According to the Republic Geodetic Authority report for the first quarter of 2022, the number of real estate sold in Serbia has reached 32,164, which is 6,7% more than in the first three months of the previous year. The best-selling apartments are in Belgrade, although the increase in demand has caused an increase in real estate prices. Data show that 1,6 billion euros has been invested in the real estate market, which represents an increase of approximately 22,2% in comparison to the same period in 2021.
Newly Built Apartment Prices
In the first quarter of this year, the newly built apartment prices in Belgrade increased by nine percent, which means that the average price per square meter now equals €2,165. The prices were rising from five percent at Voždovac to even 28% in the municipality of Palilula, where the average price is €2,553. In two Belgrade municipalities, Stari Grad and Savski Venac, the average price per square meter of newly built apartments has exceeded 3,000 euros.
The apartment prices have also increased in Novi Sad, where the increase of even 16% has been recorded in respect of new buildings, so the average price per square meter reaches €1,505. Lower price increase (five and two percent) has been recorded in Niš and Kragujevac.
Old Apartment Prices
Apartments in old buildings are still more affordable than new apartments, but the growth trend of their prices is higher than the growth trend of newly built apartment prices. In Belgrade, old apartments are 15% more expensive and the average price per square meter is €1,680, 21% in Novi Sad and it equals €1,517, 23% in Niš and the average price there is €1,020.
The average prices per square meter in the central municipalities of Belgrade for the first three months of this year are given in the table below:
|Municipality||The average price for newly built apartments, €/m2||The average price for old apartments, €/m2|
Which Parts of Belgrade Are the Most Popular?
Belgrade represents the biggest real estate market in Serbia with a diverse offer. Although central municipalities are still in demand, the demand focus is slowly relocating to suburban municipalities, which have grown and developed. This is how Novi Beograd has stood out as a municipality where many apartments are built and sold, so as many as 769 apartments were sold in the first three months of this year. The advantages of this municipality are numerous shopping malls, luxury neighborhood construction, well-planned infrastructure with numerous parking spots and main streets with multiple lanes.
The amount of apartments sold in central Belgrade municipalities in the first three months of 2022 is given in the table below.
|Municipality||Apartments sold – new buildings||Apartments sold – old buildings||Total|
Buing an Apartment in Serbia for €50,000
For €50,000, you can buy an apartment under 30m2 in the center of Belgrade or, to be specific, an old 28m2 apartment in the municipality of Vračar. For the same amount of money, you can buy a bigger apartment, only in the suburbs; that way, you could find a furnished 68m2 two-story apartment with 3 rooms, located in the municipality of Surčin, in a building built in 2014. In case you are interested in new apartments, in this price range, you can find apartments in Belgrade suburbs; for example a 30m2 apartment in the urban settlement of Borča..
In terms of Novi Sad, €50,000 can buy you a fully equipped and furnished apartment in a new building with the surface area of approximately 32m2 or one old apartment in the suburbs, with the surface area of 53m2.
For the same amount of money, you can buy a furnished 36m2 apartment in Niš, in an old building, or an apartment with the same surface area in a new building, only without furniture. In Niš suburbs, you can buy an empty 3-room duplex with the surface area of 76m2. In the center of Kragujevac, a 3-room 70 m2 apartment in an old building is being sold at the price of €50,000, it has two stories and it is completely furnished, while apartments in new buildings are being sold at the same price but their surface does not exceed 40m2.
What Is the Price of an Apartment in Belgrade and What Is the Price of Apartments in the Largest Cities in the World?
Knight Frank analysis gives the answer to the question how many square meters can be bought for a million dollars in different parts of the world, taking the prices from the end of the previous year into account. If you opt for Monaco, which is at the top of the list, a million dollars buys only 15m2 or 21m2 in Hong Kong, while London is the third with 31m2. The next is New York with 33m2, Singapore with 35m2 and Geneva with 37m2, while in Belgrade, a million dollars gets you real estate of approximately 456 square meters (with the average price per square meter of approximately €2,000 or 2,190 dollars).