BUSINESS

The Arab Empire of Real Estate on Barice above Sarajevo

12969179_1150162505034704_1940454389_nWith the rise of temperatures, an increasing number of tourists come to Sarajevo as well, especially Arabs who are not staying in Sarajevo only during summer. They are in Sarajevo during the entire year, they buy houses, land, and start businesses.

Alija Hrnjić hikes on the hills above Sarajevo every day. More and more often, he meets Arabs on his hikes. They buy land and build houses on Barice.

“They come with cameras, observe the terrain, and when they like a certain piece of land they regulate the purchase and that is it,” Hrnjić said.

They never negotiate with the locals by themselves. They are mostly represented by real estate agents.

Abdulaziz bought two houses in Vogošća, where he spends the entire summer. As of recently, he started a business in Sarajevo.

“Investing here is encouraging. The government supports the foreigners to come, buy land, and invest in this beautiful country. Relations between the two countries are good and favorable for investing,” Abdulaziz said.

Kamraan has been a real estate agent for 20 years now. A view over the city, such as the one from Barice, is worth a lot. Abundance of water, greenery and cultural heritage – that is what attracts Arabs. What is interesting is that interest is enormous, although there is almost no advertising.

“They come here on the basis of recommendations from friends and family. If someone spent a nice vacation here they will say it, and thus create a network of people on a very personal base,” said Kamraan Siddiqui, a real estate agent.

Investments from the Arab countries make up four percent of total investments in BiH. Until December 2014, 428 million BAM were invested in BiH from these countries.

(Source: n1info.com/ photo citytours)

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