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Real estate prices in Serbia have increased by 5% to 20% this year, with the highest prices per square meter recorded in Belgrade. Apartment prices have risen compared to last year’s average, which was already high in comparison to the previous year. Prices have increased the most in Vojvodina, while Belgrade remains the city with the most expensive properties in Serbia.
In August, apartment prices in Belgrade ranged from €2,000 to €10,000 per square meter, with the price difference between new construction and older buildings ranging from 10% to 20%.
The average price of new construction in August was around €3,000 per square meter, while the average price for older buildings in Belgrade was between €2,300 and €2,400.
Prices of older apartments depend on factors such as the building’s age, how well the apartment has been maintained, and how much has been invested in it. Smaller apartments, around 35 square meters, are the most expensive in the older building market due to their limited supply. Those located in the very center of Belgrade range from €3,500 to €5,000 per square meter.
Increase in rental prices
According to the specialized real estate website nekretnine.rs, rental prices for apartments in Belgrade increased in all municipalities in August compared to July, except in New Belgrade. Rents in the city center were €15.7 per square meter in July and rose to €16 in August. In Mirijevo, rents were €9.3 per square meter in July, increasing to €9.5 per square meter in August. Voždovac also saw an increase, from €12 in July to €12.2 per square meter in August. A similar situation occurred in Vračar, where the price went from €15.3 per square meter in July to €15.6 in August. Only New Belgrade saw a slight decline in rental prices—€15.3 per square meter in July compared to €15 in August.
Rents in Novi Sad
Rental prices in Novi Sad saw an increase in almost every municipality. The situation is similar to Belgrade, as only Novo Naselje experienced a slight decrease, with the average price dropping from €10.5 per square meter in July to €9.7 per square meter in August. The city center, Podbara, and Grbavica saw slight increases in August, with the city center rising by €0.5 per square meter, Podbara by €0.6, and Grbavica by €0.2.
Apartment price index: The trend of slowing real estate growth continues in Serbia
According to the report from the Republic Geodetic Authority, in the second quarter of 2024, there was further stabilization of apartment price growth in Serbia. This continues the trend of slowing growth that has been ongoing for seven consecutive quarters.
The Republic Geodetic Authority’s apartment price index in the second quarter of 2024 was 164.56, representing a 4.68% increase in apartment prices compared to the same period last year. When looking at this year, prices in the second quarter increased by 1.26% compared to the first three months.
In terms of apartment prices, as in previous quarters, the strongest growth was recorded in southern and eastern Serbia, at 7.40%. Šumadija and western Serbia saw an increase of 5.05%, Vojvodina 4.49%, and Belgrade 3.98%.
New construction prices are rising faster than older buildings
Prices of new apartments have been rising faster than those of older buildings. In the second quarter, the prices of older apartments in Serbia increased by 4.41%, while new construction—specifically purchases from investors—saw a higher annual growth rate of 5.15%.
During the second quarter of this year, demand for apartments increased, with 11,532 recorded apartment sales, which is 7.5% more than in the same period last year. The total value of the real estate market reached €978 million, marking a 7.3% year-on-year increase.
In Belgrade, there was a slight drop in apartment sales by 0.57% and a 5.61% decrease in transaction values. The largest growth in both the number of sales and transaction values was recorded in southern and eastern Serbia, where apartment sales increased by 16.7%, and transaction values surged by 37%. Vojvodina saw an increase in apartment sales by 14.03% and transaction values by 35.7%.
