questionnaire submitted by the businessmen. Businessmen expect over 300 contacts to lead to direct business cooperation. More than ten pre-contracts and contracts, as well as other agreements with corporations from the UAE, the USA, India and Serbia, have been signed. The companies expect contracts that are individually worth 10,000 to three million euros. A large number of jobs have been agreed upon in the field of construction services.

The Serbian Pavilion

H.E. Demetrios Theophylactou

AESTHETICS IS OF THE ESSENCE

Text by: GORDANA KNEŽEVIĆ MONAŠEVIĆ Photos by: MILOŠ LUŽANIN

The beautiful, white Residence, surrounded by a well-groomed lawn and landscaped garden, situated right next to the Embassy of Cyprus, does not attract much attention, tucked away in a quiet, elegant neighbourhood with lots of greenery. This is, after all, one of the privileges enjoyed by the residents of Diplomatic Colony in Dedinje. These quiet moments are treasured by the Ambassador of Cyprus to Serbia, Demetrios Theophylactou, our exclusive host in this issue of the magazine. Elegant and attentive, as etiquette and good behaviour dictate, he greets us warmly at the entrance of his Residence. He swiftly proceeds with a special touch on the cultural history of Cyprus, as reflected in the entrance hall, with a brief introduction to the naive artists of the island. Like every Ambassador, he re-decorated the Residence and created an ambience that best reflects the image of the country he represents. “In diplomacy, especially for an Ambassador, aesthetics is an essential element – because the first impression of any visitor does matter. It reflects the history, traditions and essence of your country as well as you”, he says.

The Residence is not the property of Cyprus; it is rented since 1st October 1980 on a long-term lease. Coincidently, 1st October is Cyprus Independence Day. The Ambassador considers it a privilege to live there. As an experienced diplomat, with several missions served all over the world, from New York and Brussels to India and Australia, Mr. Theophylactou had plenty of ideas on how to re-decorate the space. He brought a number of artefacts, figures and paintings from Cyprus and various other places. Numerous gifts from Serbia are already decorating the Residence, including a special tennis racket and balls, personally signed by Novak Djoković and offered to the Ambassador. Some family photos, especially of his son Stephanos and daughter Nicole, give the Residence an especially intimate and warm touch. The Ambassador admits that he enjoys the atmosphere. Maybe for one more reason: this is his last diplomatic mission. Or, as he likes to say: “This is my last and my best”.

How did you like the Residence when you arrived and what parts of it do you find most representative to show to your guests?

“In diplomacy, especially for an Ambassador, aesthetics is an essential element – because the first impression of any visitor does matter”, says H.E. Demetrios Theophylactou, the Ambassador of Cyprus to Serbia, who courteously opened the doors of his Residence in Belgrade exclusively for the readers of our magazine

The main entrance is one of my favourite corners. I placed three paintings there, from our naive artists which represent the traditional Cypriot village. Some paintings were at the Residence, others are my own, with a modern appeal. The idea is to represent Cyprus in its full dimension – both the traditional and modern. The architecture reminds me of the ‘60s; it is unique, and somehow neoclassical. The house has a traditional touch, with a wooden interior that adds to the warmth of the space. I also like the high ceilings in the lobby and living room, and the open space ambient they create. On the second floor, the bedrooms, an aesthetically nice open space and a library, which is elegantly incorporated in the high ceiling, add to the unique style of the Residence. The architecture reflects the class that prevails in the area – it has the aristocratic touch of Dedinje. I also like the corner between the entrances leading to the living and dining room, where I have placed the photos of Nikola Tesla and Mihajlo Pupin. They are both inspiring Serbians, who

connect us with the history and future alike. They are both pioneers of their time. They were brilliant minds, ahead of their time; these two immigrants made their own mark. They are noticed immediately by my guests; in my view, it is also a sign of respect to the host country.

Are there more decor changes you have made in the Residence so far?

— I made a lot of changes, but not with the furniture. They are quite classic, yet they match the space. There is now more color with the addition of decorative pillows, souvenirs, figures and artefacts from my previous posts in Brussels, Australia, New York, India and South East Asia. It is something Ambassadors regularly do. In a way,

Pillows from different places all over the world make the living room more colourful

THE ARCHITECTURE OF THE RESIDENCE REFLECTS THE CLASS THAT PREVAILS IN THE AREA – IT HAS THE ARISTOCRATIC TOUCH OF DEDINJE

I adjusted the space so I can feel more at home, yet always keeping in mind that this is the House of Cyprus. The feedback is positive and I am pleased with the outcome. In brief, the space is a good blend of tradition and modernity.

The Embassy and Residence are situated in the Diplomatic Colony, one of the most exclusive areas in Belgrade. How do you like the area and the neighbourhood?

— These quarters, Diplomatska kolonija, are not only amongst the most exclusive in Belgrade but also picturesque and somehow serene. It is not by coincidence that this was considered to be the aristocratic area, so to speak, in former Yugoslavia. The residents range from diplomats to prominent personalities in music, the letters and arts, to business executives, doctors and top surgeons as well as ordinary citizens; therefore, there is a good mix in the social fabric of Dedinje. Social activities include diplomatic, business and artistic events, as well as sports, with beautiful parks and sports venues in abun-

dance. I like to stroll around, usually during weekends and after work, mainly in the spring and autumn months. There is a wonderful ambiance which inspires and relaxes me at the same time. The landscape and nature often give me the impression that I am in one of the mountain resorts in Cyprus. The only difference is that the city of Belgrade is just a drive away. Overall, it is a quiet residential area which, as of late, has also attracted some small private companies; subsequently, construction and further development started to pick up. I hope the area won’t overdevelop because it will inevitably lose its character.

You are known for practicing sports and healthy life, but as an experienced diplomat you also have a subtle taste for refined wining and dining. Did Belgrade meet your expectations regarding your personal affinities?

— It’s true that I pay particular attention to daily exercise and healthy nutrition, though diplomatic life is not always conducive to

Interior garden is a favourite spot of the Ambassador

Mihajlo Pupin and Nikola Tesla welcome the guests in front of the living room and dining room, as a timeless inspiration and respect to Serbia as a host country

His Excellence is very fond of Byzantine art and Orthodox icons and related artefacts he discovered in Serbia

that. Besides the sports I used to practice, most notably running, swimming, cycling and yoga stretching, tennis was added in the exercise formula since coming to Belgrade; it is a popular sport in Serbia, thanks to Novak Djokovic, and has become a good addition to my regular exercise. It is also true that I indulge in good wine and special cuisine, both of which are of excellent quality in Serbia. So yes, Belgrade indeed surpassed my expectations both in terms of refined wining and dining and nice ambiance, and an exceptional hospitality that I have experienced in Serbia. If you ask our official guests – and we had several visits already this year – they will all readily say that their visit was memorable. There is a variety of restaurants, piano bars and skyline dining with lovely city views. Likewise, sports are a way of life in Serbia; this is one of the most attractive aspects to me. There is a variety of sports venues to exercise regularly, and I have already discovered the right places for walking, running, swimming, cycling, tennis or other outdoor activities.

If you lived in Belgrade, where would you choose to have a property and why?

— In fact, since this is my last diplomatic post abroad, I seriously contemplate to choose Belgrade, amongst other cities, as the place to invest in property and use as a base – second home, so to speak. Dedinje is the most likely venue. It combines the tranquil residential space with the more upbeat tune of the city, which is around the corner. I am in love with Belgrade, mainly with its people and lifestyle, which I find particularly appealing as it combines the traditional and modern in a very subtle way. Dedinje is one of the most appealing quarters I have experienced thus far, while Belgrade is a vibrant city with a large selection of places, all kinds of culinary tastes, lively restaurants, traditional melodies and modern tunes, with smart and elegantly dressed people. It has a classic and contemporary artistic touch, both in buildings and entertainment areas, certainly a highly intellectual elite, excellent universities, creative artists and top musi-

Dining room is a place for official and working lunches and dinners

is not a movie scene, these are the parents of the Ambassador, back in 1956, the year they got married

cians. Indeed, I find music and the arts in Belgrade truly pleasing. I recently attended some quality concerts, which I evaluated with the highest marks.

Cyprus is a very attractive destination for foreign tourists, especially those who can afford to buy property on the island. It is one of the reasons that led to the increase in property sales and property value in Cyprus. Could you tell us more about the real estate industry in Cyprus?

— Cyprus is both a popular tourist destination and a financial as well as international shipping centre, with numerous offshore companies based on the island, mainly in Limassol. Subsequently, the real estate industry has become a key driver of economic activity. However, the property market is currently experiencing some challenges, also due to the volatile global economic environment as a result of the pandemic, amongst other factors. Still, real estate in Cyprus remains attractive, not least be-

cause of the elevated significance of the island’s geo-strategic and geo-economic position, most notably as energy hub in the Mediterranean. Therefore, real estate is expected to retain its role as a major driver of economic activity in the years to come.

I know of many prominent business exec-

utives from Serbia who operate in Cyprus and own property there. In fact, Limassol in particular has become truly international with thousands of expatriates owning property there. Several studies indicate that the majority of sales are in Limassol, followed by Paphos, Nicosia, Larnaca and Famagusta. The two major cities, Nicosia and Limassol, indicated a strong demand as of late. Therefore, depending on the purpose of individual investors or businesses, Cyprus

I AM IN LOVE WITH BELGRADE, MAINLY WITH ITS PEOPLE AND LIFESTYLE, WHICH I FIND PARTICULARLY APPEALING AS IT COMBINES THE TRADITIONAL AND MODERN IN A VERY SUBTLE WAY

This

Champion photo: at 21, as a student in the USA, the Ambassador set the national record in 800 meters

continues to offer attractive opportunities in real estate.

How attractive Serbia and Belgrade are for Cypriot investors, and vice versa?

— I suppose that Cyprus has always been an attractive destination to Serbian investors, for the reasons that make the island attractive to foreign visitors and businesses. At the time being, Belgrade may not be high on the radar screen of Cypriot investors, mainly because they have been focusing on traditional markets. However, as was the case with candidate countries aspiring to join the European Union before 2004, Serbia and Belgrade start to loom as attractive investment destinations. The Water Front project is a case in point. Moreover, Serbia’s economy is faring quite well as compared with other European markets. During the pandemic, it was one of the most resilient

economies; the upward trends in economic development and Foreign Direct Investments – including in real estate – look quite promising indeed. The Cypriot investors are quick to spot new opportunities, hence the new interest toward Serbia. We already have several Cypriot companies based in Serbia,

as well as numerous Serbian companies registered in Cyprus. I believe that the excellent bilateral relations between our two countries, which are clearly at a very high level – particularly in certain sectors – will pick up further in so far as investments are concerned, including in real estate.

SINCE THIS IS MY LAST DIPLOMATIC POST ABROAD, I SERIOUSLY CONTEMPLATE TO CHOOSE BELGRADE, AMONGST OTHER CITIES, AS THE PLACE TO INVEST IN PROPERTY AND USE AS A BASE – SECOND HOME, SO TO SPEAK. DEDINJE IS THE MOST LIKELY VENUE

High ceiling in the lobby gives an elegant open space ambience

The racket and balls, personally signed by Novak Djoković, are already amongst the Ambassador’s favourite Serbian artefacts

In what sectors there is the most intense cooperation between our two countries?

— Bilateral relations are thriving and can grow further in more strategic sectors, such as energy and infrastructure, including in transport and innovations, for example in sustainable development or smart cities, all in the context of climate change related policies. One of my objectives is to increase synergies and promote subsequent applications as a result of more focused scientific collaboration. Banking, financial services and shipping are sectors where Cyprus has had a comparative advantage, and where bilateral cooperation thrived in previous years. Today, there is room for increased cooperation in the fields of energy, education, science and technology, defence and security, as well as modern agriculture, agrotourism and joint projects in environmental protection. Tourist exchanges can certainly

increase, given the direct flights connecting our two countries, with more scope in special interest tourism, such as business, medical, cultural, educational, religious and sports tourism.

You have been on this duty for a year. How do you value your mission so far? Are there some activities and efforts you are especially proud of?

— Indeed, on 1st December, I have completed exactly one year in Belgrade, though it feels as if I have been here much longer. I believe that my mission so far has been rewarding and effective, at least judging from the feedback I receive. I consider Serbia a true friend of Cyprus, much as the Serbian people and Government value Cyprus as probably their most reliable friend, both in terms of sharing the same values and principles – which are well reflected in our respective policies concerning vital national interests – and in terms of common struggles for freedom, independence and national sovereignty. I am particularly proud of the scope and breath of our collaboration in the context of international organisations, where we support each other on major issues, and for our joint efforts to strengthen cooperation in key sectors such as defence and security, education and science, sports and cultural activities, youth exchanges and certainly trade. We can further promote business activities benefiting our economies and people. I feel privileged to have received such a warm welcome in Serbia and make so many friendships. I am keen to pursue my mission with the same zeal and enthusiasm until the end of my tenure, because I truly feel that the extra effort is all worth it.

CONSOLIDATION OF BANKS INCREASES PROFITS

The trend of banking sector consolidation in Serbia is almost guaranteed to continue, says Marija Popović, a member of the Executive Board of OTP Bank, whose strategic goal is to be even more active in the project finance segment, with a special focus on real estate development

Text by: PETAR DOBROSAVLJEVIĆ Photo: NEMANJA MIŠČEVIĆ

How the trend of bank consolidation will affect the financial market in Serbia, how much the new balance of power in the banking market will encourage the development of investment lending, and why private banking is becoming an increasingly attractive segment

of financial services – we spoke with Marija Popović, Member of the Executive Board, Director of the Corporate sector of OTP Bank Serbia, and President of the Board of Directors of OTP Leasing Serbia, who points out that their strategic goal is to maintain a leading position in the markets where they oper-

ate and contribute to the development of the entire region, which they believe has great potential.

The banking market recorded significant consolidation this year. Instead of 24, Serbia will end the year with 21 banks. What impact will this change have on the financial market?

— The Serbian banking sector has a high number of banks, with the top five accounting for more than 60% of the market. Almost all banks are universal banks, and there is fierce competition, particularly in the field of cash loans, on which banks concentrate their efforts, while larger banks face stiffer competition in the corporate banking sector.

I believe that banking sector consolidation will provide clients with more options for quality products at competitive rates, better service, and a faster and more efficient service, where each bank prioritizes the requirements and satisfaction of its customers. On the other hand, there are enough banks to ensure healthy competition and client acquisition.

Experts foresee that the consolidation trend will continue, because the world standard is one bank per million people, and we have far more than that. How do you see the Serbian banking market in the future?

— Although the consolidation process of the banking sector in Serbia is underway, there are still a large number of banks on the market, and it is almost certain that this trend will continue in the future. When interest rates are low and competition is fierce, the market is the greatest arbiter of what number of banks is realistic and optimal. We are concluding this year with 21 banks on the Serbian market, following various integrations in the previous time, including ours between Vojvodjanska Bank and OTP Bank. At the same time, profit concentration is on the rise, with the top ten banks by asset size accounting for 80% of market share and generating 93 percent of total profit.

Banks that aren’t in the top ten, on the other hand, are completely natural and expected to adjust and change their business strategies in pursuit of new opportunities. With favorable macroeconomic trends and GDP growth, there is clearly potential for more consolidation, resulting in higher profitability, company optimization, and product and service enhancement.

According to analysts, one of the reasons for bank consolidation is that Serbia is a small market, and banks tend to expand in the region by competing for the leading position. In this regard, what is the experience and long-term goals of OTP Bank, which bought Societe Generale Bank in Serbia two years ago and integrated with Vojvodjanska Bank this year?

