Despite higher interest rates and more cautious bank lending, construction and real-estate activity in Belgrade and other urban centres continues to show resilience. Large mixed-use developments, logistics hubs and residential projects remain in progress, supported by a combination of pre-sales, foreign capital and strategic positioning.
Demand dynamics are uneven. Premium residential and commercial projects aimed at higher-income buyers and international tenants continue to perform, while mass-market segments face pressure from affordability constraints. Developers are responding by phasing projects more conservatively and prioritising cash-flow visibility over rapid expansion.
From a macroeconomic perspective, construction remains an important stabiliser. It supports employment, drives demand for domestic materials and anchors ancillary services. However, its sustainability increasingly depends on external capital and long-term urban planning coherence rather than domestic purchasing power alone.
