During the year the price of resale properties in the Serbian Cacak went down by 30%, while sales fell by 80%, according to ee24.com referring to the Serbian media.
Some experts argue that it's the most significant price fall in the Serbian market since the days of "humanitarian" bombings of Yugoslavia by NATO aircrafts in the 1990s. Among the main reasons for this state of affairs are the economic crisis and the low income of the local population. Salaries in Cacak, which is 140 km from Belgrade, are significantly lower than the national average.
Apartment of 49 square meters in the center of Cacak can be purchased for around €30,000, which is less than €600 per sq.m. Local people mostly prefer to buy houses for cash. The exceptions are the officials and employees of budgetary institutions, often resorting to mortgage loans. In general, buying with a mortgage is 30%-40% of the total number of acquisitions.