A European capital is set to see further significant investment in a development project that will bring its total value to more than €12billion (£10billion). Belgrade is the capital of Serbia, located in the south east of the Balkan country.
Until recently, its most significant landmark is the Beogradska Tvrđava, an imposing fortress at the confluence of the Danube and the Sava rivers. The fort is a testament to the city’s strategic importance to the Roman, Byzantine, Ottoman, Serbian and Austrian empires. However, a relatively new real estate development is transforming the city’s skyline and potentially economic fortunes.
In 2015, Serbia’s government signed an agreement with the UAE-based real estate investment firm Eagle Hills to redevelop industrial land along the River Sava.
Designed to be an extension of the city, the Belgrade Waterfront project covers 2.8 miles. The redeveloped site currently includes 14 moved-in buildings, 10,000 apartments and the 168 metre-high Kula Beograd tower.
The skyscraper boasts 42 floors and houses a luxury St. Regis Hotel, as well as branded apartments. The Waterfront also has a 1.8 km-long promenade and a park that occupies 2.7 hectares of land.
In January, Eagle Hills announced plans to expand the Belgrade Waterfront by constructing an “outstanding landmark” within the mixed-use development.
In a statement, the company said: “The remarkable experience in Serbia, where the Belgrade Waterfront showcased outstanding economic growth, has paved the way for the expansion of this landmark development.
“This reinforces Belgrade Waterfront as one of the region’s most prominent urban developments – offering cutting-edge innovation and sustainable development while delivering tangible economic impact and supporting local communities.”
Over the past decade, the development has driven significant economic growth, generating thousands of job opportunities during both construction and operation.
It has significantly contributed to economic growth, achieving one of the highest GDP growth rates in Europe, while also boosting tourism and advancing infrastructure development.
Eagle Hills owns 67% of the Belgrade Waterfront, with Serbia’s government holding a 33% share.