In the first quarter of 2025, the RGZ housing price index for Serbia reached 176.28, marking a 5.31% increase compared to the same period in 2024. This moderate growth signals a stable real estate market without significant fluctuations.
Apartment prices in old buildings rose by 5.17%, while new construction, purchased directly from investors, saw a slightly higher annual increase of 5.55%.
During this period, 11,293 apartment sales were recorded, up 7.2% year-on-year, with a total transaction value of 1.028 billion euros, representing a 21.8% increase compared to the previous year.
All regions of Serbia experienced growth in both the number of sales and transaction values. The Southern and Eastern Serbia region led with a 41.4% rise in sales and an 87.8% increase in transaction value. Vojvodina recorded a 10.9% rise in the number of sales and a 34.5% increase in value. In Belgrade, sales grew by 0.3%, while value increased by 10.3%. The region of Šumadija and Western Serbia had a slight 0.4% decrease in the number of sales but saw a 22.9% rise in transaction value.
In terms of price growth by region, Belgrade recorded the highest increase at 6.20%, followed by Southern and Eastern Serbia at 6.14%, Vojvodina at 4.84%, and Šumadija and Western Serbia at 3.54%.
According to Eurostat, residential real estate prices across the European Union rose by 5.72% annually in Q1 2025. However, growth varied widely, with Finland experiencing a decline of 1.91%, while Portugal, Bulgaria, and Croatia reported double-digit increases of 16.29%, 15.08%, and 13.08% respectively.
The RGZ index allows property owners to track market trends and estimate the current value of their real estate. Using the index from the time of purchase and the latest index, one can calculate today’s estimated value of a property.
For example, an apartment bought in Q1 2020 for 150,000 euros with an index of 109.33 and a current index of 168.04 would now be worth approximately 230,534 euros, reflecting a 53.7% increase in value.
