It is a well-known fact that Belgrade is the capital of nightlife in Southeast Europe, attracting tourists of all age, ethnicity, gender and profession throughout all year round. However, up until recently it was a less known fact that Belgrade is also famous for its gastronomic scene; it has finally earned its reputation as a culinary destination as the Michelin guide has made a selection and will award stars to the certain standout restaurants.
The
selection of Belgrade restaurants recommended by Michelin is very diverse and includes restaurants from authentic Serbian cuisine to modern fusions with unusual, well paired spices and flavours influenced by Japanese and Mediterranean cuisines. Due to the geographic location of Serbia, the country’s culinary culture has always been diverse and influenced by countries such as Turkey, Hungary and other Balkan neighbours.
However, in the recent years, Belgrade has welcomed many vibrant and popular international restaurant chains with the selection of exotic food and drinks.
A fine-dining award usually boosts a restaurant’s business and an overall profile, while being awarded a Michelin star can increase a restaurant’s sales by between 30% and 50% on average, but can it increase the
value of the property?
According to some studies, in developed European metropoles, such as London, restaurants represent an amenity with strong potential to add value to the properties in its neighbourhood. The better quality of the restaurant, the bigger the boost of the property value it is, and in case the restaurant is awarded with a Michelin star, it has a potential to add value to the property prices in the subject neighbourhood, as well as to the value of the asset itself in case of disposal.
On the other hand, size-wise Belgrade is a relatively small city, with most neighbourhoods being well connected and close by to one another. Although the location does matter, it is not the crucial factor, yet more important features for the restaurants are: the quality of ingredients, cooking techniques, chef’s personal signature, the taste of the food and overall dining experience. The most central area of Belgrade is highly developed with lower possibility of additional development regarding the construction, making it an exclusive area for high-end restaurants. Restaurants in Belgrade from the main selection by the Michelin inspectors are heavily located in the City Center, while New Belgrade is just behind it.
Although the property market is booming, it is unlikely to expect the real estate prices to be influenced by the closeness of a good restaurant.
Contrarily, what is also very important, gastronomy is becoming a rapidly growing component of the attractiveness of tourism destination and food has become one of the central elements for successful destination branding strategy. Food has transformed its role from being support to tourism to becoming one of the key reasons why many tourists visit one destination. These luxury gastronomy tourism trends are resulting in the growth of demand for visiting destinations that are in the Michelin guide. Although Belgrade gastronomic scene is gaining a considerable attention, these trends are yet to be seen in our market.
