Paradox on the real estate market: Prices in the EU are falling, but not in Serbia » Welcome to Serbia

Paradox on the real estate market: Prices in the EU are falling, but not in Serbia

According to the latest report of the portal, the advertised prices of square meters in Serbia continued to grow in March, although at a much lower rate than in the last few years.

The largest individual increase in prices in Serbia was recorded in Niš, in the Pantelej neighborhood, where a square meter soared by 2.94 percent, to 1,540 euros on average. In the rest of the city of Nis, Bulevar Nemanjića recorded an increase of 1.8 percent, Durlan a decrease of 3.63 percent, and Palilula an increase of 1.73 percent.


The highest increase in the price of a square meter in Novi Sad was recorded in Podbara, by 2.34 percent, and the current price is 2,575 euros. The city center recorded a decrease of 0.71 percent, Novo naselje a decrease of 3.14 percent, and Grbavica an increase of 0.07 percent.

In Kragujevac, the price per square meter did not change during March, and is 1,400 euros. In Pančevo, there was a decrease of 0.92 percent and the price per square meter fell to 1,404 euros.



Real estate price trends in Belgrade


When it comes to Belgrade, the prices per square meter rose steadily in March. Thus, in the city center, the price per square meter increased by 0.58 percent to 3,465 euros per square meter. As for the rest of Belgrade, the prices per square meter were as follows:


  • Novi Beograd: growth of 0.87 percent: 2,672 euros
  • Mirijevo: growth of 0.26 percent: 1,905 euros
  • Palilula: growth of 0 percent: 2,424 euros
  • Voždovac: growth of 1.96 percent: 2,600 euros
  • Vračar: growth of 0.5 percent: 3,415 euros


According to the latest data from the Republic Geodetic Authority and the five largest real estate agencies, the drop in turnover in the first quarter of 2024 will most likely be around 42 percent. Although with a drop in transactions was expected to be followed by a drop in prices, but this is not happening. Only in January of this year in Belgrade, three large companies reduced the prices of new apartments by 15 percent for three municipalities.

The number of advertisements by investors for the sale of apartments increased eight times in the media, but without results. The decline in turnover and sales has continued, and this year it is expected to amount to as much as 70 percent. Experts estimate that real estate is overvalued by 30 percent, so they expect it to fall by that much in the spring of 2025.




Real estate prices in Europe


According to the latest Eurostat data, real estate prices in Europe in 2023 fell for the first time in the last decade. The value of residential square meters decreased by 0.3 percent in the entire European Union, and by 1.1 percent in the Eurozone.

Among the member states for which data is available, the biggest drop in real estate prices of 14 percent was experienced by Luxembourg, Germany by 7 percent and Finland by 4 percent. The highest increase in the value of square footage was recorded in Poland by 13 percent, Bulgaria by 10 percent and Croatia by nine percent. Stable prices were recorded only in Italy.






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