New Belgrade is a municipality of the city of Belgrade. It was a planned city and now is the central business district of Serbia and South East Europe. Construction began in 1948 in a previously uninhabited area on the left bank of the Sava river, opposite old Belgrade. In recent years [when?], it has become the central business district of Belgrade and its fastest developing area, with many businesses moving to the new part of the city, due to more modern infrastructure and larger available space. With 209,763 inhabitants, it is the second most populous municipality of Serbia after Novi Sad.