Artificial intelligence (AI) is becoming increasingly important across various sectors, and Serbia’s commercial real estate market is no exception. In a world where technology evolves rapidly, AI offers solutions that enable more efficient operations, precise analysis, and enhanced user experiences. This text explores how AI is reshaping the dynamics of Serbia’s commercial real estate market, focusing on key aspects such as document analysis, financial assessments, property management, sustainability, and security.
Recently, many real estate professionals in Serbia have recognized the value of AI technologies in improving daily operations. For instance, reviewing contracts and other legal documents is often demanding and time-consuming. However, AI tools allow for faster processing of large volumes of legal text, freeing up time for brokers and consultants—especially those who, like me, are not fond of sitting at a computer—to engage in strategic planning and client interactions. This efficiency not only accelerates processes but also reduces the likelihood of human error, which is crucial in a sector where precision and accuracy are of utmost importance.
Property management is also undergoing significant changes thanks to AI. By utilizing sensors and IoT technologies, owners of commercial properties can monitor the condition of their assets in real time. For instance, analyzing visitor movement patterns in shopping malls can provide valuable insights into purchasing habits and user behavior. This data allows property owners to better tailor services and space design, enhancing overall user experience and boosting profitability.
Visualization of spaces is another area where AI is driving revolutionary changes. Architects and designers can use AI tools to create virtual representations of spaces, simplifying project planning and enabling more effective collaboration among all stakeholders involved in construction. These virtual models help investors better understand the final product and facilitate decision-making during the design phase.
Despite the evident advantages, implementing these technologies in Serbia’s real estate sector comes with challenges. As a society and state, we are often lagging behind trends and innovations. However, this might be an ideal moment for Serbia to align with global advancements. With no shortage of IT professionals and companies that have recently been buzzing about artificial intelligence, now is the time to adopt AI-driven solutions—not just in real estate but also in many other sectors where AI could have a significant impact.
Data preparation and compliance with regulatory requirements pose major obstacles. Moreover, there is a risk of algorithmic bias, which can influence assessments and decisions. It is therefore crucial for professionals to regularly review the outcomes produced by AI systems.
Author: Nikola Ivković, Business Development Director