DEMAND FOR

— The OTP Group’s growth strategy is focused on looking for new acquisitions that can be combined with organic growth to provide us the best chance of achieving optimal business volume in the countries where our bank operates. At the same time, our strategic goal is to preserve our dominant and leading position as Central and Eastern Europe’s most successful banking group. We also want to play a role in the overall growth of the region, which we believe has a lot of potential. We’ve acquired 11 banks from nine countries in the last seven years, two of which are in Serbia. With this business venture, we have played a crucial role in consolidating not only the domestic but also the regional banking market. Thanks to the excellent position of OTP Group’s liquidity and capital, we are constantly looking for new acquisitions, which is a path and way to additionally reinforce our position in the region.

THE

LOANS IN SERBIA IS INCREASING, AND THIS TREND IS PROJECTED TO CONTINUE IN THE FUTURE. INVESTMENT LENDING IS INCREASING IN BOTH THE RETAIL AND CORPORATE SECTORS

Marija Popović, Member of the Executive Board and Director of the Corporate sector of OTP Bank Serbia

Many consider OTP Bank’s actions in the banking sector during the last five or six years to be a true offensive. What is OTP Bank’s current position in Serbia, but also in the region, with its enlarged capital and extensive network?

— OTP Group is a leading banking group in Central and Eastern Europe, with a profit of EUR 1 billion in the third quarter of this year, assets of EUR 66.8 billion, and a market capitalization of EUR 12.6 billion. We have become the dominant banking group in the region as a result of recent acquisitions and organic growth, and we are among the market leaders in all 11 countries where we operate. Today, OTP Bank is the first on the Serbian market in terms of corporate and retail lending, with nearly EUR 4 billion in disbursed loans. At the same time, we have EUR 5.3 billion in assets and a net profit of EUR 54 million for the third quarter of this year. In comparison to the same period last year, the Bank’s profitability has increased significantly, with several improvements and optimizations made during the year.

Larger banks have a higher creditworthiness and can finance larger projects. Will this new balance of power in the banking market now encourage the expansion of investment lending, which is still struggling to keep up with Serbia’s investment boom?

— The demand for loans in Serbia is increasing, and this trend is projected to continue in the future. Investment lending is increasing in both the retail and corporate sectors, indicating that banks are keeping up with market demands. The consolidation of banks has generally allowed them to fund significantly larger projects than they could previously. Furthermore, banks’ expertise has increased significantly as a result of the previous period’s experience, and banks are now much more willing to consider a variety of investment profiles, ranging from construction lending to production capacity to investments in energy efficiency and renewable energy sources. It

is important to note that banks’ ability to operate is heavily reliant on their ability to obtain long-term financing, so that the financing period corresponds to the investment’s economic life.

To what extent will OTP Bank now be more open to project financing opportunities, among others in the construction and real estate sector?

— As the largest creditor of the corporate and retail sector in Serbia, one of the strategic goals of OTP Bank is to be even more active in the segment of project financing with a special focus on the real estate construction sector. For this purpose, a special department was established that deals exclusively with this type of project and has participated in a significant number of trans-

OTP BANK IS THE FIRST ON THE SERBIAN MARKET IN TERMS OF CORPORATE AND RETAIL LENDING, WITH NEARLY EUR 4 BILLION IN DISBURSED LOANS

When interest rates are low and competition is fierce, the market is the greatest arbiter of what number of banks is optimal, says Marija Popović

actions in the market. We will continue to monitor and support the activities of investors in Serbia using local and regional expertise with a “tailor-made” approach that meets the requirements of specific projects.

OTP Bank is presently number one in terms of loan market share in Serbia, and you plan to remain the leader in the retail housing loans segment. How did you acquire such high confidence of clients who chose to buy real estate through your bank?

— We are the market leader in housing loans with a market share of 21.69 percent, which means every fifth housing loan is taken in our bank and these are indeed results that we are proud of. Such success did not happen suddenly; it is the product of years of building client confidence as well as our employees’ expertise. It is critical for us to understand and feel our clients’ needs, since this allows us to provide the best solution for their financial needs and expectations. I’d also like to highlight our excellent, yearslong collaboration with real estate agencies and the real estate cluster, which provides us with additional support almost daily in implementing numerous loan requests.

Your ambition is to remain the leader in crediting small and medium-sized companies and in financing agriculture. What benefits and novelties do you offer to this corporate crediting sector?

— OTP Bank played a significant role in lending to the economy through the Guarantee scheme this year and last year, helping companies in overcoming the challenges caused by the pandemic. Our branch network and presence throughout Serbia ensures that

our products and services are available to all companies, as well as quick and efficient service and offers tailored to each client’s specific needs. OTP Bank is now a market leader in factoring services, allowing small and medium enterprises to quickly access liquid assets. We’re also a market leader in leasing, with OTP Leasing allowing clients to buy equipment and vehicles. The bank is also recognized as a reliable partner for farmers with a very efficient process and favorable lending conditions in this agro segment. We continue to monitor customer needs and actively work on process optimization in order to continuously improve the user experience, which is what we want to differentiate in the market.

Private banking is a particularly attractive and successful segment of your services. OTP Group was also recently awarded another prize from Global Finance magazine, as the best private banking bank in Central and Eastern Europe. What do you offer to clients through this service?

— This is one of several awards given to OTP Group by Global Finance, and we are really proud of it. The fact that private banking customers are very specific and have high expectations of their institutions adds to the prize’s value. The backdrop to this success is that we recognized it early on and have been providing clients with a wide range of tailored services, our expert knowledge in asset management within our Eminent package, as well as financial and investment advices, for the past few years. Our understanding of the local market was crucial, as was the ability to combine several areas of expertise, such as corporate business, leasing, and insurance.

GLOBAL FINANCE AWARD

Prestigious magazine Global Finance recently awarded OTP Bank as the best bank for small and medium enterprises in Central and Eastern Europe. “This award validated our efforts to become a leading bank in this market, and the fact that we were recognized for our achievements throughout the epidemic and the integration of the two banks adds even more significance”, saya Marija Popović.

MARINA

DORĆOL: A NEW URBAN OASIS

Marina Dorćol will be a new settlement on the banks of the Danube in the heart of Belgrade. The construction of a modern residential and business complex on a plot of 4.15 hectares will begin in the second half of 2022, and the settlement will be an exclusive part of the capital, with green terraces and roofs, parks, and pedestrian and bicycle paths. The project envisages the revitalization of the existing marina, the creation of a park around the original rail-

way and the construction of residential buildings with a livable ground floor, which will be connected to the coast and include all of the necessary infrastructure. Marina Dorćol was designed by Czech architect Stanislav Fiala and Jelena Kuzmanović, from the partner bureau “Kuzmanović + Fiala”. The investor is SEBRE Holding, a company based in the Czech Republic. A total of 300 million euros will be invested in the project, which is expected to take six years to complete.

MARRIOTTS’ INVESTMENT IN SPA TOURISM IN SERBIA

The Westin 4 * and Autograph Collection 5 * hotels, both part of the Marriott hotel chain, will be built in Vranjska Banja by Millennium Resorts. This will be Marriott International’s largest project in the Balkans and Millennium Resorts’ largest investment in tourism, worth $90 million. The Hotel Westin will be one of Serbia’s most modern, with eight stories, 190 rooms and suites, a congress center and a large spa complex, with one section dedicated solely to women. Vranjska Banja is one of Europe’s warmest mineral water sources. The water is incredibly therapeutic and has a temperature range of 94 to 110 degrees Celsius. The new hotel complex will put Serbia on the European spa tourism map.

SERBIA IS A FAVORABLE INVESTMENT DESTINATION

Numerous transactions which have been concluded in the previous period, in all sectors of the real estate market, testify that Serbia is “on the radar” of large real estate investors, says Steve J. Froustis, Capital Markets and Investor Services Advisor at West Properties

Text by: PETAR DOBROSAVLJEVIĆ Photo: MILOŠ LUŽANIN

Steve J. Froustis has a long experience in the financial and banking sectors, and has spent a big part of his career working for the BNP Paribas Group in Greece, Piraeus Bank in Greece and Piraeus Bank Belgrade. As Capital Markets and Investor Services Advisor at West Properties, one of the market leaders in providing real estate services, he analyzes the real estate market in Serbia for our magazine, with special focus on its potentials for new large investments as well as for small to medium-sized real estate projects.

What are some of the reasons that Serbia is considered a safe and favorable destination for domestic and foreign investors?

— Serbia was less affected by the COVID-19 pandemic compared to most European countries with the Gross Domestic Product (GDP) decline being just 0,9% in 2020. During the first quarter of 2021, the economy reached pre-crisis levels while in the second quarter of 2021 the GDP growth rate reached 13,7% year-on-year. The Statistical Office of the Republic of Serbia (SORS) an-

nounced that the GDP growth in the third quarter of 2021, compared to the corresponding period of the previous year, amounted to 7.7%. The sectors that contributed to the real GDP growth in the third quarter of 2021 were: wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and storage and accommodation and food service activities (17,0%), construction (15,8%), and professional, scientific and technical activities and administrative and support service activities (13,7%).

Based on these positive trends, National Bank of Serbia (NBS) has revised its GDP growth projection for 2021 from 6,5% to a range from 6,5% to 7,0%. It is also important to mention that based on Serbia’s new investment cycle and the planned infrastructure projects during the following 10 years, NBS has also revised its projection of growth in the medium-term from 4% to a range from 4% to 5%.

What is the inflation risk?

With regard to inflation, it has been relatively stable during the past 8 years, rang-

ing around the 2% level on average, however, since April 2021 we have seen higher levels of inflation. In October 2021 overall inflation reached 6,6% with the main drivers of the increase being related to the prices of food and energy. NBS considers this increase in inflation to be linked to temporary factors such as the increase in global energy and agricultural product prices and supply chain bottlenecks and it estimates that inflation will start to drop from the second quarter of 2022.

CTP HAS INVESTED HEAVILY IN NEW PROJECTS AND WHEN FINISHED, THE CURRENT PORTFOLIO WILL INCLUDE 450.000 SQUARE METERS OF FACILITIES WHICH MAKES IT THE LEADER IN THE MARKET OF INDUSTRIAL REAL ESTATE IN SERBIA

Has large Foreign Direct Investment (FDI) and a stable exchange rate influenced Serbia’s credit rating?

In terms of Foreign Direct Investment (FDI), Serbia has been able to attract approximately 60% of total FDI which was directed to the Western Balkans region. FDI reached EUR 10,3 billion during the last 3 years, and the inflows from the beginning of 2021 up to the end of the third quarter of 2021, amounted to EUR 2,9 billion. It is important to mention that during the 3-year period of 2018 to 2020, the main contributors of FDI came from EU countries (78%), Asian countries (18%) like China/HK and the United Arab Emirates as well as the United States and non-European Union countries such as Russia, Turkey, and Switzerland.

Steve J. Froustis is an accomplished Capital Markets and Investor Services Advisor, with a long experience in the financial and banking sectors

Serbia has had a relatively stable exchange rate over the past few years, the FX reserves of the country are at their highest levels, while risk premium has been on a downward trend since May of 2020. In March of 2021, Moody’s upgraded Serbia’s credit rating to Ba2 with a stable outlook while S&P and Fitch have confirmed their rating of BB+ respectively, in June and September 2021. It is important to mention that JP Morgan announced its decision to include Serbia’s dinar-denominated bonds in its renowned GBI-EM Global Diversified index as of June 30th, 2021, providing further evidence that Serbia is considered a safe and favorable investment destination.

Is it safe to say that Serbia is “on the radar” of large real estate investors?

— The answer is emphatically YES! We have seen numerous transactions which have been concluded in the previous period, in all sectors of the real estate market, which justifies this statement.

One of the most noteworthy transactions in the office sector involves Globe Trade Centre (GTC) decision to sell its portfolio of office space in Belgrade to the Hungarian investor Indotek Group during the second quarter of 2021 for an amount close to EUR 270 million. The transaction involved the sale of 11 buildings within 5 business parks (Green Heart, FortyOne, Belgrade Business Centre, 19 Avenue and GTC House) totalling above 120.000 sqm GLA. It is important to mention that this sale represents one of the largest real estate transactions in Central East Europe (CEE) in recent years and GTC is one of the first companies to complete the development circle in Serbia (land acquisition, construction, operation, and exit).

Also, regarding the retail sector, MPC Properties, a regional leader in construction and real estate management, recently announced the acquisition of the Delta City Shopping Center further strengthen-

ing its retail portfolio which also includes UŠĆE Shopping Center, BEO Shopping Center, Mercator Centar Beograd and Immo Outlet Centar. It is important to mention that aside from these retail facilities, MPC Properties also has an extensive office portfolio which includes Ušće Tower One and Ušće Tower Two, Navigator Business Complex, TLD Belgrade and Plaza Prima. During the year, we also witnessed the acquisition of the Kragujevac Plaza Shopping Center and Krusevac

There is a very big misconception that project financing solutions are only available for large real estate projects, according to

Steve J. Froustis

WEST PROPERTIES ASSISTANCE IN THE PROJECT FINANCING PROCESS

West Properties has a specialized team to assist domestic and foreign investors through the entire project financing loan request process which can be analyzed as follows:

Preparation of the Business Plan

Introduction to Local and International Commercial Banks Day-to-Day contact with the Project Financing Teams of the Banks Day-to-Day contact with the Technical Advisors of the Banks

Responsible for the entire Project Finance loan request process until the loan

disbursement including negotiations of the loan contract.

Depending on the in-house capacity and the local contacts of investors, West Properties can also assist domestic and foreign investors in such critical areas as:

Detailed assessment of the Real Estate Project Overview of the critical paths towards completion

Assistance with Local Authorities and Institutions

Introduction to Legal Advisors Introduction to Construction companies.

Retail Park by BIG CEE for an amount in excess of EUR 60 million.

What would you single out in the industrial and residential real estate sectors?

— CTP Invest from the Netherlands is a leading owner and operator of business industrial parks in Central and Eastern Europe and the company’s portfolio covers more than 6 million square meters of business industrial space in 7 countries throughout CEE. Since entering Serbia, CTP has invested heavily in new projects and when finished, the current portfolio will include 450.000 square meters of facilities which makes it the leader in the market of industrial real estate in Serbia.

Regarding the residential real estate sector, Belgrade Waterfront is a global scale project which has already started to transform the lives of residents in Belgrade. The area which was once considered an eyesore of the city has slowly become the new meeting point for people to live and work, walk, eat, have a coffee, shop and in general enjoy the overall riverside experience. The Bel-

grade Tower (Kula) is closely approaching its completion and with it, Belgrade will welcome the famous hotel and branded apartments The St. Regis. It is important to mention that Marriot International has decided to bring their top-quality brands (St. Regis and W) to the Belgrade Waterfront property providing further credence that Belgrade is a city of great potential now and in the future.

Due to the size of real estate projects being executed in Serbia, are project financing solutions only available to big players in the market?

