The Republican Geodetic Institute has published a report “On the state of the real estate market in Serbia for the fourth quarter of 2022”. How much does a square meter of housing cost in the largest cities of Serbia, and what is the price of the most expensive apartment in Belgrade? In the article, you will find answers to these questions and learn about real estate price trends in Serbia.
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This report provides information about current prices and trends in the Serbian real estate market. On their basis, it is possible to conclude that it is necessary to make a decision about buying an apartment or house in the first half of 2023. The article will be interesting for buyers, investors, and sellers of residential real estate in Belgrade and other major cities in Serbia.
The Volume of the Serbian Real Estate Market at the Beginning of 2023
According to the results of the fourth quarter of 2022, the Republican Surveyor Institute has recorded positive trends for investors in the Serbian real estate market. Prices and the number of concluded contracts continue to grow.
During this period, real estate transactions in the country reached a total value of EUR 2.3 billion. The market growth amounted to 27.3% compared to the fourth quarter of 2021. Demand for real estate in Serbia grew steadily in 2022, as evidenced by the sales of 37,351 properties over the year. During that period, 140,508 transactions were made in Serbia – 1.8% more than in 2021.
The total volume of the real estate market in Serbia in 2022 reached 7.5 billion Euros. The growth of this indicator amounted to 22% compared to 2021.
Traditionally, properties in the capital, Belgrade, are the most popular among buyers. By the end of the last quarter, 9,547 contracts were signed. The table below shows sales statistics for major cities in Serbia (IV quarter 2022):
| City | Number of properties sold |
| Belgrade | 9,547 |
| Novi Sad | 3,047 |
| Niš | 989 |
| Kragujevac | 719 |
| Total in the country | 37,351 |
Belgrade continues to increase the number of concluded transactions in the real estate market, with an increase of 7% compared to last year. However, the fourth quarter of 2021 was more successful in the country as a whole and in other large cities, but only slightly.
Traditionally, flats account for the largest share in the total volume of real estate sold in Serbia – 55%. In the fourth quarter of 2022, the sales amounted to just 1.2 billion euros. The price increase did not adversely impact the number of flats sold – it increased by 0.6%. Apartments in Belgrade make up the most of this amount – 826.4 million euros.
Following is the total amount of money spent in Serbia on purchasing other types of property:
- houses – €178.6 million (+8%);
- land for housing development – 146.2 million (+7%);
- office premises – 113.6 million (+5%)
- commercial properties – €79.9 million (+4%)
- garages and parking lots – 67.3 million (+3%)
- agricultural land – 58.3 million (+3%).
Using Loans in the Serbian Real Estate Market
The number of transactions in which payment for real estate in Serbia involved credit funds in the last quarter of 2022 amounted to only 9%. amount decreased by 4 points compared to the same period in 2021. The most frequent use of loans is to buy flats – 21% of all cases.
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The Most Expensive Apartment in Belgrade
In the fourth quarter of 2022, the most expensive flat sold in the new development was a 383 m² apartment on Belgrade Quay, known as Belgrade on Water. The price of the flat was €2,469,888. Also, in this area, the maximum price per square meter of housing reached the mark of 10,400 euros for a 97m² apartment.
The most expensive house sold for 2 million euros in the municipality of Savski Venac, part of Belgrade County. The highest price per square meter of commercial space – 18,253 euros – was recorded in the municipality of Stari Grad. The highest contract price for office space was 2,801,121 euros for a business center of 10,586 m² in the municipality of Palilula.
The most expensive parking space for a car cost 58,400 euros in Belgrade on Water. The highest price per square meter of agricultural land was recorded in the municipality of Stara Pazova (Stari Banovci) – 18 euros for a 2.6-hectare plot of land. The most expensive piece of agricultural land in Serbia was sold for 605,000 euros in the fourth quarter of 2022. It is located in the city of Novi Bečej and has an area of 50.2 hectares.
Prices for Apartments in Serbia
The cost per square meter of housing in the largest cities in Serbia in the last quarter of 2022 was as follows (in euros):
| City | Secondary Market | New Buildings | ||||||
| Average price | Min. | Max. | Growth | Average price | Min. | Max. | Growth | |
| Belgrade | 1,940 | 400 | 5,238 | 19% | 2,565 | 635 | 10,184 | 29% |
| Novi Sad | 1,810 | 305 | 3,000 | 30% | 1,643 | 785 | 3,510 | 17% |
| Nis | 1,195 | 363 | 2,365 | 26% | 1,270 | 418 | 2,018 | 26% |
| Kragujevac | 945 | 485 | 1,785 | 15% | 1,287 | 770 | 1,765 | 22% |
Traditionally, flats in Belgrade are the most expensive in the country. And the average price per square meter in new buildings is twice as high as in Niš and Kragujevac.
In the table below, you can see the cost per square meter of housing (in euros) in Belgrade’s central city municipalities:
| City | Secondary Market | New Buildings | ||||||
| Average price | Min. | Average price | Min. | Average price | Min. | |||
| Stari Grad | 2,825 | 715 | 5,238 | 16% | 3,468 | 1435 | 4,765 | 21% |
| Vracar | 2,735 | 962 | 4,302 | 21% | 2,680 | 875 | 6,162 | 18% |
| Savski Venac | 2,305 | 833 | 4,110 | 20% | 4,375 | 1490 | 10,184 | 31% |
| Novi Beograd | 2,285 | 1132 | 4,613 | 23% | 2,525 | 910 | 3,995 | 10% |
| Zvezdara | 2,200 | 715 | 3,915 | 24% | 2,373 | 795 | 3,362 | 24% |
| Zemun | 1,950 | 935 | 3,300 | 19% | 2,252 | 1017 | 3,120 | 25% |
| Palilula | 1,922 | 730 | 4,153 | 16% | 2,290 | 1512 | 3,305 | 11% |
| Vozdovac | 1835 | 745 | 3,520 | 18% | 2,220 | 880 | 3,492 | 15% |
| Chukaritsa | 1810 | 500 | 3,280 | 20% | 2,410 | 1192 | 4,038 | 36% |
| Stara Rakovica | 1620 | 765 | 2,260 | 28% | 1,667 | 800 | 2,115 | 21% |
According to these data, the highest average prices per square meter in new flats are in the municipalities of Savski Venac (€4,375) and Stari Grad (€3,468). The biggest increases in the prices of new buildings are in Cukarica (+36%) and Savski Venac (31%).
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Conclusion
Steady growth in housing prices in Serbia’s major cities provides a favorable situation for foreign investors. They can be sure that the value of their investment will increase in the coming years.
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