Real Estate EN Volume 25

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ISSN 2812-7293 NO. 25 | MARCH 2024.
DEVELOPMENT OF SERBIA - NEW PERSPECTIVE FOR INVESTMENTS
EDUCATIONAL CENTER NIKOLA TESLA IN BUDAPEST SPECIALIZED INTERNATIONAL EXHIBITION EXPO 2027 JANOŠ ŽEMBERI:
IS A CLUB THAT UNITES TWO NATIONS MAGAZINE REAL ESTATE, DESIGN & LIFESTYLE
INTEGRAL
SERBIAN
TSC

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JANOŠ ŽEMBERI TSC IS A CLUB THAT UNITES TWO NATIONS
H.E. JOŽEF MAĐAR, AMBASSADOR OF THE REPUBLIC OF HUNGARY THE DESIRE TO BUILD A COMMON FUTURE BETWEEN SERBIA AND HUNGARY
INVESTMENTS SERBIA - A PRIME INVESTMENT DESTINATION
EXPO 2027
INTERNATIONAL EXHIBITION EXPO 2027 - THE WORLD ON THE PALM OF SERBIA
SPECIALIZED
ECONOMY INTEGRAL DEVELOPMENT OF SERBIA: NEW PERSPECTIVE FOR INVESTMENTS
KATA MAZSAROFF, COLLIERS MAĐARSKA FLEXIBLE ADJUSTMENT TO THE GROWING REAL ESTATE INDUSTRY
TOURISM VESZPRÉM - THE EUROPEAN CAPITAL OF CULTURE
SERBIANS EDUCATIONAL CENTER
BUDAPEST
CULTURE
NIKOLA TESLA IN
MIPIM 2024
TIME FOR THE REAL ESTATE INVESTMENT MARKET CONTENT
OPPORTUNE

MAGAZINE

NO 25 | MARCH 2024

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 bimonthly basis.

DIRECTOR

Vladimir Popović vladimir.popovic@realestate-magazine .rs

EDITOR-IN-CHIEF

Nevena Jovanović nevena.jovanovic@realestate-magazine.rs

ART DIRECTOR

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

EDITORIAL OFFICE

Jovana Nikolić

Petra Vasiljević

Petar Dobrosavljević Ana Kralj

PROOFREADING

Danica Grujić

TRANSLATOR

Jovana Nikolić +381 11 4320 501 redakcija@realestate-magazine.rs

PRINTING

Zlatna Knjiga Jagodina Bagrdanski put bb, Jagodina DISTRIBUCIJA PRETPLATA doo office@pretplata.rs +381 11 314 99 21

PUBLISHER West Media World Baba Višnjina 38 Vračar, Belgrade

Publisher is not responsible for the content of published advertisments. www.realestate-magazine.rs

CIP - Каталогизација у публикацији Народна библиотека Србије, Београд 659

REAL Estate magazine : real estate, design and lifestyle / editor-in-chief Nevena Jovanović. - [English ed.]. - 2021, no. 15- . - Belgrade : West Media World, 2016- (Jagodina : Zlatna knjiga). - 28 cm

Tromesečno. - Preuzima numeraciju srpskog izd. - Ima izdanje na drugom jeziku: Real Estate magazin (Srpsko izd.) = ISSN 2466-4170

ISSN 2812-7293 = Real Estate magazine (English ed.) COBISS.SR-ID 53491721

GETTING CLOSER TO OUR NORTHERN NEIGHBOR

The exciting time for the real estate market in the Western Balkans in the year behind us continues! Expect that this year will also be followed by a demanding financing period and high real estate prices, which shape the complex landscape of the market. In this special issue of Real Estate magazine, which is a mix of regular edition and special edition on the presentation at the international real estate fair MIPIM, we explore the latest trends and investments that are happening in the real estate market in Serbia and the region, with an emphasis on one country from the surrounding area, Hungary.

Discover how investments for the Expo event in Serbia have become crucial for the development of the entire region and explore the dynamics of investments in Serbia in the previous period. Read exclusive interviews with leading experts, such as TSC Director János Zsemberi, Colliers Hungary Director Kata Maszaroff, and the Ambassador of the Republic of Hungary, József Magyar.

Also, we have special interviews with the acting director of the “Nikola Tesla” high school in Budapest, Anica Pandurović. We have allocated a special space in this issue for an overview of the events ahead of the largest international real estate fair, MIPIM, which has been held in Cannes for over 30 years. Scratch below the market’s surface and find out what’s new and exciting in the world of real estate. As investors look for new ways to adapt to all the changes, our magazine explores strategies and trends to help you make informed decisions. From analysis of market trends to expert advice, we have prepared an extensive overview focusing on getting closer to our northern neighbor so that you can be one step ahead in the dynamic real estate world.

Yours

www.realestate-magazine.rs

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EDITORIAL

THE BELGRADE-BUDAPEST HIGH-SPEED RAILWAY IS A COMMON GOAL, NEED, AND INTEREST OF SERBIA AND HUNGARY

The construction of the Belgrade-Budapest high-speed railway is a common goal, need, and interest of Serbia and Hungary, as it was concluded at the meeting of the general director of the “Serbian Railway Infrastructure” Nebojša Šurlan and the general director of the Hungarian State Railways Group MÁV-VOLÁN Group Zoltan Paferij.Nenad Stanisavljević, from the Railway Infrastructure of Serbia, pointed out that the first section of the railway through Serbia was built by the Chinese and Russian railways, the experts of the German railways carried out the supervision of the execution of the project, and the Dutch experts partly supervised the implementation of all works. All this was the best guarantee that the project was successful and that everything was working as it should and according to plan.

IN 2023, HUNGARY ATTRACTED A RECORD 13 BILLION EUROS IN INVESTMENTS

In 2023, Hungary attracted investments of a record 13 billion euros.The investments created a record of 19,000 jobs in the country.China was the largest foreign investor in Hungary last year, and the second largest group of investors are local companies.Hungary is the winner of the “new era of the global economy” as it has attracted many investments from the electric vehicle industry that will define the new era.The Chinese manufacturer of electric cars, BYD, will build its first European factory in the Hungarian city of Szeged, the media reported in December.

THE OIL PIPELINE HUNGARY - SERBIA IS A PROJECT OF IMPORTANCE FOR OUR COUNTRY

The project is planned as a list of priority investments to be one of the strategic projects in the field of oil supply.The pipeline project would enable a stable supply of crude oil in the Republic of Serbia’s market and, after processing, supply it with oil derivatives, which is a prerequisite for economic development.The pipeline project will provide a potential reduction in the total cost of crude oil for the end user, taking into account the direct connection by pipelines to the source and, at the same time, the cost of transportation and the price of oil derivatives, as a final product, would be reduced.Also, the project would enable the diversification of crude oil supply routes so that the Republic of Serbia, in addition to the current supply of oil from the Croatian Janaf pipeline, could also be supplied with the Družba pipeline.

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NEWS

TSC IS A CLUB THAT UNITES TWO NATIONS

If football, and good football at that, is played even outside of Belgrade, the best example is TSC. Bačka Topola is located two hours from the capital. A small town whose football club managed to overshadow its more famous neighbors from Subotica and to be side by side with Novi Sad's Vojvodina

TSC’s success did not come overnight. It could even be said that it was built for decades. And not only on the field. Today, TSC has a modern stadium, infrastructure, an academy that can be envied by richer clubs from Western Europe, and, above all, stability. The main architect of success is the president of the vice-champion of Serbia, Janos Žemberi. Someone who participated in the club’s development from the beginning, when TSC was in the fourth tier of the competition.

— I think that the beginning of the rise of TSC started in 2003 when I came to the club with my colleagues. We invested in the young-

er categories, the infrastructure; initially, the guys from Bačka Topola and the returnees from the former AIK played. We enjoyed football then. We built the club step by step, with the desire to make, at one point, a serious breakthrough. Our contacts taught us that the Hungarian Football Association wants to invest in areas with a Hungarian community. We eagerly accepted that help. Then we, as a club, increased our investments and dreams, which we were chasing, we set out to realize. Sponsors began to appear, the local community began to help us, and our interlocutor began the story.

