Official statistics confirm that the number of Arab tourists visiting Bosnia and Herzegovina is increasing year by year, reaching more than 150,000 last year. Most visitors come from the Gulf states, led by the UAE, Saudi Arabia, and Kuwait. Reason for the Bosnia and Herzegovina real estate sector to focus on this new group of buyers. Mr. Mohammed Sherbi, director of the company Rekaz in Sarajevo, took the bull by the horns and, with a team of experts from Canada, Egypt and Turkey, organised the first International Real Estate Fair in Bosnia and Herzegovina: “Real Expo Sarajevo 2022“. The World Property Business Club was there.
Year-round visitors
Many factors have influenced the increased response of Arab tourists. A pleasant climate, the picturesque nature and ease everyday life, attract many to the country. But also, a more relaxed visa regime and direct flights to Sarajevo from many Gulf cities, helped to support the growth in the property sector. Arab tourists not only visited the country during the summer, but these factors made it easier to come year-round. And this and encouraged thousands of them to decide to buy houses or apartments instead of staying in hotels.
Demand grows
The growth in demand for the purchase of real estate in Bosnia and Herzegovina by Arab buyers led to an economic boom in many business sectors, such as the construction sector. But clearly, related sectors such as the production and trade of construction materials, furniture production and others. A welcome development after 2 years of restricted growth because of the pandemic.
But more economic activities are needed in the country that will help revitalize the real estate market, increase market dynamics, and maximize the benefit of other sectors related to real estate. Foreign buyers are important in any real estate market and is one of the main factors of economic growth. In some cases, it is even a ‘lifeline’ for the economy during difficult times, as the example in Turkey shows.
First International Property Show
That’s why Mohammed Sherbi took the initiative to organize the first International Real Estate Fair in Bosnia and Herzegovina. And “Real Expo Sarajevo 2022” was a sound success. The World Property Business Clubwas invited to present views on the global property market and invited professionals to join the Club of internationally active real estate professionals.
The director of the organising company Rekaz, Mohammed Sherbi, adds that Real Expo 2022 provided a unique opportunity for exhibitors to market their products and services and present their projects to interested buyers and investors from Arab countries. A lively show for a growing market of Arab buyers in Bosnia and Herzegovina soon to be repeated.
