Apartment sales in Serbia were more active in the second quarter than a year earlier: more transactions, more interest, higher prices.
According to the latest Republic Geodetic Authority (RGZ) report, total turnover reached 2.1 billion euros, 13.9% more than in the same period a year earlier; apartments account for about 60%. Belgrade leads: 659.7 million euros were spent on apartments in the capital alone.
For a few years now prices have been rising: at one point in the year they grow, at another they stabilise. One quarter is not enough to judge the trend.
A fall in new builds
While the market as a whole grew, on the partly regulated market (mostly new builds) the number of contracts fell by 14.5% and the value of turnover by 13.1%. Mitić sees not falling interest but a slight shift towards older, ready-to-move-in apartments.
Average prices by municipality (RGZ data)
- Stari grad: older buildings €3,629/m², new builds €3,985/m².
- Savski venac: new builds €4,610/m² (including Belgrade Waterfront), older €3,268/m².
- Vračar: older buildings (€3,493/m²) more expensive on average than new (€3,335/m²).
- Novi Beograd: older €2,970/m², new €3,200/m².
- Zvezdara and Palilula: about €2,700–2,800/m², with little difference between types.
- Zemun: older €2,668/m², new €2,720/m².
- Čukarica: older €2,410/m², new €2,780/m².
- Rakovica, the most affordable: older €2,097/m², new €2,695/m².
In central areas such as Stari grad and Vračar few apartments are for sale, so sellers can partly control prices.
Stabilisation and real growth
Prices have already stabilised a lot. Growth exists and follows inflation, but it is not almost 20% in one quarter.
Averages often mislead because they are formed by extremes at both ends: luxury properties at very high prices, and apartments sold much cheaper because of their condition.