However, not everything was so easy. The

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JANOŠ ŽEMBERI xxx

investments had to be bigger as the club grew and won lower ranks.

— You know what was the hardest moment? When we moved from the amateur level to the professional level of Serbian football. That transition is very complicated. We needed a playing staff, people’s trust that you want to create something good. There are many things in your head that you need to shift. It was necessary to find the right people, a serious coach and professional staff, and a team of managers to raise the organization. But we wanted it. We did so many good things that I don’t want to remember the bad ones. We were constant-

The development of TSC started in 2003 when Janoš and his associates came to the club

ly looking for a way to succeed. You grit your teeth in some situations and push on. I carry some instincts from business. I run the club like a company; I’m simply the manager and don’t interfere in business, says Janos Žamberi.

Unlike some bigger clubs in Serbia and the region, TSC does not have a bulky board of directors and too many people who make vital decisions.

— Simply, we picked up quality people recognized in their work and environment. Our board of directors consists mostly of businessmen with several hundred employees. We are a good company with about ten people who work well outside this club. There are ten of us, we share experiences, and we enjoy the results. Every club must have such people and a manager. I lead, they help me, and we care for TSC like our children.

TSC is not the only club in the region where Hungary, as a country, helps through sports. In Croatia, such a case was with Osijek, Slovakia

THE BUILDING HAS THREE UEFA STARS, IT IS MULTIFUNCTIONAL, THERE ARE ALSO PLANS TO COMPLETE A HOTEL WITH 45 ROOMS, ALONG WITH EVERYTHING THAT ADORNS MODERN STADIUMS THROUGHOUT EUROPE
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TSC DID NOT DISSAPOINT IN THE COMPANY OF WEST HAM, FREIBURG AND OLYMPIAKOS, AND UNTIL THE LAST ROUND THEY WERE IN THE RACE FOR THIRD PLACE

with DAC, and Romania with Šepši. However, they did not rely on their experiences in Bačka Topola.

— That experience from the region did not help us. And I will tell you why. We all function differently, regardless of Hungary’s help as a country. Of course, we know each other, but the stories are completely different. Osijek had financial problems; help came from a Hungarian businessman (Fer-

enc Sakalj), who is not so present in the club itself, but they are enjoying good results. DAC, that is, Dunajska Streda, is something else again. The club is led by Oskar Vilagi, a man born in Dunajska who holds high positions, is the vice president of MOL, is very wealthy, and has built a modern stadium himself. Romania probably has the largest Hungarian community, but Šepši does not have such results. We lead the story in our way. We are independent, we adapt to the conditions, we manage well, and we have great cooperation with FSS. Unlike the listed clubs supported by Hungary in those countries, we have support from all over Serbia, and fans from the former Yugoslavia also recognize us. Sometimes, we play

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friendly matches with the clubs I listed, but I must repeat, how we operate is different. And even in the football style, the president of TSC is honest.

— I love the Academy. When I enter here, I am filled with positive energy. Now we also have a women’s football club training there. Academy and Arena go together. The Academy is work, the Arena is show. We want to bring in quality coaches and let their experience help us. The parents also recognize that. We lacked scouting, and we are developing that. I assure you, now we have children from Belgrade and the south of Serbia in the club. We have pedagogues and psychologists, and children can choose which school they will attend in Bačka Topo-

la. There is an agricultural school, a gymnasium... We also monitor how they behave in school and what kind of grades they get. Sometimes, we are parents instead of parents because we experience them as our children. This is the environment where they can develop properly as athletes and people. Even if they don’t become footballers, they will leave here as quality people. When we talk about the stadium, we want a modern facility. I’m sorry we didn’t increase the capacity, but who expected us to reach the Europa League so quickly? Against Zvezda and Partizan, we need a double cap; for Europe this season, we could fill up even more. Again, for smaller games, this is also enough. UEFA permitted us to play

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Europa League group-stage matches despite being skeptical. They couldn’t believe it when they saw that our away team dressing room looked better than West Ham’s or Freiburg’s.

There is also advice for those who plan to build new stadiums in Serbia.

— My recommendation is that Skybox boxes are mandatory. These are the places where businessmen come. It’s harder to raise money from regular tickets than this way. The price is not a problem, and we have a fixed fee of around five thousand euros per game. When people pay, they come and feel good. During the week, they come with their business partners. The next step is the hotel, which will also be a place to watch matches and a relaxation center. I’m sad that the stadium in Leskovac doesn’t have skyboxes, which I think is a big mistake. We took care of every detail. Bars for drinks are in the stand itself, not outside. Fans can watch the game, talk, and reduce nervousness. We copied that from American stadiums. The club shop is close to the stadium, and we make animations for the youngest fans. The idea is to have an play room within the hotel. If a parent wants to watch football peacefully, we are here to help. The idea is to connect the pool and the hotel with a footbridge. A modern spa center and a modern restaurant are planned. We also have a hall for table tennis, and our idea is to connect sports in the city that way.

This year’s Europa League group stage was a special experience. TSC did not dissapoint in the company of West Ham, Freiburg and Olympiakos, and until the last round they were in the race for third place. A lot was learned, not only on the field.

— We learned a lot. We learned what a real organization is, and UEFA excels at that. We were given the chance to learn the game’s real organization. After that, it is not a problem for us when we need to do the same in our Superliga. Another thing was the away games against the mentioned clubs. We took our coaches to see what their academies look like, we talked to the club owners, we got new ideas from them where we can make a profit. We created a quality marketing service af-

It is a modern stadium with a capacity of about 4,500 seats, which even the Bundesliga would not be ashamed of

ter those meetings. Honestly, our players also benefited. They saw and felt another level. We learned from everything. Freiburg and West Ham are special experiences for me, we also had a great reception at Olympiakos. At Piraeus, we had some internal problems with the match being played without the audience. We met the West Ham and Freiburg leaders and had good talks, which greatly benefited us. In Freiburg, they even told us that our Academy is more beautiful than theirs.

Social networks are something that the club from Bačka Topola pays special attention to. With over 20 thousand followers on Instagram and TikTok, clubs with a larger army of fans are far behind.

— We have seen how they work in Europe. It costs us a lot every year, but the investment,

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when we are talking about a club, is not only the players. My son, who came from London, helped me a lot. Our goal is to follow trends, to be a role model for other clubs. We cannot reach Zvezda and Partizan, but we want to join them in the fight for the fans.

For a long time, TSC has cooperated with the company Kapeli Sport, which became recognizable due to its cooperation with the club from Bačka.

— They recognized us when we started the project. The owner of Kapeli is a man with fruit orchards here; he loves sports a lot, and his five children play football. He owns football academies in New York, Duisburg, Denmark, and one in Africa. At the beginning, he told us that he would help us. Later, bigger companies gave us better conditions when we devel-

oped, but we stayed with Kapeli because they recognized us in time. We are also impressed by the fact that we are an important client for them. Sometimes, the status you have is more important than the contract itself.

In the end, the question arises - what is the next step for TSC and in what direction will the club go after the second place in the championship and playing in the Europa League.

TSC IS A CLUB THAT BRINGS PEOPLE TOGETHER, STRENGTHENING RELATIONS BETWEEN TWO NATIONS

— We have reached the top regarding results and currently do not have the budget to compete for the title. Our goal is for Europe to play it constantly and bring points for Serbian football. We will also invest in a women’s football club. To begin with, to be near the top, and for our girls to appear on the big stage. We do not chase unattainable results, and we want to be realistic. I want you to know that I like to invest in infrastructure, and now we will build two more fields. Infrastructure is what gets left behind. I must add that TSC is a club that brings people together and strengthens relations between two nations. Our goal is to unite Serbia and Hungary, and also others from the region, concluded Janos Žemberi.

