More than 100 buildings under construction in Banja Luka

(Patria) - The expansion of housing construction in Banja Luka in recent years has reached such proportions that there are between 90 and 110 construction sites open at any given time.

Mile Petrović, Secretary of the Association of Construction and Building Materials Industry in the Chamber of Commerce of Republika Srpska, says that more than a hundred residential and commercial buildings are currently under construction in Banja Luka.

- This is a trend that has been ongoing for three or four years. According to our records, which I must say are not one hundred percent accurate, more than 100 high-rise buildings are currently under construction.

These are residential and commercial buildings. In the last three to four years, since the construction boom began, there have always been between 90 and 110 commercial and residential buildings under construction - Petrović told Capital.

He found it interesting that many more luxury buildings are being constructed now than was the case previously.

- These are buildings where luxury materials are used in the finishing process, where the specific wishes of customers are met, who, in addition to functionality, also want to invest in the exterior appearance - explains Petrović.

When asked how these demands affect the price per square meter, he says they are aware that it has never been more expensive, regardless of whether it is the city center or the outskirts, but that the exceptional nature of luxury locations these days must also be taken into account.

In addition, Petrović adds, the rise in the price per square meter is accompanied by increased costs for all construction work.

- I agree that we have the highest price per square meter to date, but the locations have never been better either. The costs of building permits, rent for urban construction land development, execution works and materials, designers, and the preparation of project-technical documentation have also increased.

We must understand that no investor aims not to sell their apartment, and the price is formed based on all input parameters. Of course, the investor must also make a profit. There are significant risks and it involves huge amounts of money, and that’s how we arrive at the calculation - says Petrović.

He points out that there is still a high demand for apartments, and it is the demand that has the final say on the price per square meter.

- The most expensive square meter in the center in luxury buildings reaches up to 6,000 KM, but these are isolated cases and not a parameter. We cannot say that the square meter is that much, but it can be said that in the center it is 4,500 KM to 5,000 KM.

Where buyers have specific wishes on how things should be done, where they demand more expensive materials or have special requests, the square meter is certainly more expensive, and they will pay for the satisfaction of living in the center - concludes Petrović.