Growth in real estate and rental prices in Serbia

Published on 5. January 2023., News

The demand for buying and renting residential and commercial space in Serbia suddenly raised those prices to the “heavens” a few months ago, after the mass arrival of Russians and Ukrainians.

The average value of a square meter in the center of Belgrade reached 3,065 euros, so for an apartment of 84 square meters it is necessary to allocate as much as 260,000 euros.

The dizzying increase in prices in the most attractive locations in Belgrade has also spread to other parts of the city and the country. The average price of newly built apartments in Serbia in 2022 increased by 24 percent compared to 2020, when the price was around 1,400 euros per square meter, while today it reached 2,285 euros.

Licensed real estate agent Kaća Lazarevic said that the mass arrival of Russians and Ukrainians in Serbia has completely disrupted the real estate market.

“The price of a square meter is on average over 3,000 euros, 3,500, 4,000 and even higher, depending on how much one values their square meter, but there are obviously buyers for everything. Prices will rise until there is such a demand. They don’t grow all at once, they slowly but surely go up.”

Owners of apartments in old buildings with garages are not lagging behind owners of apartments in new buildings in selling prices and rental prices because they have raised prices from 6,000-7,000 euros to 25,000 to 40,000 euros.

“In one period, the price of construction materials jumped, and then it became cheaper. It has absolutely no effect at this point. The main thing is that we don’t have enough apartments to offer”, Lazarevic believes.

This year, the demand for business space also increased drastically, and the Belgrade Assembly recently increased the rental prices of the space it owns by 8.1 percent. Contribution of the Chinese Media Group (CMG), Beta reports.

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