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H.E. JOŽEF MAĐAR, Ambassador of the Republic of Hungary

THE DESIRE TO BUILD A COMMON FUTURE BETWEEN SERBIA AND HUNGARY

Hungarian-Serbian relations have been developing steadily and very meaningfully for 10 years. In response to the traumas of the 20th century, a historical, forward-looking reconciliation was achieved. As part of this, in 2021, the two governments in the closest partnership signed the Agreement on Strategic Cooperation, and then in June 2023, by the will of the heads of State and Government, they established the Council for Strategic Cooperation. This is why we can say that today, Serbia and Hungary are managing and developing mutual relations at a historical peak

Ambassador of the Republic of Hungary in Serbia, His Excellency Mr. József Magyar, points out that no one wants to be a prisoner of history but to build the future together.

How do you assess the development of bilateral relations between Hungary and Serbia?

— It is very important that we do not see mutual collaboration only as a tool for our own goals, but behind all this is the concept of life, which is mutually close, the image of a family-based

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INTERVIEW

society, but also the need to find a new solution to increase our competitiveness. In the meantime, let’s not forget

ANY COOPERATION WITH MUTUAL INTERESTS HAS PROVEN BENEFICIAL FOR THE COUNTRIES OF THE FORMER SOCIALIST BLOC THAT WANT TO JOIN THE EUROPEAN UNION

that if we strengthen the ties between the two countries with energy or transport infrastructure or by the joint establishment of companies and capital investments in each other’s countries,

the interests of the two countries and nations will become even more intertwined. But you don’t always have to think only about big things: did anyone think a few years ago that Hungarians would cheer for Serbs and Serbs for Hungarians at world or European sports events? There’s no need to hide it, as it just feels good.

Is the level of interstate agreements high enough, and where is there room for improvement?

— Put in the language of diplomacy, the fact that Serbia is not yet a member of the EU, while Hungary applies the legal acquis of the European Union, will lead to the development of intergov-

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ernmental agreements in many areas of life. If we open new border crossings or build energy infrastructure, all these will require new agreements. In the coming days, we want to finalize the Stipendium Hungaricum agreement for university youth, which will provide scholarships to Hungarian students from Serbia, which is not necessarily the highest intergovernmental agreement, but if it did not exist, we would deny young people hope for our future, to get to know and understand each other better.

Is the Open Balkan project important for bringing Serbia and other project members closer to the Eu-

ropean Union?

— Any cooperation with common interests has proven beneficial for the countries of the former socialist bloc that want to join the European Union. This is not an ideological aspect but an awareness that the European Union, based on the former Coal and Steel Community, created a common market with a different economic identity and broke down barriers to the free movement of goods, people, services, and capital. Thus, for example, CEFTA was an economic preschool institution for the countries that have joined so far, and Serbia is not only a member but also currently chairs it. In particular, two more advantages of the Open

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Balkan should be recognized. If we compare it to the Višegrad Four, then the Open Balkan shows the ability of a certain group of countries in the region to connect their very similar historical and cultural past with their current set of values, regardless of linguistic or religious differences. The Open Balkans cooperation also forges their ambitious vision of the future with their integration goal, as countries began to develop and implement common systems such as recognition of diplomas and work permits, easier border crossing, or reduced roaming fees. These are all huge achievements. But the importance of the open Balkan is not only because these three countries have to adapt in a similar way to compliance before the EU, but because together they bring into the commu-

nity the values of the union much more meaningfully and permanently everything that defines them in terms of their cultural, linguistic and regional characteristics. Another advantage of this cooperation, as we see it as Serbia’s Central European neighbor, is that Serbia, by entering the EU through the axis of the North-South region, will be a connecting link between the countries that joined in the past and the new EU region.

How does Hungary look at the long-awaited expansion of the Union towards the countries of the Western Balkans?

— After joining the EU 20 years ago, Hungary became the most active advocate of enlargement to the Western Balkans. This is also illus-

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trated by the fact that, in the current institutional cycle of the EU, the Commissioner next door covers enlargement policy with great dedication. After reaching the number of 27 member states, enlargement fatigue set in within the Union, which in the past four years was further ag-

ONE OF THE MAIN PRIORITIES OF HUNGARIAN FOREIGN POLICY CONTINUES TO BE ACCELERATING THE INTEGRATION OF THE WESTERN BALKANS

gravated by the pandemic and then by the war in the EU’s neighborhood and all its negative consequences, which also impacted the Western Balkans. It may seem paradoxical that, de-

spite the slow-moving negotiation process, the EU would still provide more financial support to the region to catch up with the remaining Copenhagen criteria and, more recently, other conditions. After 2011, in the second half of 2024, Hungary will successively preside over the European Council within the Spanish-Belgian-Hungarian Three, and one of the priorities will be to give new momentum to expansion. While the economic and competitive situation of the European Union is weakening in its global capacity, we do not consider it a good policy to hesitate to eliminate the white dots represented by the countries on the Balkan Peninsula. The European Union must act together with the integration of the Balkans in the field of global struggles. Participating states learned

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that states were strengthened in the alliance by forming a close community, which brought advantages to the new member state and the Union as a whole. Serbia started accession negotiations only 10 years ago, and unfortunately, only 22 chapters out of 35 have been opened, while two are temporarily closed.

One of the main priorities of Hungarian foreign policy continues to be accelerating the integration of the Western Balkans, which is why our country will pay special attention to it during its EU presidency this year. We want to help Serbia open new chapters of accession. The European Union needs new momentum, new energy, and new ambitions, and the Western Balkans can bring that. These countries have energy, drive, and ambition that could greatly help the European Union grow stronger.

For the Republic of Serbia, the most important transport routes are from Serbia to Hungary. Do you think that the construc-

tion of a high-speed railway is a strategically well-founded step in terms of connecting Serbia with the European Union, and will the extension of the high-speed railway

FOREIGN TRADE TURNOVER BETWEEN HUNGARY AND SERBIA IN 2022 REACHED CLOSE TO 6 BILLION EUROS, AND THE MOST IMPORTANT PRODUCTS WERE FROM THE ENERGY SECTOR - ELECTRICITY AND NATURAL GAS

from Novi Sad to Subotica, as well as the route from Budapest to Serbia, bring better connections and easier traffic of goods and people?

— In the short-term but also the medium-term perspective, establishing a modern railway connection between Belgrade and Budapest

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reflects a well-founded strategic decision. Not only because the railway corrects the curves of the crowded highway or because it is today the most environmentally acceptable technical solution, but also because by putting the railway into operation, we can gain serious competitiveness in the region. Travel time for goods and people will be significantly reduced. The investments in the two countries will trigger an influx of labor in the region, the number of tourists will increase in both countries, and the turnover of goods will continue to grow. Therefore, we must provide each other with a rail alternative in addition to road transport. A good example of this is the railway line between Subotica and Szeged, which was reopened in November, which is not only a convenient solution for getting from the center

of one city to the center of another but also significantly reduced the number of people waiting to cross the border between Horgoš and Reskea and the waiting time at the border. In the medium term, let’s not forget that by creating the southern wing of the Budapest-Belgrade high-speed railway, we will connect the Mediterranean Sea with the bloodstream of Central Europe, while the Balkan region will have a connection with Vienna and Germany via Hungary. We must not abandon the plan to connect the Mediterranean and the Baltic Sea with a northsouth axis through Serbia and Hungary by building a high-speed railway in the countries of the Visegrad Agreement to connect them, the benefits of which can already be felt, for example, through the diversification of the energy distribution system.

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Do you expect that the increase in foreign trade between the two countries will bring new investments by Hungarian companies to Serbia? Which real estate market segment will be a mutual priority in the coming period?

