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The Republic Geodetic Authority points out that, after two years of extremely dynamic growth, the real estate market in Serbia has calmed down. The latest data indicate that during 2023 the Serbian real estate market was characterized by stability and resistance to global trends, which is confirmed by the fact that it still maintains a higher level compared to pre-pandemic figures.
The total amount of money used to purchase real estate in 2023 was 6.5 billion euros, which is even 57.8 percent more compared to the pre-pandemic year of 2019 and 13 percent less than the record year 2022. A total of 121,627 sales were made, which is 15.7 percent more than in 2019 and 13 percent less than in 2022.
Apartment prices in 2023 ranged from 50,495 dinars per square meter in Bujanovac to 491,596 dinars in the Belgrade municipality of Savski venac. The highest prices for apartments were reached in Belgrade, where the most expensive apartment, with a total area of 383 m2, was sold in the municipality of Savski venac, in the complex “Belgrade Waterfront” at a price of 2,601,888 euros, where the most expensive price per square meter was worth 11,475 euros.
Price of apartments in new construction increased by 0.7%
The average price of newly built apartments in Serbia in 2023 was 211,103 dinars per square meter, which represents an increase of 0.7 percent compared to 2022. Observed according to municipalities, the highest prices of new buildings were recorded in Belgrade, where the average price in urban areas increased by 2.8 percent compared to the same period of the previous year when it amounted to 312,011 dinars.
In addition to the Belgrade municipalities, Novi Sad, Čajetina, the Niš municipality of Medijana and Vrnjačka Banja stood out due to their high prices. The surface area of newly built apartments sold was 55 square meters on average.
An interesting piece of information in the report of the Republic Geodetic Authority is that in the last quarter of 2023 there was a decrease in the sale of holiday homes to 244, from 368 in the same period of 2020. The same was the case with garages, due to the fact that compared to the same period, the number of sales contracts fell from 197 to 170. Agricultural land recorded an interannual growth in market value of 38 percent, while the number of sales contracts was eight percent higher.
Real estate price trends in Belgrade in February 2024
While we are waiting for official data, according to the still incomplete information of the Cenenekretnina.rs website the average price of a square meter in Belgrade in February 2024 was €2,317/m², which is a decrease of 1.7% compared to the previous month and an increase of 0.7% compared to the same month a year earlier.
The average price of new construction was €2,526/m², which is 1.5% lower compared to January and 1.6% higher compared to February a year earlier. When it comes to old buildings, the average price was €2,185/m², which represents a 1% drop compared to a month earlier and a 3% increase in yield compared to a year earlier.
Newly built – Old buildings – Average
Graph no. 1: Price per square meter in Belgrade, in €/m² for new construction, old construction and average.
The number of sales contracts reached 922, which is 5.5% more than a month earlier, but 17.5% lower than a year earlier. 356 contracts were signed for new construction, which is 3.5% less than in January. When it comes to old buildings, the number of sales contracts reached 568, which is 9.9% more than in January of the same year.
Chart number 2: Number of sales real estate contracts in Belgrade.
The average price of an apartment in Belgrade was €140,387, which is 2.2% lower than a month earlier. The average price of an apartment in an old building was €117,456, i.e. 6.5% lower than a month earlier. The average price of an apartment in a new building was €176,634, which is 5% more than in January.
Newly built – Old buildings – Average
Graph no. 3: Apartment price in Belgrade, in €/m², new construction, old construction and average.
The volume of turnover reached €127.89 million, which is 2.2% more than in January. This indicator reached €65.54M in old construction, which is 3.3% more compared to the previous month, while it was €62.35M in new construction, which is 1% more compared to January.
Newly built – Old buildings – Average
Graph no. 4: Total volume of turnover, volume of turnover in old buildings and new buildings in Belgrade.
The average square meters of an apartment sold in February is 57m², and there was no change there compared to January. The average area of an apartment in an old building was 53m², which is 3.6% less than a month ago. The average area of an apartment in a new building is 63m², which is 6.8% more than in January.
Newly built – Old buildings – Average
Graph no. 5: Square meters of the sold apartment in Belgrade, average, old buildings and new buildings.
Further predictions on the movement of real estate prices
Real estate expert Ervin Pašanović says: I do not expect any significant drop or any significant price correction in the next period of six months to a year. A small drop will probably be felt if, of course, there are no major market movements. From the report of RGZ (Real Estate Authority) for the first quarter of this year, it is evident that prices have been corrected very slightly, turnover has decreased and the participation of buyers through loans in the total number of completed transactions related to residential buildings has decreased.
Sources:
https://biznis.kurir.rs/nekretnine/4369357/padnu-cene-nekretnina
https://www.cenenekretnina.rs/
https://biznis.rs/novac/sve-manje-interesovanja-za-kupovinu-vikendica/