There is a very big misconception that project financing solutions are only available for large real estate projects. On the contrary, even small to medium-sized real estate projects can qualify for project financing facilities. We need to highlight however, that the specific details of the real estate project such as location, financial structure, track record of the investor will play a pivotal role in the overall evaluation of the project financing request by banks

THE NEW SYMBOL OF THE CAPITAL

The magnificent Belgrade Tower is an architectural masterpiece that, due to its size, authentic shape, and position on the river bank, will become the future trademark of the capital, but also the symbol of the Belgrade Waterfront, which in just six years became the most attractive urban zone and ranked Belgrade among world’s metropolises, says Zorana Burlić, CEO of Belgrade Waterfront

Text by: JOVANA NIKOLIĆ Photo: BELGRADE WATERFRONT

Belgrade Waterfront, a monumental project of urban revitalization, worth three billion euros, started in 2015 on neglected land on the bank of the Sava river, where there was no basic infrastructure. Six years later, from once only a vision of the city of the future, more residential buildings have sprung up on this stretch, more than thousand apartments have been occupied, new facilities and infrastructure are still being built without interruption, and Belgrade has already got a new city center facilities for a comfortable modern life and the largest shopping center in the region. We are talking to Zorana Burlić, CEO of the company Belgrade Waterfront, about the further course of the project, plans for the next year, new standards of quality housing, and the magnificent Belgrade Tower, a new symbol of the capital, which is expected to be opened next year.

At the world exhibition Expo 2020 Dubai, where the economic and investment potentials of Serbia can be seen until the end of March, Belgrade Waterfront has been presented as an example of good practice. What was the core message of your performance and what are your impressions from Dubai?

— The focus of this year’s largest international event is on sustainability, opportunities and mobility, which will form the backbone of the future development of humanity. Expo 2020 Dubai is a fascinating exhibition of creativity and vision, and that was exactly our message: we had a clear vision and creative ideas thanks to which we made the most attractive and well-arranged part of the city out of neglected land without the basic infrastructure in just six years. The slogan of Serbia at this year’s largest international event is “Inspired by the Past, Shaping the Future.” As we build the Belgrade Waterfront, we become inspired by the local culture and tradition and combine them with the most modern world trends. This mix proved to be a winning combination, because Belgrade, thanks to the Belgrade Waterfront, stood side by side with the famous metropolises, and yet retained the well-known charm and spirit of our capital.

Belgrade Waterfront is entering the new year with seven completed residential buildin-

gs and 1,500 occupied apartments. To what extent has Belgrade Waterfront already set high standards of housing culture in Belgrade?

— We can be proud of the fact that Belgrade Waterfront is establishing new criteria for quality housing, not only in Belgrade but in the entire region. The standards that we consistently adhere to and that we are constantly improving are applied in all phases – during design, selection of contractors and materials, during construction, but that is not the end of our work. On the contrary, only after moving in can tenants fully experience all the benefits of living in Belgrade Waterfront – from spacious, bright entrance lobbies decorated with art paintings and comfortable furniture, through tucked-in courtyards with selected plants, to functional apartments full of daylight, with large windows and impressive views of the city panorama, the river, the greenery of Sava Park or the Belgrade Tower. In addition, the friendly staff at the reception is there to make your daily life easier by booking transport tickets for you, making an appointment with a doctor, organizing a celebration, walking a pet or maintaining your plants while you are not there. The whole settlement is designed to follow the rhythm of modern families and make their everyday life easier –every building on the ground floor has shops, cafes, restaurants, with parks, kindergartens and playgrounds nearby.

The new city center on the bank of the Sava has considerably come to life through entertainment, recreational and cultural content, and there is also the largest shopping center in the region. Can we say that the Gallery and Sava Promenade have already become the capital’s most popular attractions?

— Of course, final judgment is made by the citizens of Belgrade and the guests of the capital, who enjoy spending their free time right here. The Gallery has recently celebrated its first birthday and in just one year has positioned itself as one place for everything – for shopping, gastronomic adventures, fun with friends and family, or simply, a place where you can spend some quality time during the day. Both the Gallery and Sava Promenade are recognizable as destinations where various

activities for all generations take place – from traditional events such as the Boat Carnival or the Opera on Water, through concerts, workshops, exhibitions, to sports competitions. Art is an inseparable segment of our vision of modern housing, so within the KvArt BW initiative, we gather young and well-known local artists. Everyone who wants their piece of peace will find it with a long walk by the river or in the greenery of Sava Park.

The enormous excitement is yet to come, and that is the completion of the Belgrade Tower, which is scheduled for next year. What makes this magnificent building a new symbol of the Serbian capital?

— The Belgrade Tower is an architectural masterpiece specific in many ways, but thanks to its size, attractive shape and position on the river bank, it stands out as the future symbol of Belgrade. Celebrating the rivers, people and tradition of Belgrade, the 168-meter-high Tower is the tallest building in the region and one of the few in Europe that achieves a 90-degree rotation through just ten floors. The characteristic twisted shape symbolically represents the nearby confluence of the Sava and the Danube and the joining of two large rivers. The building itself gives the impression of fluidity and dynamism. The facade of the Tower reflects the Sava and the panorama of the city, so despite its impressive size, it fits harmoniously into the capital. In addition to the visual effect, the facade of the Tower also has functional performances that are innovative in the world as well. The glasses are spectrally selective, i.e. they transmit almost all the light of the visible spectrum, and they are almost completely transparent, with exceptional thermal characteristics. Also, up to the 9th floor, the so-called birds first glass is built-in, which has lines invisible to the human eye (except under special conditions), but visible to birds, which prevents them from colliding with the building.

Belgrade Tower will have the most exclusive possible mark, and those are the prestigious hotel St. Regis Belgrade and branded apartments The Residences at The St. Regis Belgrade. How did the cooperation with this renowned brand, which is synonymous with luxury, happen, and why did they choose Belgrade Waterfront as their new address?

— The combination of the long and interesting history of Belgrade and the modern look of the Belgrade Tower, its architectural solution and spectacularity fit perfectly into what makes the St. Regis recognizable. Marriott International, under whose auspices St. Regis operates, carefully chooses the places to open new hotels and branded apartments. In addition to the great honor they showed us by choosing Belgrade and Belgrade Waterfront as a destination for their top brands St. Regis

CELEBRATING THE RIVERS, PEOPLE, AND TRADITION OF BELGRADE, THE 168-METER-HIGH TOWER IS THE TALLEST BUILDING IN THE REGION AND ONE OF THE FEW IN EUROPE THAT ACHIEVES A 90-DEGREE ROTATION THROUGH JUST TEN FLOORS

Zorana Burlić, CEO, Belgrade Waterfront

and W, this is also an excellent indicator of the great development potentials of our city.

Branded St. Regis apartments are another story. What does it all mean when we say that they provide a privileged housing experience?

— St. Regis branded apartments in Belgrade offer living standards that haven’t been seen so far, not only in our country but also in the region. It’s a sophisticated lifestyle, reflected in every detail. Tenants will have the privilege to see Belgrade from a new angle and to enjoy its magnificence every day. These unique apartments are intended for those who strive for the best in everything they do because they allow them to live 24 hours a day by their life philosophy.

The Belgrade Waterfront project continues to the final goal of about 8,000 housing units, new roads with accompanying infrastructure, new parks, and other public areas. How satisfied are you with the progress so far?

— About a million square meters are currently in the design and construction phase, out of a total planned 1.8 million, and we are very proud of the fact that even in the global crisis we have accelerated construction, which is a direct result of good sales. Due to high demand, construction works have been accelerated, and this year BW Terraces will be occupied, half a year before planned completion. After the planned reconstruction, Savska Street will get a completely new look –bordered by a tree line, with flower jardinieres and wide sidewalks; it will become one of the most beautiful streets in the city. Many projects in the city were launched thanks to the realization of the Belgrade Waterfront. I am satisfied and looking forward to the progress of the project and the entire capital, not only as the leader of the team working on it, but also as a resident of this city.

What will be your focus in 2022? Will some new facilities be built and are there any other attractive partners, such as the St. Regis brand?

— The new symbol of Belgrade, the magnificent Belgrade Tower, will be opened in 2022 and we are very much looking forward to that moment. In addition to St. Regis branded apartments and hotels, we have the honor to host both W Belgrade and W Residences Belgrade, which will be located on the banks of the Sava. These are unique apartments intended for creatives who value a modern and comfortable way of life. Of course, we continue to diligently build residential buildings, arrange public areas and make this city a more beautiful and functional place to live.

St. Regis apartments offer a unique experience

Prestige with a view

EXCLUSIVE INVESTORS REPRESENTATION

Ivana Grković, Sales Consultant at West Properties, explains why it is critical for an investor to engage a sales agent while there is still no building permit and how challenging it is for the representative to meet the expectations of both investors and purchasers

Text by: PETRA VASILJEVIĆ

Ivana Grković Sales Consultant, West Properties

The growing trend of building large residential complexes in our country over the last fifteen years has necessitated the hiring of exclusive sales representatives by investors. This delicate business, which requires extensive experience and a comprehensive approach to mediation between investors and future buyers, is one of the most challenging in the real estate sector and high-quality representatives are today a valued staff in the market due to many years of experi-

ence gained through participation in various projects. Ivana Grković started her career at the right moment and at the right place, when huge construction projects were just getting started. She spent her first several years working in a foreign company’s representative office, which was a pioneer in delivering this type of service. Working with well-known companies in the investment and construction industries gave her invaluable expertise. She joined West Properties in 2017 as an exclusive sales representative on the Panorama Voždovac project. Following the successful sale of this project, which considerably improved the micro-location of Trošarina and made it more appealing, Ivana Grković deals with the exclusive representation of investors as a permanent member of the West Properties team. Her current project involves representing the investor Coherence Group d.o.o in the sale of the residential complex Atria Residence in Zvezdara, which she describes as a new challenge for her.

How different is the sale of apartments in Atria Residence from the others, to be precise, more challenging?

— The micro-location is interesting because it offers what is in short supply in Belgrade: a combination of nature and well-integrated

architecture. Location conditions in this part of Zvezdara allow the construction of buildings with a maximum height of three floors. In a sea of multi-story buildings, the structure is a breath of fresh air. The complex consists of 85 residential units, six retail spaces and 127 garages, along with space for sports facilities such as a swimming pool, gym, spa center. In terms of characteristics, the Atria Residence meets many high-end project requirements. The most difficult part is making it accessible to a wider city audience who are accustomed to the bustling life of the capital and are unaware of the advantages of living in an area that has not yet been fully developed in terms of construction. The chances increase when potential buyers come to the presentation, get acquainted with the technical characteristics of the facility, apartments, visit the location itself. This location offers precisely what they lack and what they may not even be aware of, and that is to live surrounded by nature, with reduced noise levels and cleaner air.

When should an investor hire an exclusive representative?

— One option, which is best for us as representatives, is to become involved early on when the building permit is still pending. It’s an important step since, based on our knowledge and experience, perceiving the project allows us to spot potential problems in future sales. We are optimizing apartments so that they can subsequently be recognized as a commercial quality product. It is the best sort of representation since we provide the investor with a product that will sell well while also making our job easier. Another option is representing the finished product when there is already a project and a building permit. Then we try to make the most of the situation by identifying which units may be more difficult to sell. As a result, we devise a price that compensates for their deficiencies.

Who determines the price of apartments?

— Representatives, in general, because investors do not have access to the market information as we do. It can sometimes be de-

manding because you need to meet the investors’ expectations in terms of the expected earnings while also avoiding disappointing customers by entering the market at an excessively expensive price. When it comes to sales, it’s critical to start with a price that’ll be acceptable. We can always adjust the price upwards when we position ourselves on the market and catch the momentum. The construction progress follows this growth trend. In practice, the worst-case scenario would be to start with overly high expectations of the investor, which is why a considerable amount of revenue may be lost in the beginning, such as during pre-sale, and then decline.

How much do our investors rely on this type of representation?

— It is still frequent for investors to sell their facilities by themselves, but usually when smaller facilities are being built. When the investor plans to start a project of 80, 100, 150 apartments, and more, he entrusts the sale to the sales representative. The sales process is becoming more complex due to the number of customers and the variety of requirements. Then it is easiest to entrust the entire process to a representative and be sure that each segment will be completed correctly. It’s also crucial to us as sales representatives who we select to represent based on the outcomes de-

The sale of apartments starts at the earliest immediately after obtaining a building permit

livered in the form of completed facilities, not on the sound of the name. All incidental obstacles are easier to solve when there is trust. And confidence is earned via open communication and the exchange of information on a daily basis.

How many qualified professionals do we have in our real estate market that can handle the selling of such massive facilities?

— There aren’t many of us who perform this kind of job in depth. Starting with advising services and project modification recommendations, the process progresses to defining structure representation, pricing, determining the target group of clients, selecting equipment, setting up an on-site showroom if practicable, and finally buying and selling. There are obviously excellent sellers in our market, but finding someone who can look at all of these categories properly is difficult. However, years of experience are required. Despite the fact that the job’s major role is sales, i.e. dealing with clients, I learnt a lot about architecture and legal aspects of the business. In addition to selling, my responsibilities include researching projects, floor plans, and apartments, as well as communicating sales contracts. As a result, I identify any deficiencies or surpluses in the space, which may later be the source of difficult sales. In these cases, I recommend small improvements based on frequent customer feedback that do not disturb the process yet enable greater functionality in the future.

If you get exclusive representation for a facility that doesn’t even have a foundation yet, when does it go on sale?

— The majority of my work entails selling facilities that do not yet exist. It’s challenging, but on the other hand, I understand what’s important to everyone involved in the process. First-time buyers, in my opinion, should be compensated because they are assuming the most risk by investing in a facility that does not yet exist. As soon as the building permission is granted, the sale will commence.

Then I inform the market that we are selling, and we begin getting calls, forming a waiting list until the first reservations, and preparing a sales contract, in which we also actively participate because we have experience with the most common customer lawyer remarks. The moment we receive the official draft of the reservation, the official draft of the sales

contract, and everything else that is legally and formally important, then we have meetings with customers, product presentations, and first verifications.

What do you provide to the customer as a sales representative?

— We walk the buyer through the entire process, from getting to know the facility, micro-location predispositions, technical characteristics of the facility, selecting the appropriate housing unit based on living needs and budget, agreeing on financing and purchase negotiations, purchase contracts, equipment selection, bank relationship, to handover and tax refund later. Because it is critical to be available to customers at all times, we frequently state that our working hours are 24/7. Customers become as attached to us as we are to them throughout the purchasing process and frequently follow us on additional projects subsequently. As a result, West Properties has earned a reputation for being a trustworthy company.

Thanks to the suggestions of sales representatives, greater functionality of housing units is provided

A NEW INVESTMENT CYCLE IS STARTING

Delta Real Estate is concluding the year with new capital facilities, but there is no break: a major reconstruction of the Sava Center and plans for entering some new forms of real estate are forthcoming, announced the company’s CEO, Angelina Nekić

Text by: JOVANA NIKOLIĆ Photo: DELTA REAL ESTATE

Angelina Nekić CEO, Delta Real Estate

The Sava Center is indisputably an object that Belgrade citizens are eager to see reborn in new, luxurious splendor and open its doors to visitors of future events in the capital. The reconstruction of this magnificent building, one of Belgrade’s most important chroniclers of modern history, is just getting started. Angelina Nekić, CEO of Delta Real Estate, explains what would be restored and what content would be offered in this object and announces the company’s plans

to invest about half a billion euros in new real estate ventures.

Delta Real Estate ends this year with two new capital facilities in Belgrade, one of them is Delta House, the new office building of Delta Holding, which is designed according to the highest world standards. What does this standard mean from the point of view of employees who spend their working time there?

— The very name of the office building unequivocally represents what we wanted to achieve with this project. Delta has always been a family, and every family deserves a home. Delta House is designed with a clear goal to express the values that we nurture. The importance of caring for people is emphasized here, and the entire office area is dedicated to them. It is designed to inspire creativity, to be comfortable and pleasant, and, most importantly, to be healthy for those who spend time in it. It gives me great pleasure to see that our personnel were aware of this and helped to make this facility radiate serenity, airiness, and pleasant energy. You can’t expect anything less than excellent results when you work in such an environment.

