The company Avalon Real Estate, recognized as a leader in mediation in commercial real estate in Belgrade, records impressive results thanks to an innovative approach, a dedicated team and strategic planning. Under the leadership of founder and CEO Bojan Jevtić, Avalon excels in the realization of projects in the segments of office spaces, logistics, industrial facilities and hotel investments, combining expertise, quality and sustainability at every stage of business.
In an interview for eKapija, Jevtic spoke about current trends in the commercial real estate market in Belgrade and the region, the impact of global economic flows, investment opportunities in 2026, as well as experiences from Expo Real in Munich. He particularly emphasized the importance of the recent sale of the IN hotel, which confirms the return of investors` confidence in the hotel sector of Belgrade and the city`s potential as an attractive investment destination.
How would you describe the current trends in the commercial real estate market in Belgrade?
– The commercial real estate market in Belgrade is currently in a phase of stable and sustainable growth.
The logistics and industrial space sector recorded the greatest dynamics, where the demand still significantly exceeds the supply. In 2025, the rate of available space in this segment remained below 2%, while rents recorded a slight increase, due to higher construction and transportation costs, as well as the growing interest of tenants from the e-commerce and production sectors.
The office market is characterized by stable activity and demand, especially for modern, energy efficient spaces in central parts of the city, while the
retail sector is in the consolidation phase – with investors` focus on retail parks and local formats in suburban areas.
What is the situation on the global market and to what extent do international capital flows, inflation and interest rates influence the events in Serbia?
– The global commercial real estate market is undergoing a period of slowdown, primarily due to the prolonged effect of high inflation and higher interest rates, which had a significant impact on financing costs and project valuation. Nevertheless, we see that the market is gradually stabilizing – investors are more cautious, but still active, especially when it comes to high-quality, sustainable projects in good locations. In this context, Serbia is still perceived as an attractive investment market. Despite global challenges, the local economy is showing resilience, and investors recognize
Belgrade`s potential as a growing regional center.
Where do you see the greatest investment opportunities on the market in 2026?
We expect that 2026 will bring market stabilization and gradual growth of investment activities, with the continuation of the trend of more careful, but strategically focused investment. I still see the biggest opportunities in the industrial and logistics sector, while office spaces will be driven by the need for flexible, technologically advanced and sustainable solutions. The hotel sector also stands out as an area with growing investment potential, boosted by the growth of tourist traffic and the arrival of international brands.
Overall, 2026 could mark a new phase of market consolidation – investors are becoming increasingly selective and focused on long-term, sustainable projects and stable income streams, while Belgrade is more and more clearly profiled as an excellent destination for investments.
Avalon Real Estate was present at Expo Real in Munich. What are the impressions and what are the key trends that, in your opinion, will shape the European real estate market in the coming period?
– My impression is that the European real estate industry, after a period of uncertainty, shows signs of stabilization again. While higher interest rates and economic challenges continue to shape the market, there is a renewed willingness to seize new opportunities. The market is showing clear signs of recovery and a more mature approach – with a shift away from speculative transactions towards long-term value, quality and stability. Today, quality and long-term stability are the main priorities, and the market is entering a new phase of deliberate selection, analytical assessment and strategic thinking.
At the fair in Munich, the importance of energy transformation of buildings and affordable housing was additionally highlighted, while the use of
artificial intelligence is increasingly shaping market analysis, valuation and portfolio optimization. In Munich, a tone of cautious optimism prevailed, with the willingness of market players to respond to challenges, take advantage of opportunities and integrate modern technologies for business improvement.
Recently, the sale of the IN hotel was realized, in which Avalon acted as an intermediary. What does this transaction say about current investor interest in the hotel sector in Serbia?
– This transaction represents the largest and most significant hotel acquisition in the last few years, which confirms the investors` strong confidence in the further growth of the Belgrade hotel sector and at the same time highlights the city`s attractiveness as a dynamic investment destination with exceptional potential for growth.
The total volume of investments in Serbia last year exceeded EUR 300 million, whereby the hotel sector accounted for slightly more than 30% of the total transaction volume. With the growth of investor confidence, the hotel sector is expected to maintain its upward trend in 2026, with attractive rates of return, quality offer and growing demand, which together contributes to a stable inflow of capital and more optimistic prospects for the overall return on investment. The upcoming exhibition
EXPO 2027 represents a particularly attractive opportunity for investment, which will create the need for additional hotel facilities. However, it is important to think about sustainable development and plan in advance how these capacities will be used after the end of the event, in order to make the investments sustainable in the long term.
Although your company has been on the market for a relatively short time, it has achieved exceptional results, especially in the office space sector, and now in the hotel sector as well. What are the key success factors that enabled you to achieve these results?
– As a former basketball player, I like to quote from the American basketball player and coach Phil Jackson: “The strength of a team lies in each of its members, and the strength of each member lies in the team.” In our case, people really are the key to success – even though we are a small team, thanks to expertise, commitment and mutual coordination, we achieve great results. I believe that it is precisely this combination of team spirit and individual contribution that is the basis of our success.