— Our foreign trade turnover in 2022 reached close to 6 billion euros, and the most important products were from the energy sector - electricity and natural gas. We continued with the preparation of numerous investment plans in which MVM, Hungarian Power Company, with the construction of a new transmission line, and MOL GROUP, with the construction of a new oil pipeline, will be the holders, investors, and contractors of the projects in the coming period. In addition, investing in renewable energy sources in Serbia is also the focus of our attention, which will mean new investments. In the financial market, OTP has developed into a leading bank and is increasingly important in investment lending. In addition, some office maintenance companies and Hungarian HR companies oriented towards the labor market have also found significant interest in Serbia in the past year. Where we see the great potential is the construction industry. Specifically, the buildings and infrastructure of the EXPO 2027 in Belgrade announced by the President of Serbia, football stadiums, dedicated facilities for

events, even the Belgrade Opera, but also around hotels or medical centers based on thermal water. In this respect, Hungary has made a significant step forward and can transfer useful experiences and get involved in investments in Serbia. In the past 20 years, we have built more than 30 stadiums or sports facilities, 2-3 medical and spa-wellness centers in each Hungarian county, renovated one of the most beautiful opera houses in the world, built the House of Music, which received numerous international awards, then the building of the Ethnographic museum that fits into the environment, but in the meantime offers a panoramic view of Budapest from the top, and soon we will finish the renovation and reconstruction of the Buda Castle quarter. We receive many Serbian visitors, which makes us happy because together with them, 16 million tourists arrived in Hungary in 2023. Serbia has also taken serious steps in expanding the tourist offer and building event centers to offer a quality program regarding visibility and experience. It follows from this that if we remove the external borders of the European Union between us, ensure fast travel from one country to another, and organize and offer quality tourist, sports, and cultural events, then we can be sure that together, Hungarians and Serbs will make this region even more successful.

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SERBIA - A PRIME INVESTMENT DESTINATION

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The absolute regional leader in attracting foreign direct investment and one of the most desired investment destinations in the world

Improving the investment climate and attracting direct investment have been the government’s top priorities since 2012, resulting in Serbia becoming a leading investment destination worldwide. With around 7 million inhabitants and a GDP of slightly more than 60.4 billion EUR in 2022, over the last decade Serbia attracted 34 billion EUR of FDI. With the exception in the pandemic year, since 2012 Serbia has seen an increase in FDI attraction every year, reaching a national record in 2022 of 4.4 billion EUR - 4 times more than exactly 10 years ago. These trends led to the Financial Times (fDi Intelligence in 2019) and IBM (Global location trends for multiple years) ranking Serbia as the global leader in attracting FDI.

Home to global leaders from different industries enjoying Serbia’s flourishing investment climate and free trade agreements, which reach

2.6 billion consumers

Renowned companies from all over the world, such as Stellantis, NIDEC, Continental, ZF Group, Rivian, MTU Aeroengines, Barry Callebaut and others have already invested in Serbia. All of these companies recognized Serbia’s unique advantages: exceptional talent and available qualified workforce, strategic location at the crossroad between East and West enabling investors to reach the majority of major European cities within 24 hours, competitive operating costs, strong government support in investment implementation, attractive financial and non-financial incentives as well as a unique set of free trade agreements enabling customs free export to markets with more than 2.6 billion consumers.

The dedicated effort to improve the investment climate is constantly present across all sectors of Serbia’s economy. The most prominent examples are: e-Government Services (electronic permitting system, which positioned Serbia among the top 10 countries globally in this area); continuous strate-

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gic investments in public infrastructure (with the Belgrade-Budapest fast speed railway being one of the largest infrastructure projects in this part of Europe) and industrial zones; improvement and alignment of laws with EU standards; educational infrastructure development including 4 Science & Technology Parks across the country; Dual Education system focusing on the private sector becoming part of the curriculum through mandatory internships, which is a best practice from Germany, etc. Adding to this list of successes, the latest accomplishment is the capital city of Belgrade’s selection as host of a specialized international exhibition - EXPO 2027 - which is expected to lead the overall development of the country over the next 3 years.

Advanced industries & ICT as a noticeable trend in FDI investment attraction

Recent investments reflect Serbia’s strategy in FDI attraction, which is focused on leveraging global investment trends by aiming to attract a high level of added value, knowledge generation, and knowledge transfer to Serbia. Industries and sectors which are part of this focus are: e-Mobility, ICT, Electric and Electronics, Robotics and Machines, Advanced Food-Processing, Net-Zero Industries, etc. The results are already obvious - Serbia is producing engines for EVs, Siemens trams, new electric vehicle from Stellantis, an AI driving platform for Rivian vehicles, etc. These activities are followed by R&D and IP creation as a result of

the high capabilities of Serbian talent and strong educational system and infrastructure. Alongside R&D centers of distinguished global players such as Schneider Electric, Continental, Brose, and more, Business Process Outsourcing Centers from NCR, Avnet, and Clarivate as well as software development centers from global ICT powerhouses such as Microsoft, T2 Interactive, Epic Games, GoDaddy, Ubisoft, and BlackRock are the main driver of Serbia’s ICT exports, which has tripled in just 3 years.

AI and Biotech leading Serbia to the future Serbia is the first country in Southeast Europe to adopt a National AI Strategy and establish a public AI institute offering partnership opportunities with the private sector in advanced AI research and development. Serbia was also the frist country in Southeast Europe to launch a National AI Supercomputing platfrom and is one of 11 countries that has AI in K-12 curriculum. Recognizing global trends and the importance of biotech, Serbia has commenced the building of the very first biotech hub in Southeast Europe known as the BIO4 Campus, covering 4 different pillars: biotechnology, bioinformatics, biomedicine and biodiversity. BIO4 has already signed memorandums with Pfizer, MSD, Takeda, Roche and other global players to set up their state-of-the-art laboratories and research centers in the Campus, which is worth hundreds of millions of EUR and positions Belgrade as the focal point of Southeast European science. Invest in Serbia, ensure success!

MARCH 2024 29 www.realestate-magazine.rs

SPECIALIZED INTERNATIONAL EXHIBITION EXPO 2027 - THE WORLD ON THE PALM OF SERBIA

In three years, Serbia will host the world in Belgrade, and the preparations for this event are taken seriously in the Serbian capital, whereby the news states that, for the purposes of organizing the world's largest manifestation in 2027, a "new city" will be built and that they will be fully prepared to host about three million guests from 100 countries

The largest construction project in Europe in the next few years is coming from Serbia. Upon being selected for the organization of the world’s largest manifestation, the specialized International Exhibition EXPO 2027, Serbia did not waste time and the construction of the complex, which officials in Serbia call the “new city”, has already begun.

In this edition, the Real estate magazine brings details of the construction of the complex, an infrastructure project, the value of which, as announced by the Vice President of the Government of the Republic of Serbia and Minister of Finance Siniša Mali, who is in charge of the project, will exceed 2.4 billion euros.

“Expo is Serbia’s ticket to the world. A chance presented to us at the right moment that we will take advantage of it. We are no longer a country of bad news - in a decade we have managed to transform into a country that has earned world attention and managed to win the organization of the International Specialized Exhibition in a strong competition,” says Mali.

He points out that Serbia has already started the construction of the fair complex, which will extend around the edge of the Serbian capital. As he says, in the next three years, a period of intensive work on the construction of halls, infrastructure, accommodation facilities and all other preparations is expected in the country, for more than three million visitors from

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all over the world, as per estimates of the Serbian Minister of Finance about the number of expected guests in a country with a little less than seven million inhabitants.

“It will be the most crucial event ever organized in Serbia, and we will do our best to make it look world-class and to ensure that all guests should solely take away the best impressions of our country.” We believe that the EXPO will give a huge boost to the progress and development of our country and economy,” said the minister.

He explains that the fair will be held in an area with excellent traffic connections, between the Belgrade ring road and the “Miloš Veliki” highway, near Nikola Tesla Airport,

and that the National Stadium with a capacity of 52,000 seats will be built on that stretch, as well as space for EXPO, a new fair, Aquatic Centre and a residential complex that will have capacity to accommodate about 3,500 people.