The Indigo Belgrade hotel, from the InterContinental chain, has been recently opened

in the heart of the capital. What makes this hotel specific, since there are no two identical Indigo hotels in the world?

— The building itself is a local heritage of Belgrade. That was both a privilege and a challenge for our team. With good organization, we managed to complete the offer of the city center with a large number of contents on a small number of square meters. On the ground floor and the first floor, there are retail stores of the LPP Group, which appeared on this occasion for the first time in Knez Mihailova St. From the wonderfully redesigned passage, which connects Knez Mihailova St. with Čika Ljubina St, you can take the panoramic elevator to the upper floors of the hotel. It has 46 rooms, a gym, and the restaurant Duke with a beautiful terrace. All rooms are divided into two different design types, inspired by different epochs of Yugoslav history: recognizable brutality and art deco style. There are many original details in each room that create a typical atmosphere of “old Belgrade,” but at present. The interior design is the work of the “in-house” team which gives a unique character to this charm-

ing hotel. Indigo quickly became a gathering spot for our team which enjoys Serbian tapas together.

This hotel is introduced as the first in a series of boutique hotel groups in your extensive hotel portfolio. What new and attractive things are you planning in this sector?

— Our long-standing wish is to return the InterContinental Hotel to Belgrade and Serbia. For this hotel brand, we “keep” a very attractive location in Block 20. With about 220 very luxurious rooms, this hotel will make the tourist offer of Belgrade very competitive. The project is expected to start next year. If you’ve ever stayed at the InterContinental Ljubljana, you know that hotel management is more than just a business to us and that we pay close attention to details in order to make every guest a long-term friend of ours.

The launch of the Delta Planet shopping mall in Niš, which was finished in just 14 months last spring, signified a good year for Delta Real Estate. What exactly did this 70-million-euro investment involve?

This is how the Sava Center will look once the renovations are finished

— The wider city center, densely populated area and proximity to Nišava all provide excellent opportunities for a public facility like as a shopping mall. We like the dynamic design of the shopping mall, which, like in Banja Luka, is the result of Delta Real Estate’s “in-house” team’s efforts. The real challenge was to construct and negotiate a lease in the previous year marked by a pandemic. As pioneers in the construction of shopping malls, we are well aware of the requirements of today’s consumers. A wide range of restaurants, cafes, cinemas, children’s zones, and a large number of bars, where certain brands debuted in this city for the first time, have helped this Delta Planet quickly acquire the character of a regional shopping mall.

Is Delta Planet in Niš now what you envisioned it to be – a popular hangout for locals and visitors from all around southern and southeastern Serbia? Do you intend to expand this chain?

— Yes, the city of Niš has recognized the potential and attractiveness of our shopping mall. The attendance has been enviable since the first months of work, and the Delta Planet location has been the center of all events. We rearranged the city’s riverbank and provided a children’s playground as a gesture of thanks to our new neighbors. We share our visitors’ joy that this city has finally acquired a royal shopping and entertainment place. We attempt to organize as many cultural and entertainment events as possible in the shopping mall, like exhibitions, children’s plays, book promotions. Three Delta Planet shopping malls are opened in three cities – Banja Luka, Varna, and Niš. Our wish is to provide an unforgettable shopping experience to the citizens of other cities in the region.

Everyone in the capital is eager to know: when the reconstruction of the Sava Center will begin and what this iconic conference center will look like once it is finished?

— We are aware that interest in the Sava Center extends well beyond our country’s

boundaries, and that this building carries significant emotional worth, particularly for us Belgraders, in addition to its cultural significance. These are all important reasons why, as soon as the contract was signed, we assembled the company’s best teams of professionals, paying special attention to the selection of designers, contractors, and associates. Preparatory work for the reconstruction’s start is underway, and the facade will be replaced this month. We have wanted to buy the Sava Center for a long time because we firmly believe that by renovating it, we can provide a new experience in congress tourism in our country. The new Sava Center will be a modern congress center with a diverse range of content and a separated cultural-congress and business-commercial part. In addition, Sava Center is linked by a footbridge with the Crowne Plaza Hotel, which is part of our portfolio. As such, this complex will form one functional unit. The contents of the new Sava Center will exceed the expectations of today’s organizers.

If you decide to organize a seminar, gala dinner, a small business meeting, or a congress,

THE NEW SAVA CENTER WILL BE A MODERN CONGRESS CENTER WITH A DIVERSE RANGE OF CONTENT AND A SEPARATED CULTURALCONGRESS AND BUSINESSCOMMERCIAL PART

OUR LONGSTANDING WISH IS TO RETURN THE INTERCONTINENTAL HOTEL TO BELGRADE AND SERBIA. FOR THIS HOTEL BRAND, WE “KEEP” A VERY ATTRACTIVE LOCATION IN BLOCK 20

we will provide you with a variety of innovative solutions under one roof. Hybrid studios, exclusive restaurants, cafeterias, toddler zones, car rental agencies, and luxury retail brands are just some of the future contents.

Although the buyer of the Sava Center was required to invest at least 50 million euros in renovations, your investment will considerably exceed this amount. What does this investment include and what changes will the facility undergo?

— The Sava Center has been declared a cultural monument. It is necessary to preserve everything that makes the building recognizable. During the entire renovation process, we will strive to pay tribute to the creator of this impressive building - Stojan Maksimović and his associates. We will keep the external identity and recognizable halls inside the building, such as the famous Great Hall and the Central Congress Hall. An insignificant level of investment during the 44 years of the facility’s existence indicates that extensive and complete renovation of the space is

necessary. We will replace the glass facade, which has been leaking for a long time, all installations, cooling and heating systems and technically modernize the entire facility. We consider the Sava Center as a driver of economic development in Belgrade and Serbia, which is why this facility must be an example of upholding the best standards in all areas, including the construction industry sector. We are considering several environmentally friendly options that will enable us to present the Sava Center as an energy-efficient and sustainable congress center. It is becoming a standard in congress tourism that we must strive for due to being a significant energy consumer.

When will the first concert in the newly renovated hall take place?

— The building of Sava Center is one of the most complex and largest structures ever constructed in this part of Europe. Since this is a serious construction and engineering project, i.e., a complete reconstruction, rehabilitation, and adaptation of the facility to almost 100.000 m2, it is very ungrateful to predict. However, the time of the greatest pandemic and crisis has shown that, with good organization and a skilled team, no construction site needs to stop working a single day. After a string of successful projects, our team’s excitement is unwavering. This project represents an extra motive to set an ambitious target in front of us: in two years, Sava Center awaits you in a new splendor.

What are your plans for 2022? Can we expect more facilities in the range of these opened this year?

— Delta Real Estate is entering the new development cycle with a lot of new plans and ideas with the aim of growing and improving its already high standards in every respect. When we look at our five-year strategy, in the next two years alone, we will start with investments of almost half a billion euros. We are currently focusing on the development of several locations, three of which are in Belgrade.

Delta House, the new office building of Delta Holding family

PRECIOUS SQUARE METERS OF OFFICE SPACE

Tekst by: JOVANA NIKOLIĆ

ALEKSANDAR ILIĆ Leasing Consultant, West Properties

Belgrade set one of its construction expansion records exactly one year ago, when it registered the millionth square meter of office space. This impressive figure should be increased by another 250,000 square meters, which is expected to be on offer by the end of 2022. The renovation of several old office buildings, such as the Belgrade Palace and BIGZ, as well as the construction of several new ones, such as Skyline Afi Tower, Green Secape, Bridge Plaza, and GTC X, should be completed by then. Even though it will not bring us to the level of Zagreb,

Prague, Budapest, or Bucharest, which have up to two or three times more square meters of office space than Belgrade, the new square meters will certainly contribute to market stabilization. Aleksandar Ilić, Leasing Consultant at West Properties, analyzes for our magazine how the commercial space market is currently operating, given the high demand, and what new trends are emerging in this sector.

For some years, office space in Belgrade’s city center, as well as in new commercial facilities in New Belgrade, has been in high demand. As a result, investors have mostly focused on these two areas. Since there are not many opportunities to build new business facilities in the downtown, investors mostly buy old office buildings in the center and completely renovate them. As Ilić points out, offices in such restored buildings are extremely sought after and are frequently rented as soon as they are announced on the market, long before the refurbishment is done.

“Renovation of old office buildings involves a total restoration of the structure, including walls, carpentry, insulation, and the entire infrastructure, as well as a modern makeover, both exterior and interior, which makes these offices very appealing. At the same time, they fulfill all standards for the most modern new business facilities, including maximum energy efficien-

Although the construction of new business facilities in Belgrade, as well as the renovation of existing ones, is in full swing, the fact that every new office that appears in sight finds a renter before it is ready for use, clearly illustrates how insufficient supply is to meet demand in this sector

Due to the high demand for office space in the center of Belgrade, investors are increasingly focusing on old office buildings that are being renovated and redesigned

cy, which is becoming an increasingly significant item for every tenant when concluding a contract,“ says Ilić.

In both new and renovated business facilities, tenants are increasingly offered fully equipped spaces, with complete office furniture, professional maintenance, security, and reception. Everything else is up to the renters’ preferences and wants, which they negotiate with the lessor. Specifically, with a leasing consultant who acts as a mediator until all lease terms and client requirements are negotiated.

“Renters frequently choose open space whenever they have the option, and then request the installation of partition walls, made of plaster or glass, to get the necessary number of offices and additional space for meetings, conferences, or even fitness for their staff. Clients’ requests are always fulfilled, even if they enter a space that had previously been set up for the needs of another renter who had left in the meantime,”explains Ilić.

When renting office space, tenants anticipate and have grown to expect that the structure of the workplaces will be as functional as possible. This includes, among other things, bringing all power outlets and mains cables to the location where the desks will be placed.

This is usually done by either raising the floor and placing the installations beneath them, or lowering the ceilings and placing the installations up. Furthermore, all buildings have ventilation, and A-class buildings have heat pumps, making heating in such a place quite economical. Each office space must have a server room, which contains the ends of all cables and where the servers are inserted into the racks, with a separate cooling that must operate 24 hours a day. Every office building nowadays provides monthly maintenance for around three euros per square meter. Everything is included in this service charge except the Internet, which is an item that the client supplies according to his demands when he enters the space.

It’s interesting to note that, despite great demand and high-quality offices on offer, the cost of renting office space has remained constant for years. Ilić points out that the price is nearly the same for all offices in the city, regardless of location, at about 15 euros per square meter on average. Lease agreements are typically five-year contracts with the option to terminate them without penalty after three years, and frequently include a rent-free period of several months.

“The rental fee does not include parking spaces, which are the most difficult thing to

find when renting office space in the city center, because even the most modern, refurbished office building in the downtown area usually does not have an underground garage. Even if there are available parking spaces, they are very rationally allocated to tenants, depending on the area of the space they rent, and are always charged extra, even in new business facilities that have their own garages or parking spaces,“ says Ilić and adds that the prices of parking spaces range from 100 to 200 euros per month.

The two specific forms of office space that are in demand have recently emerged as a trend. One is coworking space, which was particularly popular at the start of the pandemic, when many companies were looking for a more flexible way to organize their employees’ work. Despite the fact that most companies have returned to their usual ways of doing business, coworking spaces have remained a popular option for those who require temporary office space while waiting to move into

BASE TO OFFICE CONCEPT

new facilities, as well as for startups.

“Coworking space is usually available in some extra rooms of office buildings that have been refurbished and equipped as offices that may be used by several people from different companies. The rent is practically paid per chair, which is quite profitable since, aside from the monthly fee, which is on average 200 euros, the renter uses everything else he has in the space – internet, reception, cafe, garden,” says Ilić.

Another trend that has influenced the creation of new interior solutions and the importance of design in modern office space is the increasing demand for, but also the expanding supply of, large office space for IT companies. As Ilić points out, IT and high-tech companies typically seek out entire buildings to refurbish for their needs. They value design and a complete ambiance with additional content in order to provide an inspirational and creative environment for their staff.

Due to a decrease in the number of guests and the volume of business, certain Belgrade hotels have adapted to the new situation by renting out a part of their current capacity. At the right time, West Properties developed Base To Office, a new concept for renting office space at the Hyatt Hotel, where exceptionally exclusive offices can be rented in a stylish and well-maintained environment under very flexible terms.

“The office space is available on the second floor of the hotel. These are 38-square-meter rooms that have been adapted into modern offices, with a conference hall and parking included in the monthly lease. The location is ideal because of the accessibility to the city center and the airport, and the lease is flexible in the sense that it can be agreed for as little as a month, which is ideal for all companies that need temporary, high-quality, and representative office space,” Ilić explained.

Open space is still the most sought-after office space, as it will be on offer in the renovated building of the Belgrade Palace

A HIGHER STANDARD IS OUR STARTING POINT

Text by: GORDANA KNEŽEVIĆ MONAŠEVIĆ Photo: MILOŠ LUŽANIN

Make a difference is written on the office building’s stairs although the external look of the building, with its unusual angular position and recycled brick facade, indisputably indicates that it is an architectural solution with a new, qualitative value. The difference in expected workplace space standards is particularly noticeable in the interior of contemporary industrial design, whose utility and aesthetics captivate at first glance. We may say that Mia Dorćol is Granit Invest’s signature construction style, although the company’s owner and director, Nikola Lazić, prefers not to single out any of the objects in the portfolio because each new one aims to push the boundaries even further. We discussed with Nikola Lazić about the prospects offered to investors and developers in today’s market, as well as some new client demands that are influencing building trends.

The preceding year was exceptionally active in the construction and real estate industries. Despite the rise in construction material prices, we set numerous records in terms of turnover and price per square meter, and significantly more building permits were issued. What have been the most significant moments in the last year that have had an impact on your company’s business?

— Last year saw the launch of a new project for which we had been meticulously prepared for quite some time. We worked on it 24 hours a day so that we could respond to all of the market turbulence. We planned to order a large portion of the materials, facades, and air conditioning ahead of time and buy in advance because we knew there would be a rise in the price of construction supplies, which is solely related to global inflation. Regardless of the precautions taken, this increase has had an impact on our budget plans. The trend of rising building material prices, as well as rising real estate prices, will, in my opinion, keep pace with global inflation, which is solely related to global politics.

Real estate trends are changing significantly, particularly in terms of higher-quality residential and commercial space. What are the new standards that are necessary today to meet client expectations, given your company’s portfolio, which includes business and residential buildings in prestigious Belgrade locations?

— Our most recent three projects demonstrate that a higher standard is something that is our starting point. The only way to have real estate, i.e., the final product that meets the expectations of both clients and us as business owners, is to keep track of trends and ana-

It is necessary to stay current with all new trends in order to build a facility that will meet increasingly demanding customer expectations and rise above the average, as Nikola Lazić, the owner and director of the construction company Granit Invest, stated for our magazine

lyze them carefully. To accomplish something like that, you must keep yourself informed. And keeping up with global trends, attending trade shows, and attending real estate seminars is the only way to assure your survival in a competitive market. Creating projects and conceptual solutions is the starting point and one of the most significant links in the chain that will present you tomorrow when the project becomes part of our environment. We were able to meet market demands thanks to a significant number of our clients that have high standards in their businesses and consequently demand high standards in their business environments. This contributes to the fact that we are constantly im-

proving, not only in terms of the construction of high-quality real estate, but also in terms of the services that go along with it on a daily

basis. What we constantly insist on is to preserve the functionality of the property, connecting the processes and the people in it. Facility management is the only way to raise your property above average.

