Real estate prices in Serbia have seen a significant increase of 5% to 20% this year, varying by location, due to widespread inflation. Belgrade, in particular, stands out as the most expensive market, according to Milić Đoković, Vice President of the Expert Council at the Serbian Real Estate Cluster. Đoković anticipates a boost in property transactions starting this September.
“Compared to last year, when prices were already high, the cost of real estate has surged. The steepest increases have been noted in Vojvodina, with Belgrade leading in terms of both investment and per-square-meter prices, making it the priciest market in Serbia,” Đoković told Beta.
He attributed the rising prices to general inflation, increased material costs, and higher wages, predicting that prices will continue to climb unless inflation stabilizes.
“Euro inflation is affecting us just as it is everywhere. A thousand euros now is not the same as it was last year. For example, the daily rate for construction workers has risen from 60-70 euros last year to 80-90 euros this year,” Đoković explained. He expects a spike in property transactions in Belgrade due to the influx of students and increased demand for rental properties.
According to Đoković, price hikes have been most pronounced in Mirijevo and Jakovo compared to the average. He emphasized that prices can vary significantly even within neighborhoods.
“In Stari Grad, the average price ranges from 4,000 to 5,000 euros per square meter, with a 2-3% increase, which adds 100 to 200 euros per square meter. In Mirijevo, prices have jumped from about 1,800 euros to 2,500 euros per square meter, a 30% increase,” he noted.
He added that in Belgrade, prices range from 2,000 to 10,000 euros per square meter. The price difference between new and old properties is minimal, around 10-20%. New constructions average about 3,000 euros per square meter, while old buildings cost approximately 2,300 to 2,400 euros per square meter.
Đoković also mentioned that the upcoming “Expo 2027” in Belgrade, scheduled from May 15 to August 15, 2027, might eventually impact real estate prices, though this effect is not yet observed.
Katarina Lazarević, owner of a real estate agency, criticized the current high prices in Belgrade, especially for new constructions, while noting that older properties still offer some negotiation room but are also beginning to rise. She observed a slowdown in sales due to the high prices, with this year’s transactions significantly lower than last year’s.
“Sales have stalled because prices are too high and there are fewer buyers. It is unlikely that prices will stabilize as long as investors continue to invest in new constructions and set prices as they see fit,” Lazarević said.
She attributed the rapid price increase in Belgrade to a high influx of people and the city’s expansion, noting that many from other regions prefer buying over renting, as purchasing is often more cost-effective.
Lazarević also pointed out that small apartments in older buildings, especially those around 35 square meters in the city center, are the most expensive, costing between 3,500 and 5,000 euros per square meter. For new constructions, prices for larger apartments (100 square meters and above) range from 5,000 to 7,000 euros per square meter, typically including VAT.