Mali adds that 10 kilometres of new city boulevards with all accompanying installations, a new interchange - connection to the highway, public parking lots with 9,000 parking spaces, as well as all accompanying elements of gas, sewage, telecommunications and energy infrastructure will be built on that area. A new wharf on the Sava River will be built for cruise ships and taxi boats, as well as 18 kilometres of new railway.

“We are building an innovative and modern

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exhibition complex where more than 100 participating countries will be presented”, says Mali and adds that the effects of the organization of the exhibition will spill over to the whole of Belgrade and Serbia, since the construction project EXPO will stem on from the largest project in In Serbia, “Belgrade Waterfront“, which has sprung up in recent years on the banks of the Sava River in a previously neglected city location and has become one of the most beautiful parts of the city according to tourists.

According to the minister’s announcements, the current hall of the Belgrade Fair will be transformed into the epicentre of Belgrade’s cultural scene with three opera stages.

“We are firmly determined that Belgrade remains on the line of innovations that EXPO always brings, such as the fact that in 1939, the first live TV pro -

gram was broadcast at the exhibition in New York.” We will be up to the expectations for this event, we are expecting you in Belgrade”, concluded Siniša Mali, the man who was at the Head of the Working Group that brought EXPO to Serbia in the great competition of cities from Spain, America, Thailand and Argentina.

HOW DID SERBIA GO FROM BEING A COUNTRY AT THE BOTTOM OF THE EUROPEAN LADDER TO BECOMING THE ORGANIZER OF EXPO?

Statistical data from the Ministry of Finance indicate the accelerated economic development of Serbia in the last decade. Experts estimate that the EXPO represents the crown of this progress, since only a decade ago Serbia was a poor country where, according to the data of the Ministry of Finance, average salaries were around 330 euros. Today, 4.5 billion euros of foreign direct investment flows into Serbia annually, according to the Ministry. It seems that Serbia’s appetites are huge at the moment, but its economic ambitions are certainly supported by the fact that

this country has the support of the International Monetary Fund (IMF), which assessed that Serbia is making a good economic progress, and, last year, the Stand-by arrangement that Serbia had with IMF has been replaced with the IMF Precautionary arrangement. Serbian Minister of Finance Siniša Mali also stated that the support of international financial institutions is of great importance to Serbia as a support for further growth as well as for the preservation of the economic results, achieved so far throughout several years of the severe world crisis that spilled over to Serbia as well

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The Director of the company “EXPO 2027”, which was founded in the meantime, Dušan Borovčanin, confirmed that this is undoubtedly the biggest and the most important event that will be organized in Serbia and pointed out that there is a great interest for this event from all countries of the world.

“One of the reasons for such inter-

EXPO 2027 IN NUMBERS

• Number of participating countries: more than 100

• Total area: greenfield investment on 250 hectares

• Total area of exhibition facilities: 230,000 m² gross

• The National Stadium with 52,000 seats will be built

• Residential complex with 1,500 apartments

• Aquatics centre with 4,000 seats

• 18 km of railway

• Access road infrastructure that will connect the complex, “Nikola Tesla” airport and the city centre

est is certainly the theme, which is very exciting and unusual for world exhibitions until now - ‘Play for humanity. Sport and Music for All.” On the other hand, this region is increasingly interesting for tourists and travellers. So, in 2027, we will to have the opportunity to change the way this region has been perceived to date and to show a genuine and positive image of our country,” he added.

Borovčanin points out that everything that happens after 2027 is also crucial for Serbia, since a significant infrastructural legacy will remain after the end of the exhibition, which will last from May 15 to August 15, 2027.

For Serbia, the organization of such a large event is a “maturity test” that will show how well this Balkan country has managed to cope with its difficult historical, economic and political legacy.

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INTEGRAL DEVELOPMENT OF SERBIA: NEW PERSPECTIVE FOR INVESTMENTS

Serbia, a country with rich natural and cultural resources, is now opening to a new approach to progress - integral development. This comprehensive concept strives for economic growth and unites economic, environmental, cultural and social goals with the support of relevant institutions

Through the revitalization and arrangement of our CULTURAL-HISTORICAL AND NATURAL HERITAGE, until the opening of the world exhibition EXPO2027 in Belgrade, visitors from all over the world will have the opportunity to visit the restored sites 1/2/3 hours from Belgrade and get acquainted with what the whole of Serbia has to offer.

The Government of the Republic of Serbia launched a program of integral development with the aim of more creative and prospective use of existing resources through institutional encouragement of more intensive

connection of various branches of economy, tourism, culture, agriculture, gastronomy, natural resources, agriculture, and tourism within the implementation of the concept of integral sustainable development. This synergy between different sectors enables even the least developed municipalities to achieve a competitive advantage and become attractive centers at the regional level.

One of the key goals of the integral development of Serbia is the opening of new opportunities for investments in the sector of accommodation capacities within the tourist offer.

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This move not only meets the needs of tourists but also creates new jobs, thereby contributing to the development of the local economy.

However, integral development goes one step further. Building infrastructure in rural areas and promoting local communities make them more attractive for traditional factory and industrial facilities investments.

Considering the results of this program, which started in 2021 until today, the integral development of Serbia has launched a series of projects in southern and western Serbia, which not only transform the landscape of the country but also create new opportunities for

further development of remote parts of Serbia that have been neglected for several decades.

The results in the first pilot municipalities and future plans as part of the Serbia 2027 plan speak of realistic goals and plans that are already starting to be implemented widely:

— Investments in the revitalization of Ovčarsko-Kablarska gorge and Ovčar Banja, a landscape of exceptional characteristics, which for decades was viewed exclusively as a transit area, during 2021-2023. In 2008, we set the pillars for long-term investments and continuing innovative projects in this region. The projects from the first phase have been complet-

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ed: the Nature Center in Ovčar Banja, the reconstruction of the railway station in Ovčar Banja, the pier on Lake Međuvršje, the access road to Kablar, the amphitheater and the square in Ovčar Banja, and the first domestic ecological catamaran for tourist transport has sailed into Lake Međuvršje. However, the positioning of western Serbia on the tourist map will be marked by the Kablar Skywalk, the first glass observation deck in Serbia, which is under construction and is expected to be ready for tourists in the summer of 2024.

— In the south of Serbia, the long-dreamedof reconstruction and rehabilitation of the road over the Radan mountain, worth 1.8 billion dinars, is finally underway, connecting five municipalities (Kuršumlija, Lebane, Medveđa, Bojnik, and Prokuplje), two districts (Jablanički and Toplički) and three spas (Prolom, Kuršumlijska and Sijarinska spas), making them a single tourist unit. These works also open the door for investors in the first hotel and other catering-accommodation capacities. The road will be completed by the end of 2024.

— The restoration of the Caričin grad archaeological site, the construction of an in-

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novative Visitors Center with a museum display and a virtual display, as well as the renovation of the center of Leban, including the reconstruction of the “Caričin grad” hotel, contribute to raising the south of Serbia to a higher level of receptive tourism and promoting it as a new cultural historical and gastronomic center of Serbia.

— The complete renovation of the Sijarinska spa with the construction of a cultural center, a bridge, a Roman bath, a new hotel, a bottled water factory, etc., will raise this otherwise very visited spa in the south of the country to the highest level of spa tourism in Europe.

— The construction of a unique footbridge and traffic access to the best-preserved medieval fortress Maglič, the restoration of which is in progress, and the first educational and ecological park in Svilajnac are just some of the initiated projects that improve every part of Serbia.

These projects, guided by the principles of integral development, not only enrich the tourist offer with new destinations but also provide a wide range of opportunities for investment in infrastructure, accommodation facilities, gastronomy, and other areas. Thus, Serbia becomes a desirable destination for domestic and foreign investors, opening the way to sustainable economic growth and development.