FACILITY MANAGEMENT IS THE ONLY WAY TO RAISE YOUR PROPERTY ABOVE AVERAGE

Belgrade, according to statistics, still lacks thousands of square meters of residential and business space. Do we have the construction capacity to make up the shortfall in the future, and where does Granit Invest fit into that map of investors and developers, given its ambitions and potential?

— Granit Invest has always placed more importance on quality above quantity. Regardless of the fact that every research indicates that demand exceeds supply, I believe it is far more necessary for an offer to be of high quality in terms of construction, functionality, aesthetics, and all other aspects. Rather than building as quickly and as much as possible, we aim to make a project idea largely according to our expectations and especially according to the inputs we receive from clients and associates. Yes, statistics show that both residential and non-residential building construction are in short supply. This deficit manifests itself primarily in a lack of suitable real estate to meet the needs of clients, who, in turn, have higher expectations.

What are the most productive objects to build on our market from the perspective of a construction firm, in terms of the project being completed as quickly as possible – from purchasing property and obtaining the necessary licenses, to executing work, to selling or leasing?

— The construction of high-quality and expensive residential buildings in areas that are popular but also costly has proven to be the most fruitful for us. Clients that purchase such real estate value, expect, and are willing to pay for it. As far-fetched as it may appear, such real estate sells the quickest. The same can be said for the real estate we rent, such as office buildings, which have above-average quality, location, equipment, and facilities management. In terms of the procedure itself, which includes property preparation of the location, preparation and adoption of necessary plans, procedures for obtaining the necessary permits, and in general the procedure of finalizing the “papers,” I can

say without a doubt that it is much simpler today than before. This is due to a well-designed procedure that prevents you from wandering from counter to counter. At the same time, it’s good to have everything you have done on paper. Of course, it’s not just the software that manages everything; it’s also the people that designed, supported, and worked on it, and they’re available to answer any questions.

Belgrade, and Serbia as a whole, have become increasingly desirable to international investors that are active in our market in recent years. How much have the rules of the game altered as a result of the entry of large players? Are they a threat to domestic investors, or have they, on the contrary, helped to enhance the atmosphere in this industry?

— I admit that as someone who is pro-patriotic, I had an issue with foreign investors. However, as time went on, I recognized that we would not have progressed without them. With foreign investors, who have shown their professionalism, quality and seriousness in various projects, there has been an increase in the number of innovative solutions and their faster implementation in all areas of work: construction, organization, execution, and the project management model itself. From this point of view, I think that foreign investors are necessary to “wake up” the rest of us so we can be ready for the race.

Granit Invest is a family-owned company that has been operating successfully for 43 years. What have you changed in your company practices as the third generation?

— Granit Invest is and will remain a family-owend business. What I have obviously changed since when it was run by my father, is that I outsourced many jobs. We are a well-coordinated team, but first of all, we are friends who know each other very well after decades of working together and socializing. The priority is trust and a sense of belonging that we all share equally with Granit. Our everyday life is typical in terms of the tasks and jobs we perform, but the atmosphere

A revolutionary approach to design and construction is one of Granit Invest’s traditions, as evidenced by a number of exceptionally attractive, high-quality, and inventive facilities. Which buildings in your portfolio do you consider to be the most emblematic of your innovative approach?

— Each object is a story and time itself, and none of them can be singled out. When I say time, I mean that we try to make each of our buildings timeless, meaning that it cannot be overshadowed by the current construction trend. Such requests give extra “trouble” to our designers from the Zabriskie design bureau, which, I must say, they still accept with great enthusiasm. All this effort and troubles are not in vain. This is proved by the nominations for various prestigious awards for the Green Square and Mia Dorćol facilities. This only goes in favor of the fact that innovation and revolutionaries are recognized by the profession. It gives us additional motivation, but also the responsibility, to continue in that direction for future facilities.

Green construction, which respects environmental standards and principles of energy efficiency, will be more and more present, and even mandatory. What has been your previous experience with a green building?

— We demonstrated that this style of building is an intrinsic component of our business policy already with the first project. Even back then, it became obligatory for us. Now we can and want to take a step forward and raise it to a higher level on the new project which is ongoing.

in which we work is better suited for a smaller high school class. Bad and good periods happen, but in such an atmosphere, bad periods are easier to overcome. Everything is far more relaxed when you are surrounded by this kind of energy than when you strictly respect organizational forms. That is why, despite of larger projects, our team does not have many members and does not plan to grow significantly, because the most important thing here is the quality we have as a team, not the number of people who work.

What are your plans for next year’s activities?

— The coming year will be extremely demanding and dynamic for us because we plan to complete the Revolution building by the end of 2022. This facility has proven to be the most demanding and complicated to build so far, so all our attention is focused on that. Next year brings another new project, that is Mia Dorćol 2. We are preparing it slowly because we want to give ourselves time to rest so that we might surprise ourselves first with some new ideas.

WE TRY TO MAKE EACH OF OUR BUILDINGS TIMELESS, MEANING THAT IT CANNOT BE OVERSHADOWED BY THE CURRENT CONSTRUCTION TREND

DIGITALIZATION OF THE CADASTER OPENS A NEW BUSINESS ERA

The real estate cadaster is nearing completion of the implementation of a new information system.

Borko Drašković, director of the Republic Geodetic Authority, explains what benefits we already have from digitalization and what benefits we will have once the new system is fully operational

Text by: GORDANA KNEŽEVIĆ MONAŠEVIĆ

Photo: MILOŠ LUŽANIN

Although we regularly receive information from the Republic Geodetic Authority (RGA) about significant changes in the way this institution operates, users’ perception of the Real Estate Cadastre is somehow altering very slowly. Borko Drašković, the director of RGA, who has been implementing cadastre reform with great enthusiasm for the past six years, is well aware that the fundamental issues that slow down the procedures are

Borko Drašković, director of the Republic Geodetic Authority

hidden. It is why citizens believe that some cases are being intentionally prolonged. He is certain that putting the new technology to its full potential will radically change this issue. “You know, we live in a country where everyone is interested in two things: football and cadaster. And yet, few people are aware that the land administration system is the most complex system in the state administration and is a reflection of the state of each country. Land administration is a process of determining, recording, archiving and distributing information on human and real estate relations. Until recently, the system as it existed before was a major source of national problems. Due to the unsettled situation, it was extremely difficult to complete infrastructure projects, develop the state administration system and even ensure ownership of the real estate. The fact that Serbia had more than four million unregistered buildings and more than three million inhabitants without an address speaks for itself, “ Drašković said at the beginning of the interview.

RGA has been working on digitalization for several years. The new information system will replace the old one from 30 years ago. What progress has been made so far?

— The new information system is being completed and is currently in its final third phase, which will last two years. Developing such an information system is not an easy task, bearing in mind that two previous attempts have already failed. It is structured so that each phase functions as a whole and that each one contributes to the development of real estate management systems. To achieve this, the institution needed to undergo four reforms: personnel, technical-technological, procedural and legislative. The fifth and final is the financial reform, the transformation of the RGA into an executive self-financing organization that operates based on covering costs. The most important to us as employees in the RGA is that the citizens have great trust in the RGA. Highly ranked 18th place in Serbia on the Alexa, says that citizens often use digital services on the RGA website. Our second site, GeoSerbia, is in 79th place, making us one of the most visited state institutions.

You have recently introduced an automated claim recording system. What does this novelty mean and who will benefit the most from it?

— The reason for introducing such a system is that the current method of recording claims by notaries, courts, geodetic organizations, and other professional users of the RGA has resulted in the omission of necessary data – such as the cadastral plot number, facility number, or the number of the part of the facility, as well as the number of the cadastral municipality. This has resulted in inaccuracies, jeopardizing residents’ legal security while also slowing down the cadaster registration procedure. As a result, citizens and the economy suffered, as did

INTRODUCING AN EXTRACT FROM THE LAND REGISTER DATABASE INSTEAD OF THE REAL ESTATE FOLIO IN THE LAND REGISTER SAVED SERBIAN CITIZENS MORE THAN 36 MILLION EUROS IN JUST THREE YEARS, THE AMOUNT THEY WOULD HAVE PAID IN ADMINISTRATIVE FEES BEFORE THE CADASTER’S DIGITALIZATION

the RGA, which was forced to manually re-enter these items into the system, resulting in extra effort and the possibility of errors. Thanks to new digital processes and controls, such errors are no longer possible, so RGA will solve requests more efficiently. We advise citizens and all service users to obtain this record number because it is the sole proof and legal certainty that the procedure of determining the right has been completed and that the cadaster registration has begun.

The new information system is one of the most modern and complex systems. What are its advantages and how much does the whole digitalization process cost?

— The new Central Information System for the Cadaster of Real Estate is developing in cooperation with the World Bank within the project “Real Estate Management in Serbia.” The assessment that it is one of the world’s most modern

and complex systems did not come from the RGA, it is the opinion of international experts.

The entire real estate management reform costs about 57 million euros. This number seems too big, but it’s justified. Simply by introducing an extract from the land register database instead of the real estate folio in the land register, and making it available via web service to all public sector bodies and holders of public authority, RGA saved Serbian citizens more than 36 million euros

international professional public is monitoring the RGA reform in Serbia.

What has proven to be the biggest weakness in the work of the Cadaster so far, what have the clients complained about the most? Will the new system help you overcome that?

in just three years, the amount they would have paid in administrative fees before the cadaster’s digitalization, and more than five million hours compared to the old system when they had to obtain documents in person. You will admit that the project does not cost much concerning the benefits it brings. The point is that the new incorruptible cadaster system digitalizes not only the cadaster and RGA but also the systems of those who have interaction with real estate and geospatial data, which is the entire public sector. We are unique in this approach, and the entire

— The backlog of cases, imprecise and unenforceable decisions of state bodies, courts and local self-government in the process of defining property rights are the issues we face. Backlog cases will continue to exist until cases that have been in citizens’ drawers for 30 years and were never submitted for cadaster registration are solved, or until the existing administrative system, which allows the case to be delayed indefinitely, is terminated. Backlog cases are the consequence of the implementation of the old law and processes that can be corrupt. If that law is not changed, it may take an eternity to resolve backlog cases. Only when the matter reaches the cadaster does the problem of imprecise and unenforceable solutions become apparent. Blaming the cadaster for such problems is the same as blaming the scale because we have a few extra pounds. The real cause of the problem is masked and creates the illusion among citizens that the cadaster won’t resolve cases on purpose. We see a clear picture now, and we are working hard to complete the system’s implementation and maximum capacity as soon as possible. We are fully committed to the protection of the property of all registered real estate, and at the same time, we strive to enable fast and reliable registration of new real estate. In terms of reliability, we are currently ranked 10th in Europe and 14th in the world.

How many unresolved cases currently exist in the cadaster, and can we expect this congestion to be reduced to a standard level by implementing the new information system? If yes, when can we expect this to happen?

— An information system isn’t a magic wand that can fix all our issues. There were no records on the number of cases before the im-

Satellite image of Belgrade

THE AVERAGE TIME TO RESOLVE CASES IS LESS THAN FOUR DAYS, MAKING OUR SYSTEM THE FIFTH IN THE WORLD

In 2019, Serbia took first place in Europe in terms of progress in transparency when it comes to real estate, says Borko Drašković

plementation of the information system; instead, they were held in drawers, which provided fertile ground for the development of corruption. Only after the implementation of the information system, we finally reach the actual number of unresolved cases, which in September 2020 amounted to 705.000. Despite a dramatic increase in the number of new cases, thanks to the digitalization of the Republic Geodetic Authority’s services, the number of cases decreased to 450.000 in less than a year. Old cases are being solved according to the old law, which stipulates imprecise and confusing analog business processes, as opposed to the new digital processes, which have been in effect since 2018. They allow the cadaster to settle requests in

INTRODUCTION TO BLOCKCHAIN TECHNOLOGY

RGA users will have access to all data and services through the central database. It is already possible to do that with the real estate cadaster database application, address register, digital cadastral plan, and price register. However, with the implementation of the new system, these will reach a whole new level. “It will no longer be necessary to make inquiries of individual real estate because the system will inform about the changes, the data will be structured,

four days and appeals in 60 days. The RGA believes that fixing the problem may be accomplished by the amendments to the law and implementing new digital methods because the old, corrupt law, which is still in effect, is a stumbling barrier for cadastral reform.

When the new software is fully implemented, the entire country of Serbia will be connected to a single central system, as opposed to the present 176 databases. What does that mean? Will it be possible to get all the data in any database with one press of a button and to complete the whole procedure in the shortest possible time?

— It has already been accomplished within the first two phases of the implementation of the new system. As I mentioned, the average time for resolving cases is less than four days, making our system the fifth in the world, while it used to be longer than 49 days. In terms of transparency, it is already possible to obtain all necessary real estate data at the press of a button. In 2019, Serbia took first place in Europe in terms of progress in transparency when it comes to real estate, thanks to the cadaster and the digital platform GeoSerbia, where all information about real estate and rights of Serbian citizens is available. So far, a lot has been accomplished in the area of reliability. Several types of fraud, manipulations and falsifications have been disabled. There is no corruption anymore. Every activity is monitored, and a digital trace is recorded using a document management system (DMS) and a content management system (CMS). We know who did what in the system, and any unprofessional or malicious action is easily detected.

and it will be possible to perform various inquiries, filtering, searches, and it can be used in any external system, such as banks, insurance companies and others,” Drašković says, emphasizing that the central base and central system are a prerequisite for the implementation of other revolutionary technologies, such as Blockchain technology. “With the new cadaster system, a new era of digital business in Serbia is opened,” concludes the director of the RGA.

THE PEARLS OF MONTENEGRO ON THE WORLD MAP OF LUXURY

Investment friendly policy has made Montenegro one of the most attractive real estate investment destinations, offering some of the most luxurious residences in the Mediterranean, says Niko Laković, partner and sales manager at Montenegro Sotheby’s International Realty

Text by: GORDANA KNEŽEVIĆ MONAŠEVIĆ

Afavorable investment climate and high-end projects, such as Porto Montenegro, which has positioned this region of the Adriatic as a top nautical destination, allowed not only the most prominent brands to come to Montenegro but also wealthy clients in their pursuit of trophy real estate. That is why the renowned house Sotheby’s entered the Montenegrin real estate market, bringing it closer to wealthy collectors who do not ask for a price when it comes to high-end artwork and real estate. According to Niko Laković, partner and executive director of Montenegro Sotheby’s International Realty, this year has been very successful for the real estate industry in Montenegro, with a fresh wave of investments and the arrival of prominent companies.

According to the data of the Central Bank of Montenegro, in the period January-August, foreigners invested 153.15 million in real estate in Montenegro, with the majority of investors coming from Russia (31.46 million) and Serbia (23.17 million). What does this information look like from your insider point of view?

— Serbia is a strategic market for us. We do about 60 percent of sales with clients from Serbia. People from Serbia traditionally feel at

home here and we are only half an hour away by plane. At the same time, we have fantastic projects, such as Porto Montenegro, Luštica, Portonovi, Dukley Gardens, where clients have great comfort. They are mostly looking for high-quality flats in apartment complexes with rising property values, where maintenance is given, which they may rent, with a sea view, and close to the beach or marina. People are increasingly buying real estate in Montenegro in order to work from here since they enjoy a completely different quality of life in a house or apartment by the sea.

How successful has this year been for the real estate industry in Montenegro and are there new trends?

