Overview of real estate prices in Serbia for January 2024

No real news on the real estate market in Serbia still at the beginning of 2024, except that in some locations prices have fallen by up to 20 percent. According to the real estate portal Nekretnine.rs, the highest price per square metre, in January,  was paid in Belgrade and still it is the most expensive city. The municipalities of Stari grad and Vračar still take the lead, where a slight price increase of 0.41 and 0.38 percent, respectively,was recorded.

New Belgrade is still an attractive location, but now somewhat cheaper than in the previous month. There is a great demand for the city municipality of Vračar, and one of the reasons is the decreasing number of available plots for construction. There is still great interest in Dorćol and Belgrade Waterfront.

Residence permit by real estate investment

The prices experiences the greatest downfall in Palilula, by 4.13 percent, where the recorded price was around 2,300 euros per m². The lowest price per m² was recorded in Mirijevo at 1,875 euros, as shown in the table below.

Table no. 1: Trends in real estate prices per square meter in Belgrade, in January 2024

Mirijevo and some parts of Zvezdara are more favourable than some of the more popular parts of the city, previously mentioned. However, the lowest prices can be found in Padinska skela, Borča, Krnjača and Karaburma. If you opt for more luxurious apartments, there is a much larger selection, and West 65, Belgrade Waterfront, A block and K district stand out among the locations.

Real estate prices in Novi Sad, Niš and Kragujevac

The central locations in Novi Sad became cheaper in January by 0.48 percent, while the price in Novo naselje dropped by 1.96 percent. In relation to the prices of real estate in Belgrade and Novi Sad, the rest of Serbia shows a more favourable picture, but they also generally record an increase in the price per square meter. New construction projects were also noted in Kragujevac and Niš, as well as on the mountains of Zlatibor, Kopaonik and Divčibare. Vrnjačka Banja, Srebrno jezero and Sokobanja are also attractive locations for domestic and foreign investors.

In the south of Serbia, real estate prices are almost twice as low as in the northern part of the country. The January report shows that prices in Niš were on a slight increase, with the exception of Palilula in Niš, where they fell by about 1.47 percent. The real estate prices in Kragujevac were stable during January and the average price amounted to 1,400 euros/m2.

In some locations, rents fell by up to 20%

As reported by the portal Nekretnine.rs , rents in seven locations fell by over 20%. In Durlan (in Niš), the average monthly rental price per square meter of living space fell by 20.22% and the rent of a 50 square meter apartment is currently being advertised at that location for around 355 euros.

In Novi Sad, rents fell the most in Novo naselje (by 6.67 %), followed by Grbavica (by 4.13 %) and Podbara (by 2.29 %). In Pancevo, a decrease of 5.71 % was recorded. In Belgrade, rents fell in two locations. In the Centre (by 1.76 %), the rent for 50 square meters was 835 euros on average and in Vračar by 0.64 %, so 50 square meters in January was 780 euros on average.

Rental prices increased in the following municipalities: Palilula, Voždovac, Mirijevo and New Belgrade. Also, in the centre of Novi Sad and Kragujevac, as well as in Niš, in the neighbourhoods of Bulevar Nemanjića and Pantelej, which is shown in the table below.

Table no. 2: Trends in real estate rental prices in January 2024

Data published by the Republic Geodetic Authority of Serbia for the fourth quarter of 2023

The data of the Republic Geodetic Authority for the last quarter of 2023 show that price growth slowed down, but that they continued to grow. Compared to the third quarter of 2023, housing prices in Serbia increased by 0.83 percent. Observed by region, compared to the fourth quarter of the previous year,  real estate prices increased in Belgrade by 5.79 percent, in Vojvodina by 4.67 percent, Šumadija and Western Serbia by 5.95 percent, and the strongest price growth of 8.16 percent was recorded in southern and eastern Serbia.

It is interesting that the average price of new apartments, which reached 10,000 euros per square meter, started to fall. The prices of first sale apartments, i.e. for purchase from investors, at the level of Serbia increased by 5.41 percent, while resale apartments showed a higher year-on-year growth, which amounted to 5.93 percent.

The total value of traded apartments in the third quarter of 2023 was 870 million euros compared to 1.219 billion euros in the same period in 2022. The number of concluded sales contracts compared to the third quarter increased by 12 percent, but according to experts, this can be attributed to seasonality. Market activity measured by the number of sales is at approximately the same level as at the end of 2019 and 2020, while the market value is at a significantly higher level due to the increase in real estate prices.

https://www.nekretnine.rs/magazin/2140/evo-gde-je-kvadrat-bio-najskuplji-presek-januarskih-cena-kvadrata-u-srbiji/

https://www.ekspres.net/biznis/padaju-cene-nekretnina-u-beogradu-18-2-2024

https://www.nekretnine.rs/magazin/2150/na-ovoj-lokaciji-u-srbiji-kirije-pale-preko-20-odsto/