The real estate market in Serbia continued to show resilience and dynamism in the first half of 2024. While certain segments showed signs of stabilization, prices in larger cities continue to rise. Based on data from the Republic Geodetic Authority, this text provides key insights into price movements and statistics.
Total Market Value of Real Estate
In the first six months of 2024, the total value of real estate transactions in Serbia amounted to 3.4 billion euros, marking an increase of 3,9% compared to the first half of 2023. During this period, 60.154 purchase agreements were concluded, which is a slight increase of 0,2% compared to last year. Furthermore, the moderate growth of apartment prices continued, with an annual growth rate of 4,68%. The largest share in the total transaction value came from the real estate market in the City of Belgrade, amounting to 1.607,7 million euros (47,8%). Vojvodina followed with 928,6 million euros (27,6%), followed by Šumadija and Western Serbia with 524,2 million euros (15,6%), while the market in Southern and Eastern Serbia accounted for 301,3 million euros (9%).
Prices by Cities in Serbia
The average price per square meter for newly built apartments in Belgrade was 2.453 euros. In prestigious locations, such as Belgrade Waterfront, prices reached up to 10.350 euros per square meter. The average price per square meter for newly built apartments in major cities in Serbia:
- Novi Sad: 1.970 €/m²
- Niš: 1.490 €/m²
- Kragujevac: 1.380 €/m²
- Subotica: 1.255 €/m²
- Čačak: 1.265 €/m²
- Pančevo: 1.320 €/m²
- Zrenjanin: 1.230 €/m²
Apartment Prices in Belgrade’s Most Sought-After Municipalities
Statistical parameters for apartment prices in older and newly built apartments in the first half of 2024, based on reports from the Republic Geodetic Authority:
Stari Grad
- Average price of apartment, older building: 3.325 €/m²
- Average price of apartment, new building: 4.100 €/m²
- Cheapest price per square meter: 940 €/m²
- Most expensive price per square meter: 7.500 €/m²
Vračar
- Average price of apartment, older building: 3.035 €/m²
- Average price of apartment, new building: 3.150 €/m²
- Cheapest price per square meter: 1.065 €/m²
- Most expensive price per square meter: 5.615 €/m²
Savski Venac
- Average price of apartment, older building: 2.680 €/m²
- Average price of apartment, new building: 4.460 €/m²
- Cheapest price per square meter: 1.100 €/m²
- Most expensive price per square meter: 10.350 €/m²
Novi Beograd
- Average price of apartment, older building: 2.465 €/m²
- Average price of apartment, new building: 3.115 €/m²
- Cheapest price per square meter: 565 €/m²
- Most expensive price per square meter: 4.370 €/m²
Zvezdara
- Average price of apartment, older building: 2.305 €/m²
- Average price of apartment, new building: 2.230 €/m²
- Cheapest price per square meter: 640 €/m²
- Most expensive price per square meter: 4.105 €/m²
Voždovac
- Average price of apartment, older building: 2.195 €/m²
- Average price of apartment, new building: 2.505 €/m²
- Cheapest price per square meter: 490 €/m²
- Most expensive price per square meter: 3.950 €/m²
The most affordable square meter prices generally apply to older apartments, which often require additional investment for renovation to meet modern living standards. On the other hand, the most expensive square meters are associated with luxury properties offering numerous amenities—from high-end interiors and top-quality materials to private security, reception services, parking spaces, SPA centers, swimming pools, and exclusive locations with panoramic views.
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Most Expensive Properties
- In the first half of 2024, the most expensive square meter in Serbia was sold in the Belgrade Waterfront neighborhood (Savski Venac municipality) for 10.350 euros per square meter – this was a newly built apartment.
- In older buildings, the highest price per square meter was 7.500 euros for an apartment in the Stari Grad municipality.
- The most expensive apartment sold for 1.226.888 euros, covering 188 m² and located in Belgrade Waterfront.
- The most expensive house was sold for 3.182.000 euros in Savski Venac.
- The highest price for a business space was 11.500 euros per square meter (Vračar municipality), while the highest total price for a business space was 3.098.790 euros for 332 m² (Savski Venac).
- The most expensive parking space was sold for 73.000 euros in Vračar.
- In the Novi Sad area (KO Rumenka), the most expensive square meter of agricultural land was sold for 50 euros/m².
- The most expensive agricultural land in Serbia, covering 115 hectares, was sold for 2,2 million euros in the Palilula municipality (Belgrade).
Conclusion
The real estate market in Serbia in the first half of 2024 continues to show stability and growth, especially in larger cities like Belgrade. The price per square meter for both new and older apartments is seeing moderate growth, while luxury properties and prestigious locations, such as Belgrade Waterfront, have reached record prices. Although overall prices are rising, there is still significant variation depending on the type of property and location.