— The business year was a huge success, and the most noticeable trend is that people realized that the conventional model of developing ordinary residential structures is going down in

Niko Laković, Managing Partner and Sales Manager at Montenegro Sotheby’s International Realty

MONTENEGRO SOTHEBY’S INTERNATIONAL REALTY WAS RECENTLY RECOGNIZED THE BEST REAL ESTATE AGENCY IN MONTENEGRO BY THE EUROPEAN PROPERTY AWARDS, AND THEIR WEBSITE, SOTHEBYSREALTY.ME, WAS NAMED THE BEST IN ITS CATEGORY

history. People who buy real estate on the sea have higher expectations. They expect it to be in a complex with a swimming pool, reception, and a caretaker, so that they can relax and not worry about their real estate while in their home country. As a result, we usually advise developers to opt for this form of construction, as regular residential structures are less valuable and more difficult to sell.

According to one analysis, one million dollars could buy 15 square meters in Monaco, 31 square meters in London, and 330 square meters in Belgrade and the Montenegrin coast. What potential does Montenegro have in terms of improving real estate value?

— The country’s image is extremely important because the real estate market is so volatile. Political stability is necessary, as is a decisive move toward European Union membership. Our real estate prices will rise at that time. The presence of well-known brands in the country also influences the price, and there is a new wave on the way. We are expecting the arrival of Rosewood, one of the world’s top five hotel brands. The first Marriott hotel will be constructed near Kotor’s Old Town. In Risan, the Hotel Teuta is being refurbished, and Mövenpick will be there. I am hopeful that the Ritz-Carlton project for a resort in Luštica will be realized.

What else in Montenegro’s luxurious portfolio do you find particularly appealing?

— Porto Montenegro is highly appealing. New projects are expected to be announced by the owner, Dubai’s ICD Corporation, one of the world’s largest investment funds. A golf course with residential units is being built by Lutica Bay. Every point on the course has a view of the sea, which is unusual. The Bigovo Bay project is also in full swing and there are signals that the Four Seasons project on the Blue Horizons will finally be launched. There is also the island of Sveti Marko, across from Porto Montenegro, a unique luxury fivestar resort, where some famous developers are expected. The Radisson Blue resort in Bar is also under construction. All of the projects mix hotel complexes with residential units, ensuring that clients’ investments are safe.

Which pearls would you highlight in your Montenegro Sotheby’s International Realty offer?

— We have a Rothschild-owned apartment in Porto Montenegro that measures 400 square meters on one level and is on the first line of the sea. We have a lovely villa with eight bedrooms on the seafront in Ljuta. It has 35 meters of shoreline

and a beautiful 21-acre plot. A 17th-century palace, a historical building of 1,300 square meters and arguably one of the most stunning palaces in the Mediterranean, is also offered.

How do clients from all around the world find the luxury real estate that you offer?

— We are a member of the Sotheby’s group, which has offices in 75 countries. We have 24,000 agents and are connected with the house Sotheby’s. Everything we publish on the Sotheby’s website is distributed to Bloomberg, the Financial Times, the New York Times, and 50 other major global news outlets. We presented Montenegro in places it had never been before. Last year, our agency offered a villa that Mansion Global magazine ranked among the five most sought-after luxury residences. That is Villa Smokvica, near Reževići, a stone building from the 14th century.

What is the advantage of the luxury portfolio of Montenegro compared to other Mediterranean countries?

— We are still very competitive with the prices of such palaces, which go directly to the sea, which is not very common. Furthermore, anyone purchasing real estate in Montenegro receives the same ownership treatment as a Montenegrin citizen. Montenegro’s profit tax rate is 9%, which is quite low when compared to other countries. All European capitals are within two hours of us. All of this makes real estate investment on the Montenegrin coast particularly appealing.

The 17th-century Tripković Palace is one of the most gorgeous on the Mediterranean

REPORT

THE TOP FIVE ATTRACTIONS IN DUBAI

Text and photos by: NIKOLINA VUKIĆEVIĆ

Dubai has been a popular tourist and business destination in recent years, due to its construction boom, modern, breathtaking architecture, various tourist attractions, and vast stretches of sandy beach that visitors may enjoy at any time of year. The largest city in the United Arab Emirates and also the capital of the Emirate of Dubai, this year is especially attractive for millions of visitors from all over the world as it is the host of the world exhibition EXPO 2020, which lasts until March 31. EXPO was the reason for our magazine’s crew to visit Dubai, where we captured the most interesting scenes and impressions during the few days of our stay there, although there was not enough time to visit all the attractions of the city and the exhibition itself.

The first impression on every visitor is certainly left by the climate, which is very pleasant in winter and is the best welcome

Burj Khalifa

for all those who have briefly moved out of the December snow and minus, just as was the case with our team. The second impression is that life in Dubai is conceived completely differently than in Europe. Personally, I found Dubai to be an amazing blend of cutting-edge technology and a strong religious presence. Music is frequently heard in public settings as a call to prayer, giving the impression that all of life’s speed stops for a moment before spinning again. The hosts, the locals, can rarely be seen on the streets and in public places. They are mostly foreigners everywhere, both as employees and as tourists. There are attractions on all sides; some take your breath away, and some make your head spin. We have selected the top five that we believe you should not miss if you are in Dubai.

DUBAI MARINA

Dubai Marina is one of the few pedestrian zones, full of wonderful restaurants, small shops, and tourist attractions. At the same time, Marina is one of the few places where you can see a lot of locals. I liked it equally during the day and in the evening. It was from this position that I managed to isolate myself best from the crowds and observe the architecture of each building individually. The Marina is located near the beach, so you can easily organize a tour of both locations. This is the part of Dubai that I liked the most because it has the most contact with nature. The canal through which the sea passes through the Marina and the palm trees that create shade make you not feel as small as you do when you are in the very center of Dubai among the mighty skyscrapers.

EXPO: Pavilion Mobility

Dubai Marina by night

BURJ KHALIFA

With its 829.84 m height and 163 floors of impressive construction, exterior and interior, the world’s tallest building is truly one of the city’s great monuments and landmarks. Visitors can access the building through the Armani Hotel, which is located within the Burj Khalifa. Our magazine’s team had the opportunity to have lunch on the 125th floor and enjoy the view from a bird’s eye view. Only then did we realize how many vast areas of Dubai are composed entirely of sand, and that the true appeal of this city lies in the immaculate knowledge and skills of the builders and architects who constructed a metropolis of skyscrapers on such a terrain.

DUBAI MALL

Since Dubai is not rich in pedestrian zones and is definitely not a city you can visit on foot, shopping malls are considered a real

treasure in this city. As we learned on the spot, real estate prices near shopping malls, or even better, those with direct access to the shopping center, are much higher than real estate values a little further away, precisely because shopping centers are the only places where you can walk. What fascinated me personally was the fact that everything was extremely clean, modern, and adapted for people with special needs. One of the attractions in the Dubai Mall is the bubbling fountain, and it seems that the locals love it very much and are looking forward to its show, which starts at 6 pm and is repeated every half hour.

NUSR-ET RESTAURANT

The restaurant from the world-famous chain, one of the co-owners of which is the Turkish caterer Nusret Gokce, who became famous for the way he prepares and salts steak, has found its place in Dubai as well. This restaurant is located within the

Dubai Marina

View from the 125th floor of Burj Khalifa

Nusr-Et

Four Seasons Hotel and Resort and offers guests Australian meat specialties prepared before their eyes. The staff is quite pleasant; they salt the food using Nusret’s tricks, and the way they serve is an experience in itself. I also tasted their famous baklava with goat ice cream, proving that they aren’t just experts in meat dishes. This restaurant far exceeded our expectations, and despite the high prices, it is definitely a worthwhile place to spend time and money.

EXPO 2020

EXPO is a prestigious world exhibition conducted every five years, and it was held for the first time in the Middle East this year. The exhibition spans 483 hectares in a newly developed part of the city halfway between Dubai and Abu Dhabi. It was organized in the pavilions, with each state assigned the task of addressing the topic. This year’s themes were Sustainability, Mobility, and Opportunity. The Mobility Pavilion, designed by award-winning architects

from the well-known British firm Foster and Partners, left the biggest impression on me. There is a passenger elevator in the pavilion that is the world’s largest, capable of transporting more than 160 passengers at once. There are also 15-meter-high sculptures of Arab researchers created by a New Zealand team, the same one that worked on “The Lord of the Rings.” The sculptures made an impression on me since they are highly realistic, down to the glitter in the eyes and minor skin ailments on the fingers. You can also see research and photographs from the Moon, as well as a comparison of living conditions on Earth and the Moon, at this pavilion. The pavilions of different countries are also interesting, and each one taught me something new. The entire EXPO 2020 exhibition, including the pavilions, people, and spirit, cannot be retold. From robots that control the wearing of masks to fantastic programs made by projectors, one gets the impression that time travel is only a few hours away from us.

Sculptures of Arabian explorers

Restaurant

THE MARKET IS BECOMING MORE DEMANDING

According to Stylianos Tsoktouridi, Managing Director of Alumil YU Industry AD, Alumil YU is committed to continuously investing in Serbia in order to increase its capacity and keep its facilities at the highest possible quality level

Text by: PETAR DOBROSAVLJEVIĆ

Stylianos Tsoktouridi, Managing Director of Alumil YU Industry AD

As a leader in architectural systems in Serbia and the region, Alumil YU plans to expand even further in regional ex-Yugoslavian markets and to penetrate further into Western European industrial markets that are more advanced, such as automotive, says Managing Director Stylianos Tsoktouridi, noting that the price increases in LME did not slow down demand for their products or the dynamics of the construction sector.

Alumil is one of the leaders in architectural aluminum profiles production market in Serbia and region. What is that factor which makes a difference in comparison to the other suppliers in the market?

— Indeed, Alumil YU is the leader in architectural systems in the whole regional market. The main reason is our advanced products that fulfill the market’s requirements and exceed customers’ expectations. We have invested more than €45 million in Serbia constructing a state-of-the-art production and logistics facility in Nova Pazova, which, along with our six sales and distribution centers spread across Serbia, ensures the availability of our products in close proximity and on demand by our customers. Also, we have established a showroom in New Belgrade where we exhibit our products and our team of experienced engineers provides support to our customers.

Your products meet the requirements of high standards of energy efficiency and sustainability. How much does sustainability contribute to your company’s business?

— Alumil Group has more than 32 years of history full of innovation and creativity, and as a multinational company with more than 28 subsidiaries spread around the globe, has

developed an in-house green culture. Of course, we in Alumil Serbia, as part of the same group, are following the same culture. This year, amid a very tough period worldwide, apart from our actions against the spread of the coronavirus, we decided to go further on our ecological agenda.

Through our modern production facilities and intelligent investments, we ensure the reduction of energy consumption in all our processes. Our continuous research and development leads to offering unique solutions with many innovative features that meet the strictest environmental standards. Furthermore, our qualified R & D team of engineers studies the latest standards and technologies on a continuous basis and applies them in the research of new aluminum system solutions.

We are monitoring climate change and adjusting our activities in response to the most recent requests from relevant authorities. As the members of the Serbia Green Building Council, we are trying indirectly to have an impact on increasing society’s awareness of this matter.

In the rapidly evolving construction and real estate sector, there have been numerous challenges this year. What has been the greatest challenge of yours?

— The current year has been exceptionally good for Alumil YU and for the whole Alumil Group in general. Specifically, in Serbia, this year we are experiencing a continuous growth in the value of construction projects that started in 2019, where the value of the projects was increased by 35% compared to 2018 and continued in 2020 and 2021. However, the market is becoming increasingly demanding, while competition is ever stronger, and that is one of the major chal-

lenges for Alumil Yu. Modern buildings require the design and construction of fenestration systems to high standards. By focusing always on the specifications and requirements of the most advanced markets worldwide, Alumil has created a portfolio that incorporates innovative products and responds perfectly to modern building needs. The needs of our customers are quite varied, and so is our product portfolio. Each of our products was designed with one thought in mind: how to offer the best possible solution and maximize the value for our customers.

The year 2021 will be remembered for the rise in the cost of building materials. How did this affect your sector?

— The price increases in LME did not slow down the demand for our products or the dynamics of the construction sector. On the contrary, what is more challenging for us is the lack of supplies and free capacity versus demand, rather than prices and credit. The growth of our sector is so high that it has not been impacted by the increased prices, at least not as of now. Inflation is relatively reasonable and the availa-

bility of funds for new projects is still high, probably driven by the level of demand that has been increasing. All in all, we see a healthy growth of the market with prestigious quality projects that increase market standards.

What would be your expectations for 2022 in terms of production and development?

— Alumil YU is committed to continuously investing in Serbia in order to increase its capacity and keep its facilities at the highest possible quality level. Our plan is to expand even further in the regional ex-Yugoslavian markets and increase our market share and footprint in large-scale projects in both the public and private sectors. Our plan also includes penetration further into Western European industrial markets, which are more advanced, such as automotive, with sophisticated, state-of-the-art, precision engineered, surface-treated, ready-to-use aluminium products. Our expansion strategy could result in the creation of up to 100 new direct job positions, many of which will require highly educated and specially trained personnel.

Alumil YU Industry production and logistics facility in Nova Pazova

WINTER FUN ON STARA PLANINA

All mountain lovers say we are one of the most beautiful mountains, and we claim we are the most beautiful, says Goran Karadžić, acting director of JP Stara Planina, who promises a fantastic winter atmosphere to all who visit the Hotel Stara Planina

Text by: ANA KRALJ Photo: JP STARA PLANINA

Hotel Stara Planina, which has gained best marks for its high standards and excellent service on sites such as Booking and Tripadvisor, is ready to give a memorable experience for its guests this winter season. Goran Karadžić, acting director ofJ JP Stara Planina, told us what you can enjoy if you decide to rest right here.

Stara Planina has grown in popularity as a vacation resort in recent years. What preparations did Hotel Stara Planina make for the upcoming winter season?

— Hotel Stara Planina is a true mountain spa center that operates 365 days a year, which means we are always ready to serve our guests with a first-class atmosphere and relaxation. The hotel’s occupancy is satisfactory throughout the year, with demand for additional rooms increasing in the winter because we are on a mountain with plenty of snow, and the service is more than competitive, particularly for family vacations. For children aged four to ten, we have provided equipment and a free ski school for a stay of seven nights. So the whole family can enjoy the snow and other hotel services.

The hotel is rated four stars, but you believe it’s worth five stars, as indicated by the evaluations on Booking and Tripadvisor. What does the hotel have to offer to its guests that makes it so appealing?

— To begin with, all hotel guests have a parking space in our hotel’s underground garage, which is critical in mountain conditions because our visitors come to rest, not to worry about where their cars are, whether they will have to clear snow from them, or what they will discover below. Our all-inclusive light service, which includes

a rich breakfast, lunch, and variety dinner, as well as drinks with meals, is very popular with our customers. The service also includes access to the spa and fitness center, as well as a children’s swimming school. The playroom is open to toddlers aged three to twelve, who will be amused by our animators. We also provide a teen club, gaming, billiards, table tennis, and a variety of other activities. We made sure that our visitors felt unique and that they were able to relax and enjoy themselves completely.

The hotel’s position is unique because the surrounding area is uninhabited, allowing guests to enjoy pure nature as well as snow and good skiing in the winter. What would the winter activities be like during these months?

— All mountain lovers say that we are one of the most beautiful mountains, we say that we are the most beauti-

ful. Our friends from the Ski Resorts of Serbia took care of the ski slopes, so we are sure that we are not falling behind the world’s largest ski centers.

