Current Real Estate Prices in Serbia and Future Predictions

The Current Real Estate Market Situation and Further Forecasts

The real estate market in the first quarter of 2025 showed expected seasonal fluctuations. Spring is traditionally the period of increased demand, and for that reason, sellers raised prices by 5–10%. However, buyers this year are indecisive, both due to rising prices and an uncertain political and social climate.

Average Real Estate Prices by Cities in Serbia – March

The average real estate price in March in Belgrade ranged between €2,500 and €3,000 per square meter, while in Novi Sad it was €1,800/m². Stable prices without major changes were recorded in Kragujevac, with an average of €950/m². Subotica with €1,000/m² and Čačak with an average price of €1,100/m² are attracting more and more buyers. Niš is not lagging behind either, with an average price of €1,200/m².

According to listed prices on the website 4zida.rs, the average property price in March 2025 was:

• Belgrade: €2,964/m²

• Novi Sad: €2,483/m²

• Niš: €1,661/m²

• Kragujevac: €1,478/m²

• Subotica: €1,304/m²

It should be noted that listed prices are always slightly higher than realized ones.

The current listed average price per square meter in Niš (€1,661/m²) is 1.3% higher compared to the first quarter of 2024. The average price of new construction in 2024 in downtown Niš was around €2,200 per square meter including VAT, while in Pantelej (one of the most sought-after neighborhoods) it was €1,700, and in Palilula €1,870, also including VAT. In 2025, prices in Niš have risen by an additional €100 to €200 per square meter, depending on the apartment size.

Apartment Prices in Belgrade

When it comes to new construction prices (excluding VAT) in Belgrade, they vary by location:

• Surčin: €1,900 – €2,200/m²

• Rakovica, Batajnica: €2,000 – €2,200/m²

• Mirijevo: €2,000 – €2,300/m²

• Zemun (central area): €2,700 – €3,300/m²

• Voždovac: €2,700 – €3,300/m²

• Banovo Brdo, Čukarička Padina: €2,900 – €3,500/m²

• City center and wider center: €3,500 – €5,000/m²

• New Belgrade: €3,500 – €4,500/m²

• Belgrade Waterfront: €3,300 – €9,500/m²

An apartment worth up to €100,000 can still be purchased in neighborhoods such as Mirijevo, Višnjička Banja, Zemun, Karaburma, Borča, Padinska Skela, Rakovica, Batajnica, and Kumodraž. In these locations, you can find apartments at total prices ranging from €2,000–2,500 per square meter, and even lower.

As for older construction, i.e. previously sold apartments, they can be found at prices below €2,000 per square meter, but mostly on the outskirts of Belgrade.

Will Subsidies for Youth and Lower Interest Rates Affect Real Estate Demand?

The Government of Serbia has introduced a program of subsidized housing loans to help young people aged 20–35 purchase their first property. It involves a housing loan with a minimum 1% down payment. A fixed interest rate of up to 3.5% will apply during the first six years of repayment, with a government subsidy covering 20% of the interest amount during this period.

Additionally, the state guarantees 40% of the loan amount in the first 10 years, which reduces the risk for banks and makes it easier for young people to get loans. Fixed interest rates are now lower thanks to the drop in the EURIBOR value, making loans more accessible.

2024 Trends and Their Reflection on 2025

In 2024, there was noticeable growing interest in real estate on the outskirts of major cities, due to increasing needs for more space, but also due to more affordable prices. This trend is expected to continue, along with the development of transport infrastructure.

It is also important to highlight that the most significant infrastructure projects are currently taking place in peripheral areas, including Surčin and EXPO 2027, and the Mirijevo metro. As expected, central Belgrade, especially Belgrade Waterfront, will remain reserved for luxury projects and apartments.

Investment advisor Nikola Seneši emphasized that rental and square meter prices will be influenced by how Belgrade develops:

“Belgrade is slowly moving where the infrastructure leads. Most new constructions, which will also influence rental prices to market levels, are headed toward Expo, Surčin, Jakovo—where a completely different concept of living is already appearing. Row houses, lower density, so-called gated communities…”

Seneši also noted that most projects are currently located along the Miloš Veliki highway, between the future national stadium and Block 46, and that desirable locations next year will be Makiš and Železnik, while there are currently good projects in Zvezdara and Mirijevo.

RGZ Apartment Price Index for Q4 2024 Published

The RGZ Apartment Price Index for the fourth quarter of 2024 was recently published, showing a value of 172.32, which represents a 5.05% increase compared to the same period in 2023. In Q4, demand for apartments in Serbia increased with 13,372 contracts signed, which is 20.6% more than in the same period of 2023. The total value of sold apartments was €1.3 billion, which is 44.4% more than in 2023.