The real estate market in the Republika Srpska is developing due to foreign investors who buy houses and apartments, land and commercial real estate, according to ee24.com citing GdeInvestirati.com.
According to Vasco Milich, owner of Tviko agency, real estate in Banja Luka, the capital of the Republika Srpska, attracts a lot of Russians. Some of them acquire commercial properties in the country and start a business, others buy houses and apartments to spend summer holidays.
Senka Gatarich, the owner of real estate agency in Banja Luka, said that among others citizens of Israel were particularly interested in urban real estate last year. This year they sell housing mainly to Austrian Serbs. Some Russians, according to expert, prefer not to buy but rent houses, apartments and offices.
Only citizens of countries where Bosnians are allowed to buy property can do the same in BiH: the principle of reciprocity is on. Such agreements are signed with Russia, the US, the UK, France, Israel and other countries.
Price of housing in old buildings in Banja Luka is around 1,400-1,800 convertible marks (about €700-900), in new buildings – 2000 marks (about €1,000) per sq. m.
Republika Srpska is a part of a federal state of Bosnia and Herzegovina. In 1992 it declared its independence but after a bloody war it officially became a part of Bosnia and Herzegovina in 1995. Banja Luka is the capital of the Republika Srpska, the city is home to more than 200 thousand people.