MARCH 2024 39 www.realestate-magazine.rs

ADJUSTMENT TO THE GROWING REAL ESTATE INDUSTRY

Colliers' business model allows it to adapt flexibly to the growing real estate industry and changing market conditions. As a reaction to that model, Colliers Hungary has historically focused on diversifying its service portfolio

Kata Mazsaroff, in front of Colliers Hungary, gave examples of good business practices, reflected on market opportunities, and gave her opinion for the future period of the year.

European investment in commercial real estate in 2023 has slowed to its lowest level in a decade. What was the situation in Hungary?

— The volume of investments reflects a 27% decrease in transactions compared to 2022. The volume in 2023 was the second lowest in the

The market in Hungary is currently led primarily by domestic investors, and no significant change in this trend is expected in 2024

last 10 years in Hungary, not exceeding 650 million euros. The decline in volume can primarily be attributed to a significant increase in financing costs, which has caused greater caution among large investors. This decline is also reflected in pressure on prices and yield rates. However, pressure on regional yields is seen as more attractive than in Western European countries - reducing commercial real estate prices.

How have higher interest rates affected the price expectations of buyers and sellers?

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FLEXIBLE
KATA
MAZSAROFF

— In Hungary and generally the CEE region, higher yield rates than in Western Europe are necessary to attract international institutional investors. Of course, this is also reflected in the prices. In terms of prices, there is still a gap between the expected values of sellers and buyers, but there are deviations from this in examples of individual properties. For example, a modern, energy-efficient, ESG-compliant office building with high occupancy, a good location, and adequate cash flow can still be sold at a good price, even from a seller’s perspective.

Which sector encouraged the volume of investments in Hungary, and where did the most influential investors come from?

— It is clear that in 2023, the industrial, logistics, and office real estate segments dominated the market, each with over 30% market share, followed by the hotel sector with almost 20% share. One notable investment transaction among them was the sale of the first phase of H2O offices developed in Skanska to Erste Fund with the help of Colliers. This is a particularly good example of the sale of a modern office building with relatively high occupancy, which satisfies both parties at the right price and rate of return.

The market is currently led primarily by domestic investors, and we do not expect a significant change in this trend in 2024. This was the case not only in 2023 but also in previous years.

Have the investors changed their concerns over the facilities’ ESG performance, and what were the key industry highlights regarding this important subject?

— Absolutely, ESG has become a fundamental consideration even for investors who had not prioritized ESG earlier, as it guarantees sustainable, low-risk operations. Notably, energy-efficient properties with ESG considerations attract greater occupier interest, supporting stable cash flow. This is also closely related to and important to mention in the financing aspect. In Hungary, there is a growing trend of green loans associated with sustainable, ESG-compliant operations. These loans offer lower risk from

the financing perspective and, from an investor’s standpoint, a cost-effective alternative compared to the market conditions.

Expectations in the short and long term?

— Overall, this year, we do not expect a significant turnaround in investor activity; it may remain below the levels seen before 2023, slightly improving the market from H2 2024. Yields could see a slight increase this year, but as inflation derives under control, interest rates are expected to decrease in the longer term. This will be reflected in the evolution of yields and investor activity, with the most significant impact likely to occur from around 2025 onwards, when core and premium office investments will be revisited.

IN TERMS OF PRICES, THERE IS STILL A GAP BETWEEN THE EXPECTED VALUES OF SELLERS AND BUYERS, BUT INDIVIDUAL PROPERTY EXAMPLES DEVIATE FROM THIS

Tell us more about Colliers Hungary’s organization, goals, and development areas. — Colliers’ enterprising business model enables us to flexibly adapt to the evolving real estate industry and changing market conditions. As a reaction, we have historically focused on diversifying our services portfolio. For example, we have integrated our ESG services beyond certifications across all our service line sectors, offering comprehensive solutions to property owners, developers, and endusers. In 2023, we launched our Design & Build services to continue our Occupier Services and offerings to Building Owners. Furthermore, Hungary’s lower inflation rates and positive economic growth are expected to benefit net real wages and individual entrepreneurs’ incomes, which should affect disposable income and retail turnover. This positive outlook also led us to relaunch our Retail Services in January this year.

MARCH 2024 41 www.realestate-magazine.rs

VESZPRÉM - THE EUROPEAN CAPITAL OF CULTURE

As Hungary and Serbia are getting closer, both because of the highway, the new border crossings, and because of the high-speed railway, which will soon connect Belgrade with the southern border of Hungary, we are looking for new and interesting destinations that Hungary offers to tourists

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Text and photo: IVAN ANDREJIĆ

Serbian tourists are familiar with Hungarian spas, cuisine, music, and especially its capital, Budapest, which is a frequent destination for weekend tourism.

A lesser-known region in Hungary is Balaton, which hides a unique destination - Veszprém, which won the title of European Capital of Culture in 2023, along with the Romanian city of Timisoara and the Greek Eleusis.

Veszprém - the beautiful baroque Hungarian city and region in Bakony-Balaton, showed Europe and the world what the essence of the European Capital of Culture program is - cul-

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tural inclusion, promotion of local art, and building a community of new art lovers because in this way, when you nurture artists and art lovers, you can expect to be the capital of culture, not only for one year but also for a long and bright cultural future. And that’s what Veszprém did during 2023 - it created an incredible cultural and tourist infrastructure and opened or restored many new galleries and exhibition

spaces. Numerous cafes with live music and local gastronomy throughout the city and region. Vesprem and the Bakony-Balaton region together won the title of European Capital of Culture

A LESSER-KNOWN REGION IN HUNGARY IS BALATON, WHICH HIDES A UNIQUE DESTINATION - VESZPRÉM
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in 2018 and since then have been preparing numerous artistic, cultural, and creative long-term projects, but what is special about the title of Veszprém is that it is very inclusive, as it shares this a special opportunity with 116 towns and villages, in the vicinity of Veszprém, and the Bakonji-Balaton area. One of the central manifestations during the end of 2023 was the exhibition of Dora Maurer in Villa Vaszari

on Lake Balaton.

Villa Vaszari is located in Balatonfired, 15 kilometers from Veszprém. Thanks to the restoration works carried out in previous years, the villa has become one of the most prestigious and significant buildings in Balatonfired. The complex of buildings mainly displays works of art, with its exhibitions complemented by literary events, musical evenings, and performances.

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One of the must-see art exhibitions in Veszprém is József Egri’s exhibition at the renovated Deja Lacko museum. József Egri is primarily known as the Balaton painter, although his oeuvre is much more complex. It is not widely known that the Museum of Fine Arts Lacko Deja in Veszprém houses almost fifty paintings by Egri, including great masterpieces such as Saint Christopher on the Balaton and The Rainbow.

Veszprém Castle is the biggest attraction of this city in the west of Hungary. It was built

Villa Vaszari is located in Balatonfired, 15 kilometers from Veszprém

in the 10th and 11th century on one of the seven city hills. The wall around the edge of the steep, uneven slope marks the former fortress’s site, where historic buildings are now rising on different levels. Over the centuries, many battles have been here, but major refurbishments have always followed. Therefore, the castle’s appearance was constantly renewed and transformed under the style and needs of the time. Visitors should not expect a classic medieval stone building with thick walls. Instead, they will find themselves in a district

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THE CITY AND REGION HAVE NUMEROUS CAFES WITH LIVE MUSIC AND LOCAL GASTRONOMY

with an ancient atmosphere and restored Baroque palaces.

Most of the city’s attractions are concentrated in the now baroque quarter - the castle. At the time of King Stephen, and probably even earlier, there were ecclesiastical and secular centers, located next to each other, on the

northern top of the hill. Ecclesiastical buildings must have included an archbishop’s palace, but very little is known about its earliest forms. The current Archbishop’s Palace is attributed to Bishop Ignaz Koller (1762–1763), who 1763 commissioned Jakab Fellner to design the building. Frescoes by the world-famous master Johann Cymbal from 1772 can be seen throughout the palace. The building is also rich in artistic treasures from the 18th century, such as paintings, engravings, sculptures, and furniture. The palace collection includes

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the desk of Bishop Károly Hornig (18881917), a set of deerskin furniture made during Franz Joseph’s visit, furniture of Queen Elisabeth (Sisi), and gifts from Sisi, including a priestly vestment made from a scroll of her coronation robe.

