How Apartment Prices in Serbia Moved in the First Quarter of 2024

According to the report of the Republic Geodetic Authority, apartment prices in Serbia increased by 4.74% in the first three months of this year compared to the same period last year, with old construction prices rising by 4.52% and new construction by 5.09%.

Compared to the fourth quarter of 2023, apartment prices in Serbia recorded a slight increase of 0.78%, indicating that the real estate market remains stable. This marks the sixth consecutive quarter of a slowdown in price growth.

Decline in Apartment Sales Volume

In the first quarter of this year, 10,186 apartment sales contracts were recorded (0.7% less than the same period last year), with a total value of 834 million euros (2.5% less than last year).

However, certain regions (Šumadija, western, southern, and eastern Serbia) recorded increased apartment sales. Conversely, Belgrade experienced a decrease in apartment sales by 6.5% and in the sales value by 10.13%. Similarly, in Vojvodina, the number of apartment sales decreased by 4.32%, while the sales value fell by 0.56%.

Price Movements Compared to the Same Period Last Year

Regarding apartment prices, compared to the first quarter of 2023, prices increased by 5% in the region of Vojvodina, 4.5% in the city of Belgrade, and 3.49% in Šumadija and Western Serbia. As in the previous few quarters, the strongest price growth of 7.16% was recorded in Southern and Eastern Serbia.

When comparing the apartment price index in Serbia with indices in European countries, Serbia had moderate and stable price growth.