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While much of Europe is experiencing a decline in real estate prices, Serbia remains an exception, with prices continuing to rise. A testament to this trend is the record-breaking sale of an apartment in Belgrade, where the price per square meter reached an astonishing €11,811. But how did the average property prices in Belgrade fluctuate throughout 2024, and what can we expect in the coming year?
Average Property Prices in 2024
The average price per square meter in Belgrade varies significantly depending on the municipality and the type of property, whether it is new construction or an older building. According to data from Cityexpert, the average price per square meter in older buildings in 2024 was €2,381, while for new construction, it stood at €2,440.
Most Expensive Municipalities in Belgrade
Stari Grad, the historical and administrative center of Belgrade, unsurprisingly had the highest property prices. The average price per square meter in new developments reached €3,941, while the average for older buildings was €3,349.
On Vračar, the average price per square meter was €2,915, with minimal differences between new and old buildings. However, Savski Venac, home to the prestigious Belgrade Waterfront project, had an average price of €3,133 per square meter for older buildings, while new constructions soared to €4,361 per square meter.
In New Belgrade, the average price per square meter reached €2,658, reflecting an 8% increase from the previous year. New buildings in this municipality had an average price of €3,207 per square meter. In Zemun, property prices varied greatly, with an overall average of €2,067 per square meter, ranging from €1,341 to €4,125, depending on the location.
The Palilula municipality, the largest in Belgrade, saw an average price of €1,857 per square meter, but properties in the central areas of Palilula frequently exceed €3,000 per square meter.
On Zvezdara, the average price per square meter for all sold properties was €2,045, while Vozdovac, known for its diverse real estate offerings, had an average price of €2,775 per square meter.
In Čukarica, new constructions were priced at €2,534 per square meter, while older buildings averaged €1,909 per square meter. Rakovica remained the most affordable municipality in Belgrade, with an average property price of €1,838 per square meter in 2024.
Lower Real Estate Prices Outside of Belgrade
Traditionally, real estate prices outside Belgrade are significantly more affordable. Some of the most budget-friendly locations include Zrenjanin, Subotica, Paraćin, Ruma, and Despotovac. For instance, Zrenjanin property prices range from €798 to €1,464 per square meter, while Paraćin offers prices between €685 and €1,255 per square meter. In Vranje, the average property price is approximately €995 per square meter.
Conversely, tourist hotspots continue to hold high prices. The average price per square meter for older apartments on Zlatibor is around €2,000, while in Kopaonik, the average listing price is €2,190, with most properties selling within two months. Sokobanja, once known for its affordable prices, has seen values rise to €1,680 per square meter, and Vrnjačka Banja is also experiencing increasing investor interest.
Predictions for 2025: Will Prices Keep Rising?
Experts from the real estate industry highlight that the most in-demand apartments remain those between 45 and 67 square meters, typically one-bedroom or small two-bedroom units. Over the past four years, real estate prices in Serbia have increased by 20-30%. In new developments, prices range from €1,600 on the outskirts to €2,500 in central locations.
According to market analysts, the rate of price increase slowed down in comparison to 2021 and 2022. A moderate price increase is expected for 2025, likely a few percentage points, but a sharp price drop is not anticipated.
Unlike Western economies, Serbia does not have a highly developed stock market, which means that a significant portion of capital is invested in real estate. In 2023, the Belgrade Stock Exchange recorded a turnover of only €170 million, while the real estate market turnover exceeded €7 billion, with over 70% of investment capital in Serbia directed towards real estate.
Experts suggest that the best solution for stabilizing the market would be to redirect investor demand from real estate towards capital markets. However, at present, real estate remains the preferred investment option.
Some real estate agents note that a price decline may occur if the market reaches saturation. However, factors such as inflation and rising material costs could offset this trend, making it difficult to predict a precise moment when a real decrease in prices might happen.