THE MUSEUM OF FINE ARTS LACKO DEJA IN VESZPRÉM KEEPS ALMOST FIFTY PAINTINGS BY JÓZSEF EGRI

The Herend porcelain factory is only ten minutes away from Veszprém. As you drive towards Herend, you can see from afar the impressive building group that has housed the Porcelanium Visitor Center since 1999. Here, you can see the mission of the Herend Porcelain Manufactory in action: besides showing how quality porcelain is made, it is the ideal place to popularize this special profession and the techniques associated with it, as well as to pass on the tradition of applied art.

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Frescoes by the world-famous master Johann Cymbal from 1772 can be seen throughout the palace

In the Mini Manufactory, visitors can peek into porcelain-making secrets. If you want to become a master of the craft of porcelain making - even if only for a short time - you can “grab the clay”. There is room for your creativity here. You can also visit the Viktoria porcelain brand store in the part of the building opposite Porcelanium. You can learn about the history of the manufacturing industry in the Porcelain Museum from the permanent collection or the tem-

porary exhibitions that change annually. Veszprém and the Balaton-Bakony region hosted more than 3,000 cultural events in 2023 and have been visited by more than 1.5 million tourists, with more than 50% more overnight stays by domestic tourists and 25% more international visits. The infrastructure that will shape the cultural life of the city and region for decades is already actively used by residents and domestic and foreign visitors.

MARCH 2024 49 www.realestate-magazine.rs

SERBIANS EDUCATIONAL CENTER NIKOLA TESLA IN BUDAPEST

The Serbian community has lived in the territory of Hungary for a total of three centuries, and during that period, education in the mother tongue developed. From the school year of 1993, due to events in the motherland, an independent Serbian school was founded on square Rózsák tere. Today, this institution has more than 30 years of existence and has grown into the Nikola Tesla Serbian Educational Center. Six branches are part of the school, three of which are in Lovra, Desca, and Szeged, where there is a playground and an elementary school; in the Budapest institution, education in the mother tongue is also available in the gymnasium

e spoke with the Acting Director about how the Nikola Tesla Gymnasium copes with the challenges in education brought by the new era, how the school encourages innovation and creativity in students, while maintaining the traditional thread. director, Anica Pandurović.

WWhat are the key features that make Nikola Tesla Gymnasium unique in Budapest?

— The Nikola Tesla High School is unique in terms of its location and in the principles by which it operates, the language of lectures, and the ethnic structure of students and professors. The uniqueness of our institution is also indicated by

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the fact that, along with the Timișoara High School, we are the only institution that provides its students with regular classes in their mother tongue, Serbian, with intensive classes in Hungarian and English. Apart from the factual items associated with the school, many subjective experiences of the students about the school make it unique - the common life of the students in the student dormitories, the unity of the Serbian community, and the preservation of the culture of the mother country make the school loved and exalted among those who attend or plan to do the same.

How does the Nikola Tesla High School cope with the challenges in education in the 21st century?

— The twenty-first century brought countless

improvements in all aspects, including educational institutions, especially in more developed countries and those striving for such development. Implementing different approaches in education, especially those that require technology, was more of a reason for the development of institutions than a painstaking challenge. Before and during the so-called distance learning, the school implemented great approaches to students through internet platforms and maintained this in regular classes in previous years. Many international programs, such as the Erasmus+ program, testify to our readiness and modernity despite the rapid development of education.

How does your school encourage innovation and creativity in students?

— The innovativeness and creativity of the students of our school were present right from the moment they applied for a place in this institution - young people from Serbia and Hungary, as a prerequisite for attending the Nikola Tesla Gymnasium, had already achieved success in elementary schools, a strong ambition for quality education and a desire for an international environment which offers an open door to great goals. Our school encourages these wishes by including students in many competitions, both in Hungary and in Serbia; internati-

THE NIKOLA TESLA GYMNASIUM OFFERS ITS STUDENTS REGULAR CLASSES IN THEIR NATIVE SERBIAN LANGUAGE AND INTENSIVE HUNGARIAN AND ENGLISH CLASSES

onal exchange programs, sports events as part of school basketball, volleyball and football teams, and encouragement to join other institutions of the Serbian community that offer education in practical work. The school has always made sure that the language barrier and the nationality of the students are not an obstacle.

What are the priorities in your plan to improve the educational experience of students?

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— All employees in the teaching staff try to involve students in many projects, competitions, and high school exchanges in addition to regular classes. Students have opportunities to develop their skills in various areas, both in and out of school. The school has different sections: artistic (drama, art section, and choir), sports (volleyball, basketball, football), and a journalistic section that edits the school magazine, The Highschooler. Our students often travel through Erasmus projects and other international competitions. Ta-

king everything into account, students apply their acquired knowledge, both in class and outside of it, which is the priority of our institution.

MANY INTERNATIONAL PROGRAMS, SUCH AS THE ERASMUS+ PROGRAM, TESTIFY TO FOLLOWING INNOVATIVE TRENDS, READINESS, AND MODERNITY DESPITE THE RAPID DEVELOPMENT OF EDUCATION
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How is Nikola Tesla Gymnasium adapting to digital transformation in education?

— The Nikola Tesla gymnasium connects two worlds, which are different but unusually close. Serbian and Hungarian citizens from different parts of both countries brought a whole spectrum of diversity to the school, from local dialects in speech to religion and

A STUDENT’S PERSONAL DEVELOPMENT IS OFTEN A FACTOR THAT STUDENTS HIGHLIGHT. THE STUDENTS MAINLY LIVE IN TWO STUDENT DORMITORIES, THE ENDOWMENT OF SAVA TEKELIJA, TEKELIJANUM, AND THE FEMALE STUDENT DORMITORY ON ROZSA STREET

traditions. Through a joint effort, the institution and its members try to ensure that none of the brought specificities disappears, but is appreciated and preserved as part of the culture. Culture forms the foundation of this bridge, and it begins with respect for one’s own culture, from where it spreads to respect for others. Language learning, tours of monuments of cultural heritage of both countries and cultural-historical manifestations make our students versatile admirers

of cultures and languages, who will continue to share their knowledge in the future and thus establish bonds between nations.

How is your school adapting to digital transformation in education?

— In almost every classroom of our school there are smart boards, which provide improvement of students’ digital competence, and make lectures interactive. Many professors use different platforms and encourage students to do independent projects and presentations.

What kind of support do you provide to students in their academic and personal development?

— The personal development of students is often a factor that our students emphasize - the students mainly live in two student dormitories, the endowment of Sava Tekelija, Tekelijanum, and the female student dormitory in Rozsa Street, so they need the ability to adapt and be independent. During schooling, through the way of life in a diverse community, students acquire valuable qualities, resourcefulness, and ambition towards an honest fight for themselves in society. To the greatest extent, the school staff in charge of taking care of the students in their

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homes play a great educational role in each student’s life, providing both technical and emotional support needed in the lives of those far from home. Academic development is always in the foreground and the fact that many change their habits, environment, and way of life because of it speaks of the school’s emphasis on it. Through obstacles in education, professors help students, especially talented ones, with tutoring and supplementary teaching, with the support of subject teachers, and manage to enroll in the desired faculties throughout Europe.

What are the most important values that you promote among the students and staff of the school?

— First, as a minority school, we emphasize commitment to mother country, mother tongue and national history. As a multicultural community, on the other hand, we emphasize openness towards other traditions and tolerance.

How does Nikola Tesla Gymnasium engage in the community and contribute to social responsibility?