The first gondola set up in Serbia is approximately 20 meters away from the hotel, and the artificial snow cannons are already in operation. So it’s evident that our skiers and other snow sports enthusiasts have plenty to look forward to, and that this ski season will be spectacular. Nothing is left to chance here; everything is tailored to our guests’ comfort and relaxation.

In addition to the Hotel Stara Planina, the SP Resort’s Babin Zub hotel and the mountain lodge Midžor are both nearby. Can the guests who are staying there use the Stara Planina Hotel’s services?

— Guests staying at these two facilities get special discounts on services at the Hotel Stara Planina. We also

had to look after the Stara Planina Hotel’s guests, who, of course, come first.

What is the potential of Stara planina for building new hotel capacity? Would you welcome competition?

— Stara planina’s potential is excellent in every way. We are the ideal location for sports preparations, so the construction of a sports hall is planned. The hotel is located at 1,500 m above sea level and is hit by two sea wind waves (from the Black and Aegean). The air is as if we were at 1,000 m. That is why nature is so lovely, because there are deciduous trees as well as conifers at that altitude. A public-private partnership with potential investors is also planned, so there will be no real competition because we are all working in the interest of Stara planina. There are some indications that we may become the Winter Olympic Center, but let’s not reveal everything.

Goran Karadžić, acting director of JP Stara planina

A FANTASTIC START TO THE SKI SEASON

If the morning shows the day, we may look forward to a great skiing season in the Serbian mountains, announces Dejan Ćika, director of the Ski Resorts of Serbia

Photo: SKI RESORTS OF SERBIA

This winter, skiing started on Kopaonik, then on Stara Planina, and finally on Tornik at the end of December. We spoke with Dejan Ćika, the director of Ski Resorts of Serbia, about what we may expect in these mountains till the season ends.

The ski season in Serbia has started. What are your impressions?

— We are really satisfied, especially because this is the first time in ten years that Kopaonik has operated with such a huge number of ski trails, up to 25. Thanks to the excellent organization of Ski Resorts of Serbia, as well as snowmaking and natural snow, we had a great start to the season.

Last year there was less snow at this time,

but now the situation is better. On what occasions do you use a snowmaking system?

— The snowmaking system is one of the most important elements for the functioning of the ski center. We have learned that we cannot afford the luxury of relying on natural snowfall, so we’ve equipped every single one of our ski resorts. Since the mixture of natural and artificial snow is the best basis for the longest and finest quality skiing, we use every opportunity and minus temperature to produce snow. So we are starting this year’s ski season with the best possible surface, which will surely last until May.

The Brzeće-Mali Karaman gondola was ceremoniously launched in February. What did the Kopaonik ski resort gain by installing it?

— The Brzeće-Mali Karaman gondola is a significant investment that skiers have long awaited. The gondola not only helped to modernize the Kopaonik ski center, but it also provided a chance for further investment and development of this mountain center. In addition to being very convenient for transporting skiers, it also allows guests to go to the center of the ski resort in a faster and easier way, thus solving the problem of overcrowded vehicles on the mountain.

What preventive epidemiological measures are being implemented in ski centers?

— All measures required by the Crisis Staff and the Government of the Republic of Ser-

Dejan Ćika, director of Ski Resorts of Serbia

bia are strictly followed by Serbian ski resorts. We are obliged to wear masks and bandanas, to keep a prescribed distance and to use ski installations, as the COVID warden from the Ski resorts of Serbia will say. We are taking all the measures necessary to ensure the safety of both tourists and employees, and we hope that skiers will understand and follow all the rules. The Ski resorts of Serbia and the Torlak Institute have signed an agreement that enables PCR and antigen testing for the needs of tourists in Kopaonik. Also, if any of the visitors expresses a wish, they will be able to get vaccinated on the premises of the Trauma Center on the mountain.

Given the pandemic and travel ban, how were the previous two winter seasons?

— Regardless of the circumstances in which we live, we see an increase in the number of skiers and tourists visiting our ski resorts from year to year. Despite the fact that we were fully closed last year, we had a record-breaking and extremely successful year. We expect the same result this time, and we are fully prepared for all of the challenges that await us this ski season.

What awaits us in the mountains this winter?

— Numerous races, both humanitarian and significant to skiing, such as the organization of the European Cup, are planned. We’ll also be celebrating World Snow Day, and we’ll

be performing a helicopter evacuation drill with representatives of the Mountain Rescue Service and the Ministry of the Interior. The heliport was completed as part of the Garage Kopaonik project, and it is a crucial investment in the ski center’s security. The heliport and the usage of helicopters are extremely important in the case of serious injuries on the ski slope and the transport of the injured to the nearest clinical center. We are organizing the third annual Moresce Summit of mountain centers at the end of March, where we will bring together all manufacturers of cable cars, artificial snow systems, and special machinery, as well as professionals who operate ski centers across Europe. The exchange of knowledge and experience is very important for the further improvement and development of mountain centers, and we expect a large turnout for this event.

THE HELIPORT WAS COMPLETED AS PART OF THE GARAGE KOPAONIK PROJECT, AND IT IS A CRUCIAL INVESTMENT IN THE SKI CENTER’S SECURITY

REMOTE CONTROL OF HOME APPLIANCES

SMART STEEL

Smart Steel Innovation is a new company that specializes in the automation of residential and commercial buildings, but it has a lot of engineering experience and a lot of satisfied customers behind it. Ivan Marković, the company’s founder and director, explains how you can control your space – from boilers, cameras, and lighting to curtains, blinds, and heating – from anywhere on the planet thanks to an internet connection.

Smart Steel was founded in 2019 as a result of many years of experience in the fields of industrial power, automation, and process equipment. How did you come up with the idea of integrating all this?

— Like all innovative ideas, my idea to start a Smart Steel company was born by chance, out of a sincere desire to make my life and the lives of my loved ones more comfortable, modern, and easier. In search of ways to make everyday life easier, I became acquainted with smart home systems and spent several years testing devices that would be most appropriate for our market in terms of quality and efficiency. The result is cooperation with Lifesmart, which is the mar-

director

ket leader in smart home systems. From personal experience, I know that the automation of residential and commercial space saves time, money, and energy, allowing us to dedicate ourselves to important things in life. The positive impressions and feedback of a large number of our customers motivated us to continuously improve our system.

The SMART sector deals with the automation of business and residential buildings according to the latest world standards. What does this offer cover?

— The offer includes innovative solutions in various spheres of residential or commercial buildings, such as control of ignition and extinguishing of heating and cooling over the phone, timers for switching on and off, saving money and energy by more than 20%. Also, you can turn on and off the lights in your building, control the blinds, and control all TV and audio devices via your mobile phone or voice command. There is also an object control with a silent alarm that warns you of movement in your object when you are not present, and you can monitor it all from any location on the planet.

The STEEL sector deals with engineering, automation, supply, production,

and installation of complete equipment for the food and beverage industry. What makes this part of your portfolio and who are your clients?

— In cooperation with the world’s largest names in the production of process equipment for food and beverage processing, such as FEMIA Industrie and Bigtem Makine, we offer complete process lines for fruit and vegetable processing as well as individual machines. Our most frequent clients are from the domestic and foreign food industry, starting from small and medium-sized agricultural farms to large companies such as Friglo, Frikom, PIK Bečej, and others.

What are your further plans?

— Currently, in cooperation with our partner, the company Lifesmart, we are working on an application that will be in the Serbian language in order to further facilitate users’ access to smart systems. Also in 2022, we are introducing a great offer for hotels and large business facilities that will provide the opportunity to make the application user-friendly, with the logo and design of the application according to the client’s wishes, with a software solution tailored to their needs.

Advanced technologies make our daily lives easier, which is what Smart Steel’s Smart Home System does, allowing you to control all devices in your home or business space from your mobile phone

Photo:

Ivan Marković,

of Smart Steel

DESIGN

CONTEMPORARY VERSACE CLASSICISM

The first Versace Home boutique opened in Milan this year, and similar department stores, with furniture and furnishings from this prestigious fashion brand, will open in London, Paris, Miami, New York and Los Angeles

Text by: PETRA VASILJEVIĆ

Versace is Versace, whatever this brand signs, from jackets and perfumes to beds and the walls themselves. We did not expect anything less from the new Versace Home boutique, which opened this year in Milan, in Durini Street. The historic building with a facade adorned with Ionic columns, with 500 square meters of the most luxurious retail space, exudes classic Versace elegance both inside and out. Claudio Saverino and Tiziano Vudafieri, a duo of a renowned architectural studio with extensive experience in decorating luxury shops, are responsible for the interior design and architectural solutions. This is just the first Versace boutique of furniture and furnishings, and five more will be opened in London, Paris, Miami, New York and Los Angeles.

Spread over two floors, the boutique is decorated as a home with an entrance, lobby, dining room, study, living room and bedroom, and even a hidden inner garden, whose entrance is decorated with LED lighting and mega screens. The whole space perfectly combines modern and classic, which is otherwise a trademark of the aesthetics of this fashion brand. Provocatively, in the Versace style, the floors of the corridor combine glossy and matte marble, while instead of curtains, metal mesh panels are hung. Typical Versace symbols, such as the jellyfish, are discreet here in order to highlight the design of the furniture, including the Venus armchair, the Venus Goddess sofa and the Stiletto cabinet. The furniture design is signed by Ludovica and Roberto Palomba, in collaboration with Donatella Versace. The range of this collection has recently been expanded and now includes wallpaper and household linens.

XIAOMI SMART HOME DEVICES

Xiaomi has revolutionized the functioning of the household and pushed the boundaries of home entertainment with the development of a wide range of smart devices for the home

Text by: KATARINA MIROSAVLJEVIĆ

Xiaomi is globally known as one of the largest manufacturers of mobile phones. In addition to innovations that are raising the bar in the smartphone market year after year, Xiaomi has developed an ecosystem of smart devices for the home and thus revolutionized the functioning of the household and pushed the boundaries of home entertainment.

The era of the pandemic completely changed our life habits and everyday lives. Millions of people were forced to adapt to working or schooling from home. In the new circumstances, however, many traditional home devices, especially those that belong to network equipment, such as Wi-Fi routers, have not responded well enough to the needs of “living from home”. This proved to be an opportunity,

but also a challenge, for all manufacturers of smart devices for the home to find a way to meet the new needs of the community.

Xiaomi seems to have managed to respond to the opportunities brought by the global situation and, in the past two years, has launched a large number of devices that significantly increase the quality of life in the home, such as air purifiers, robot vacuum cleaners, smart scales, and many others. Also, devices for home entertainment were presented, such as tablets, speakers, and Wi-Fi routers. In addition to superior design and technology, the manufacturer’s innovativeness and strong communication for the Xiaomi community, which is one of the brand’s initiators, can be observed in the breadth of the portfolio of these products.

Xiaomi Smart Home devices are distinguished not only by their innovative design, but also by their integration of everyday items like vacuum cleaners and hair dryers with cutting-edge smart technology, allowing them to fully meet the needs of modern man. Almost all Xiaomi home appliances can be controlled easily using the app, avoiding common problems. In addition, most devices come with a built-in parental control function, so parents don’t have to worry about their children unintentionally turning on a device.

The wide range of AioT devices includes Mesh routers and Wi-Fi extenders, which enable the improvement of the existing Wi-Fi signal, which is very important because the currents of modern life mostly require an individual to be constantly online. A good internet connection is practically a condition for normal daily functioning.

In the years behind us, Xiaomi has proven to be a brand that loves to push boundaries and is willing to listen to the needs of the community, all with the goal of creating devices that will contribute to the quality of life. Despite the fact that the company’s success is largely due to the success of

its mobile phones, its innovation and creativity are reflected in Smart Home devices, which undoubtedly bring significant changes to the modern functioning of a household and provide the users with an efficient and simple solution to control and operate their home and better manage their time.

Mi robot vacuum cleaner Mop Pro

Mi AloT router, Mi table lamp, Mi night light, Mi air purifier, night lamp and Mi smart clock

JAMES BOND STYLE LESSONS

We waited for it for a year and a half, but it was worth it. The latest James Bond film, No Time to Die, after its magnificent world premiere at London’s Royal Albert Hall, which was also attended by British princes Charles and William and their wives, is finally being shown in cinemas around the world since October. And while there is a close struggle with some other titles for record million-dollar earnings at the box office, what the 25th film from the series about the secret agent 007 has no competition in is – men’s fashion and all the accompanying accessories of a man of style.

Fashion and Bond have always been the perfect match, which has dictated the trends of the ultimate male style over the decades. No exception this time. Whether you’re getting ready for some offroad men’s adventure, going out with colleagues for a quick martini after work, wanting to leave an impression at an important business meeting, or you need to ap-

pear at a classy event in the style of an impeccably styled gentleman in, why not, a tuxedo, Bond is there to give you an inspiration. And what an inspiration it is! The one you will never go wrong with when choosing any item of clothing, shoes or accessories.

The fact that everything he wears fits Daniel Craig perfectly, even when he is muddy, torn and bloody, and when he emerges from the sea dry and ironed, should not worry you. Craig would never have become a Bond icon if it weren’t for the Bond outfit. So this is one of those situations where a suit makes, maybe not a man, but a man of style – yes. After all, Daniel Craig as Bond goes down in history, and his shoes, suits, sunglasses, watches, phones and of course cars, move as usual – to real life.

The models we present to you are the originals that Daniel Craig wears in the movie No Time to Die and they can be bought online, but above all, they can serve as an inspiration when you go shopping.

The new film about the secret agent 007 “No time to die” has once again set the standards of the ultimate male styling

BUSINESS LOOK

Sunglasses BARTON PERREIRA JOE (€370)

BRUNELLO CUCINELLI OXFORD shirt (€350)

OMEGA SEAMASTER 300M NO TIME TO DIE watch (£7.880)

TOM FORD O’CONNOR GREY PRINCE OF WALES SUIT (coat £2.350, trousers £630)

ALEXANDER OLCH THE AVERY necktie ($150)

MASSIMO ALBA DUSTER coat (€797)

TOM FORD WHITE DRESS SHIRT WITH COCKTAIL CUFF (£630)

DRAKE’S CROSBY MOC-TOE CHUKKA BOOT DARK BROWN SUEDE (£275)

OFF-ROAD

SHAKEN, NOT STIRRED

Three measures of gin, one measure of vodka and half a measure of aromatized Lillet Blanc wine (originally known as Kina Lillet), with a lemon twist or olives. Shaken, not stirred, of course, until it becomes ice-cold. This is the original recipe for the Vesper Martini, a favorite James Bond’s cocktail that he ordered countless times in his films.

Originally, the martini is a cocktail made from gin and vermouth which originated in the late 19th century in America. It became very popular in illegal clubs where alcohol was secretly served during Prohibition, because it could be made fast and gin was also available. According to legend, the famous Y-shaped martini glass was invented at the same period because it was allegedly easy to spill drinks over its wide rim in the case of a police raid. However, history de-

nies this legend and says that the iconic martini glass initially debuted in 1925 at the Paris Exhibition as a modernist version of a champagne coupe. The Y glass has become associated with martinis over time, not so much for its geometric aesthetics as for its functionality: the long leg of the glass keeps the drink from heating up at the touch of a hand, while the wide rim lets the gin release its aroma and the conical structure of the cup keeps the olives upright. Since the 1940s, both the glass and the cocktail have made their way into men’s clubs as a status ritual for powerful men who enjoy good taste and luxury with style. Winston Churchill, Franklin D. Roosevelt, Ernest Hemingway, Clark Gable, Ian Fleming, John Rockefeller, and Jimmy Carter are just a few of the famous people who helped the martini and martini glass become a prestige symbol of success and refined taste.