THE SCHOOL HAS DIFFERENT SECTIONS AS ARTISTIC (DRAMA, ART SECTION AND CHOIR), SPORTS (VOLLEYBALL, BASKETBALL, FOOTBALL), AND A JOURNALISTIC SECTION THAT EDITS THE SCHOOL MAGAZINE, GIMNAZIJALAC

— The school nurtures and preserves the Serbian community in Hungary, gathers Serbs from Serbia, but also from the region, and connects them all with love for the homeland, the Serbian language and history. The school often hosts meetings of respected personalities from home and abroad.

What are the greatest successes and achievements of the Nikola Tesla Gymnasium in the past period?

Naša škola je učestvovala u mnogim programima, kao što je Prva globalna robotička Olimpijada u Vašingtonu, Meksiku, Dubaiju, a zatim i Erasmus+ projekti za srednje škole. Školske

sportske ekipe vrlo često postižu zavidne rezultate na državnom nivou. Na državnim takmičenjima iz predmeta Srpski jezik kao strani, i Engleski jezik, učenici su uvek plasirani na samom vrhu. Dramska sekcija nastupala je u mađarskom Nacionalnom pozorištu. Gimazijski hor profesorke Olivere Mladenović Munišić, dobio je državnu nagradu KOTA. Iz likovne kulture, učenici godinama dobijaju državna priznanja.

Our school participated in many programs, such as the First Global Robotics Olympiad in Washington, Mexico, Dubai, and the Erasmus+ projects for high schools. School sports teams very often achieve enviable results at the state level. At national competitions in the subjects of Serbian as a foreign language and English language, students are always placed at the very top. The drama section performed at the Hungarian National Theatre. The high school choir of Professor Olivera Mladenović - Munišić received the KOTA state award. Students from the fine arts have been receiving state awards for years.

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HOMESELECT.RS - LEADING WEB PORTAL FOR YOUR REAL ESTATE

Homeselect.rs is an online platform that showcases real estate properties in Serbia while bridging potential renters or buyers with property owners. It is dedicated to enhancing its Google search rankings through strategic online marketing and aspires to become one of the top real estate platforms in Serbia by 2024. Homeselect.rs strives to deliver a user-friendly, efficient, and effective service for displaying properties by employing SEO and innovative marketing strategies that ensure visibility and accessibility. The platform is an ideal gateway for locating the perfect rental property or reaching a broad audience for your listings.

Homeselect.rs places significant emphasis on social media visibility and promotes its services on various platforms daily to maximize online visibility. This approach guarantees a vast audience reach and engagement, contributing to its goal of becoming a top real estate platform in Serbia by 2024. Homeselect.rs collaborates with over 100 real estate agencies across Serbia, thereby showcasing a diverse range of properties on its platform. This partnership enriches the variety and quality of listings available, making Homeselect.rs a pivotal tool for individuals seeking to advertise or find real estate in Serbia.

MARCH 2024 55 www.realestate-magazine.rs

MIPIM 2024: OPPORTUNE TIME FOR THE REAL ESTATE INVESTMENT MARKET

This year’s MIPIM, the annual global urban festival held in Cannes, is going to be the crucial event for the international real estate community. As the real estate sector rebounds from last year’s global repricing fluctuations, key decision-makers will gather at MIPIM between 11-15th March to discuss and develop new strategies for capital deployment in the upcoming year

Within the context of the challenging real estate financing market, along with climate change and housing issues, MIPIM 2024 aims to help the global community discover solutions to long-term structural challenges through high-level networking and discussions.

EVENTS AND FORMATS

Every week, more than 1.5 million people move to cities around the world. Yet most global cities are not keeping up with rising housing demands, which drives up prices and housing inequality in the process. In response, we are hosting ‘Housing Matters!’ on 11th March in partnership with Co-Liv. It is a new half-day summit focused on sustainable housing solutions, including single-family housing, student accommodation, build-to-rent, later-living, and other innovative models. The summit will have Klara Geywitz, German Federal Minister for Housing, Urban Development and Building as the speaker, spotlighting the important role of housing in addressing urban growth

challenges in Germany and elsewhere.

MIPIM 2024 will feature five stages, including a dedicated Road to Zero stage to accelerate the transformation of the built environment and decarbonisation of real estate. The Leaders’ Perspective Stage is focused on forecasts from those making waves in industry, while The Asset Class Stage looks into the main asset classes to gain insight into the direction of the market. The Geo Focus Stage examines specific local markets. The Make It Happen Stage will feature conversations about operational excellence and practical solutions to address current market issues.

One of the major events, the Political Leader’s Summit held on Tuesday, will bring together policymakers from across the globe to share perspectives and priorities as they prepare their cities for the evolution of long-term drivers such as geopolitics, demographics, technology and end-users’ expectations.

An integral part of MIPIM is the closed-door RE-Invest Summit, attended by the world’s leading investors, which has served as a focal point for discussions on investment trends, strategies, and opportunities in the real estate market for the past decade.

INVESTOR ATTENDANCE

MIPIM gathers the world’s largest real estate investors and sovereign wealth funds, and 2024 is no exception. Investors make up one-third of MIPIM’s delegates, and we have some of the world’s

most influential investors who have already confirmed attendance, including Aware Super, AXA IM Alts, KLP, ADIA, APG, GIC, PIMCO, PATRIZIA, and abrdn.

Moreover, representatives of the world’s largest sovereign wealth funds such as the Abu Dhabi Investment Authority, ADIC, GIC Private Limited, Investment Corporation of Dubai, Korea Investment Corporation, Oman Investment Authority, Qatar Investment Authority, Temasek, and others will join our exclusive RE-Invest Summit on 12th March to debate investment strategies.

A TRULY GLOBAL EVENT

This year, we have seen interest from the world’s property, investment and political leaders from more than 90 countries coupled with an increased number of booked exhibition spaces, all gathering at MIPIM to uncover solutions to the major challenges our cities face while driving forward the real estate industry.

Alongside the major European cities and regions, investors will be joined by delegations from the US, Canada, Oman, Saudi Arabia and Hong Kong among others, making MIPIM a truly global event.

Sanna Marin, the former Prime Minister of Finland, will open the festival with a keynote speech. Some of the other notable political speakers include Srettha Thavisin, Prime Minister of Thailand, Belit Nejat Onay, Lord Mayor of Hannover and Sophie Hæstorp Andersen, Lord Mayor of Copenhagen.

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BECOME A PART OF A LARGE REAL ESTATE NETWORK!

West Media World is the only publishing house in Serbia and the region that offers full media support to all real estate and associated industry professionals. Through our regular and special editions, we keep up with all the latest news and trends in the real estate business around the world and in our country. We share information from the real estate market and connect all companies and institutions from Serbia and the region involved in this massive business chain: investors, construction companies, architects, designers, furniture manufacturers, manufacturers and importers of construction materials, interior furnishing companies, banks and insurance companies, competent state institutions, brokerage and consulting companies, appraisers, real estate agencies, and business associations, all the way to the end user – buyer or tenant.

OUR PORTFOLIO INCLUDES:

Regular REAL ESTATE magazine’s print edition, published bimonthly in both Serbian and English

REAL ESTATE magazine’s digital media platform, which includes a bilingual portal in Serbian and English, as well as official profiles on social media (Instagram, Facebook, and LinkedIn)

REAL ESTATE magazine’s special, themed print editions

Newsletter promotions through our large client base

• Organization of round tables, panels, and conferences

If you want to learn about the latest news in the real estate market, network with new business partners, share common problems and visions, improve your business, or better advertise your products and services, join our large REAL ESTATE network. Follow us on our portal and social media profiles, subscribe to our print edition, write to us or call us.

WEST MEDIA WORLD

www.realestate-magazine.rs

+381 11 32 43 274 redakcija@realestate-magazine.rs prodaja@realestate-magazine.rs

WEST MEDIA WORLD
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