Of course, it’s a martini, precisely a Vesper martini, James Bond’s favorite cocktail, the recipe for which we learnt in the novel and film Casino Royale. And when there’s a recipe, there’s also a martini glass, because the experience wouldn’t be genuine without it

Tekst by: ANA KRALJ PHoto: SUN, MOON & STARS

Villeroy & Boch - Maxima SUN, MOON & STARS

MANHATTAN CATWALK

The Sex and the City reboot, titled And Just Like That, drove us crazy with fashion pieces even before the first episode hit the small screens

Text by: ANA KRALJ

Ever since HBO announced the shooting of the Sex and the City reboot in July, more precisely, ten episodes titled And Just Like That, the excitement among the fans of the series hasn’t stopped. It goes without saying that everyone was most interested in what the heroines would look like 20 years later and how they would deal with their friendship, sexuality and men in their mature 50s, but the number one topic, from the first day of filming, was and remains – what Carrie (Sarah Jessica Parker), Miranda (Cynthia Nixon)

and Charlotte (Christine Davis) will wear. We didn’t wait long for an answer. The first photo from the set that appeared in the media has already caused a lot of attention, and literally every item of clothing and fashion detail has been closely examined. Once again, TV series, and especially Sex and the City, have been shown to have a huge impact on fashion trends and what will be worn on the streets, only this time we went a step further: everything that famous New Yorkers wear, in almost every scene, has already gone viral, we already know where something could be

bought and at what price and a lot of it has already been sold out even before the first episode aired!

Although many were disappointed by the news that Patricia Field, the stylist and costume designer who is most deserving of the fact that the Sex and the City series has become an essential fashion primer for millions of women around the world, will not dress the heroines in the sequel And Just Like That, her successor Molly Rogers remained up to the task. Danny Santiago, a famous stylist and fashion editor, who had already chosen costumes for the two films Sex

BALENCIAGA

ASYMMETRIC PLEATED POLKA-DOT CREPE midi skirt ($694)

and the City, was also of great help to her.

As expected, in the new episodes, the heroines wear clothes, shoes, bags and jewelry from the most famous high fashion brands, but this time there was less experimentation with combinations in which some new and popular low-budget brands are represented. Maybe there is more retro chic than before, which is also considered expected, because ladies of style, especially those in their mature years, have a prominent place in their closets for pieces of timeless value, which they do not give up regardless of trends.

NORMA KAMALI DIANA one-shoulder dress ($215)

ST. JOHN BOUCLÉ

SLUB TWEED KNIT midi dress ($1.595)

LELA ROSE EMBELLISHED GARDEN SLEEVELESS cocktail dress ($2.490)

DRIES VAN NOTEN PRINTED COTTONBLEND dress ($1.375)

Sandale od zmijske kože SAINT LAURENT ($995)

STREETSAHEADINC ROGER BELT ($615)

HANGISI 105 EMBELLISHED SATIN PUMPS ($995)

LK BENNETT FLORET SHERBET YELLOW SUEDE COURTS (£97)

MANOLO BLAHNIK

CAROLINA HERRERA POLKA

DOT OFF- SHOULDER blouse ($474)

CARRIE BRADSHAW’S APARTMENT ON AIRBNB

An apartment in New York’s Chelsea neighborhood, recreated to look like Carrie Bradshaw’s apartment in Sex and the City, can be booked recently on Airbnb for 23 dollars a night

Text by: PETRA VASILJEVIĆ

You are a fan of Sex and the City and you and want to feel what it’s like to live like Carrie Bradshaw? Why not, everything is possible. All you have to do is book Carrie Bradshaw’s apartment in New York’s Chelsea neighborhood for only 23 dollars and try on dresses and shoes from her closet for at least one night, and if you really want, they’ll even organize a personalized styling and photoshoot experience.

The idea to make a replica of Carrie Bradshaw’s apartment was realized by Warner Bros. and Airbnb, in honor of the sequel And Just Like That. There are pistachio-painted walls in the apartment, Carrie’s black laptop and shelves adorned with everything, from martini glasses— perfect for making cosmopolitans—and issues of Vogue. There’s also the closet, full of iconic fashion items from the show, and of course, Manolo Blahniks. The experience is completed by Sarah Jessica Parker, who appears as a virtual host.

BELGRADE FASHION WEEK

Belgrade Fashion Week, the region’s best known fashion event, took place for the 48th time at the end of November. Fashion lovers could watch fashion shows of famous domestic designers, including Dragana Ognjenović, Boško Jakovljević, Vesna Kracanović, Pedja Nerić, Milena Radović, and others, in many locations throughout the capital, as well as online. There were various events that increased awareness of the necessity of sustainable and responsible behavior in the fashion industry, in addition to promoting the

author’s works. The 48th Perwoll Fashion Week opened with a spectacular fashion show by Dragana Ognjenović and ended with a fashion show in the National Museum’s atrium, which was prepared as a tribute to the great designer Mirjana Marić, who created the former Yugoslavia’s image. Belgrade Fashion Week has a 25-year tradition. More than 400 fashion houses and brands, as well as 500 fashion designers, have so far taken part in this fashion event, which has featured over 1,000 fashion shows across 60 city locations.

Dragana Ognjenović

Martini Vesto SestreS

Mirjana Marić

Tara Katarina

Đorđe Baščarević

Univerzitet Metropolitan

GOLDEN MANOLO BLAHNIK COLLECTION

Famous shoe designer Manolo Blahnik recently marked his 50th anniversary with the launch of the Gold Capsule shoe collection of 19 models. Blahnik said on the occasion that it took him 50 years of work to make the most beautiful designs he could present in this impressive collection. Legendary models such as Hangisi and Mary Jane (both celebrated by Sarah Jessica Parker in the series “Sex and the City”) are includ-

HANDBAGS FOR SPRING BY CHANEL

ed in the collection, but in gold tones. Ever since he opened a shop in London in 1971, this Spanish designer has been and remains synonymous with the most luxurious women’s footwear, which is a must-have in the wardrobe of every lady of style. Apart from the fact that his shoes are worn by high-society ladies, Manolo Blahnik has also won a number of significant awards, including the title of Legend of Luxury.

Chanel promises us life in color for next year, judging by the models of handbags for spring/summer 2022. Pink, yellow, or lilac, heart-shaped or encrusted with pearls, small or large, with a belt over the shoulders or over the chest, all models will be in style, as shown at Chanel’s fashion show on the last day of Paris Fashion Week. Of course, there are models in neutral colors like white and black, but they all come with the mandatory chain that is a trademark of this brand. The show’s biggest hit was undoubtedly a purse inspired by Chanel’s iconic N° 5 perfume bottle.

AN OASIS OF HEDONISM IN THE HEART OF BELGRADE

Top luxury products of artistic inspiration and exquisite service in Sun, Moon & Stars stores will give you a unique experience in choosing the finest porcelain, crystal and silver for your home

The company Sun, Moon & Stars, with a chain of luxury stores of the same name, is the official and exclusive distributor for the Republic of Serbia of top household products, made of the highest quality porcelain, crystal, silver and chrome steel, from the portfolio of world renowned companies. Realizing the professional goal of designating Belgrade as a global metropolis and providing a vast selection of high-quality products for outfitting the homes of the world’s most renowned manufacturers, we have the opportunity to offer you a wide range of prestigious brands, including: Villeroy & Boch, Rosenthal, WMF, Swarovski, Christofle, Meissen, Wedgwood, Royal Albert, Royal Doulton, Riedel, Robbe & Berking, Bernardaud, Her-

mes, Saint Louis, Lalique, Richard Ginori and others.

In addition to three exclusive retail stores Sun, Moon & Stars in the center of Belgrade, which are decorated and equipped according to the highest world standards, our company has expanded its activities to equip hotels, restaurants, catering services and other catering facilities (HORECA) with exclusive small inventory products from well-known gastronomic companies.

With its creative spirit and infinite inspiration, impeccable service and innovative plans, Sun, Moon & Stars is a genuine oasis of art and sophisticated luxury, that captivates with the creations of brands that have established themselves as the pinnacle of style and quality on the global cultural map.

GIFTS FOR HIM

SUN, MOON & STARS:

Nušićeva 25 / Jurija Gagarina 16, lok 137 Bulevar kralja Aleksandra 86, Beograd www.sunmoon-stars.com

NACHTMANN ⋅ PUNK ⋅ BOTTLE RSD 11.970,00

CHRISTOFLE ⋅ GRAFFITI

HIM KEY RING

RSD 12.375,00

CHRISTOFLE ⋅ GRAPHIK CUFFLINKS RSD 46.250,00

VILLEROY & BOCH ⋅ ARDMORE CLUB BOTTLE RSD 21.975,00

VILLEROY & BOCH ⋅ ANMUT GOLD ASHTRAY RSD 9.075,00

NACHTMANN ⋅ ASPEN ⋅ WHISKEY SET RSD 16.470,00

CHRISTOFLE ⋅ UNI ⋅ MONEY CLIP RSD 11.750,00

WMF ⋅ BARIC ⋅ WINE SET

RSD 11.249,00

VILLEROY & BOCH ⋅ COFFEE PASSION AWAKE ⋅ CAPPUCINO CUP RSD 2.975,00

CHRISTOFLE ⋅ ICONIK ⋅ PENCIL BOX RSD 30.000,00

RIEDEL ⋅ SAKURA ⋅ DECANTER

RSD 15.334,00

SAMBONET ⋅ BAMBOO ⋅ ICE BUCKET RSD 16.238,00

GIFTS FOR HER

SUN, MOON & STARS:

Nušićeva 25 / Jurija Gagarina 16, lok 137 Bulevar kralja Aleksandra 86, Beograd www.sunmoon-stars.com

SWAROVSKI ⋅ ROSE BOUQUET RSD 19.500,00

SWAROVSKI ⋅ GINGER ⋅ BRACELET RSD 11.500,00

LALIQUE ⋅ DAHLIA ⋅ PERFUME BOTTLE RSD 43.750,00

CHRISTOFLE ⋅ GRAFFITI HER KEY CHAIN RSD 12.375,00

ROYAL ALBERT ⋅ CANDY COLLECTION COFFEE SET RSD 11.865,00

SWAROVSKI ⋅ INFINITY ⋅ EARRINGS RSD 8.950,00

SWAROVSKI ⋅ NIRVANA ⋅ RING RSD 22.500,00

WEDWGOOD ⋅ VERA WANG ⋅ LOVE KNOTS MIRROR WITH POUCH RSD 8.190,00

SWAROVSKI ⋅ ORBITA ⋅ NECKLESS RSD 67.900,00

WEDWGOOD

SWAROVSKI

RSD 50.000,00

WEDGWOOD ⋅ LOVE KNOTS PHOTO FRAME RSD 10.452,00

THE MAGIC OF THE FESTIVE TABLE

The perfect holiday atmosphere is inconceivable without a festively set table around which family and friends will gather. Carefully selected plates, glasses and cutlery, complemented by elegant decorations, will bring a touch of holiday magic and

make festive moments in your home unforgettable. We provide a few ideas on how to enchant your festive table with style and elegance, with a refined signature of the world’s most recognized brands, whose products can be found in Belgrade’s Sun, Moon & Stars chain of luxury boutiques.

Villeroy & Boch ⋅ Manufacture Rock

ART OF

Villeroy & Boch

Bernardaud

Kintsugi by Sarkis and Sol

Robbe

Villeroy

THE FIRST MICHELIN GUIDE TO BELGRADE

A list of 14 restaurants in Belgrade for 2021 was released on the official website of the prestigious gastronomy guide Michelin in early December, with two of them being particularly notable

Text by: PETRA VASILJEVIĆ

The first selection of Belgrade restaurants, which were evaluated in accordance with the general and uniform criteria of the Michelin guide, was published on the website of this prestigious gastro guide on December 7. The choice of the restaurants was made by anonymous and independent inspectors, and the cuisines range from classic and authentic to modern and creative, from Serbian to Mediterranean to Japanese.

“The geographical location of Serbia between East and West, and the richness of its exchanges throughout history – has created a strong and varied culinary culture, where Turkish, Hungarian, and other Balkan influences abound. The Serbian landscape, full of rich and fertile lands, supplies a wonderful range of high-quality produce all year round – while, throughout the ages, Serbia has also been known for its viticulture. The result is a culinary scene that is vibrant, popular and accessible to all”, according to the guide.

The selection included 14 Belgrade restaurants, two of which are particularly prominent. Iva New Balkan Cuisine, presented as a

“neighbourhood cafe-restaurant,” has been awarded the Michelin Bib Gourmand label, as a restaurant of top gastronomic quality that offer excellent value for money. “In this modern-looking restaurant, gourmets can enjoy traditional, wholesome Balkan recipes that are subtly refined,” as it is stated. Another restaurant, Bela Reka, is highlighted for its commitment to sustainability and promotion of local farmers and producers.

Main selection recommended by the Michelin inspectors included also: Salon 1905, Gušti mora, JaM, Enso, Homa, Magellan, The Square, Legat 1903, Ebisu, Comunale Cafè e Cucina, Mezestoran Dvorište i Langouste.

New Balkan Cuisine

Gušti mora

THE EXPANSION OF THE RETAIL NETWORK

be a path that we will follow next year with the national launch of the digital loyalty card “My MAXI” and the opening of a modern e-commerce warehouse that will be a great support for the further development of the MAXI online store.

What is your strategy plan for the year 2022?

More than 45 Maxi stores were opened and renovated in 2021, and Jan-Willem Dockheer, CEO of Delhaize Serbia, which includes recognizable retail banners Maxi, Mega Maxi, Tempo, and Shop & Go, says the company plans to continue in that direction next year

Continuous investment in expanding the retail network, continuous development of top quality offers and services, along with an omnichannel approach to business, is a strategic model of Delhaize Serbia, says its CEO, Jan-Willem Dockheer, adding that the company is pleased with the results achieved in the year.

You made a significant investment in developing your retail network in 2021. Will your shops be at some new addresses next year?

— Opening new shops, but also renovating existing ones, with a special focus on a sustainable business model, is the basis we have been striving for in 2021. Maxi supermarkets have be-

come a favorite neighborhood choice for citizens across the country, and our plan is to have more than 500 stores next year. We know where we need to expand based on past experience. Our teams are always on the move. Even while touring cities and meeting with mayors, I discuss the needs of local communities and the path of urban development with them. Our strategy model is continual investment in the expansion of the retail network, ongoing development of a high-quality offer and services, and an omnichannel approach to business, and we are quite satisfied with the results obtained in the previous year. More than 45 businesses were opened or refurbished in 2021 alone, implying that modern customer purchasing conditions are improving on a regular basis. This will

— Customer trust is our imperative. We are also proud to be able to confirm the quality of our products to our customers in the complete supply chain. Our strong strategic commitment means that, in addition to maintaining a high level of quality, we are continuously working to improve the process in order to provide customers with a wide range of excellent items at all times. The level of quality of our services and our ability to anticipate consumer needs will experience an unprecedented expansion. In addition to being a leading retailer, we are becoming a technology company that provides business support for processes along the whole value chain, making it the best one in the e-commerce sector. We also provide personalized service to ensure that our customers are satisfied.

Will you try to keep the position “The King of Fresh Food“?

— Absolutely. The MAXI bakery will be recognized by the best bread and pastries prepared in our stores. Our consumers can also count on quality fresh meat of domestic origin that has passed all the necessary controls. We want to give them a clear picture of the controls from farm to table, and the perfect quality and freshness of fruits and vegetables from all over Serbia will be our commitment in the coming years.