The real estate market in Serbia has experienced a boom in the past two years, and experts believe that the announced capital investments in the country will have a significant impact on continuing this trend. The international exhibition EXPO 2027 has garnered the most attention so far, and it is expected to bring a boom to Surčin, not only due to the construction of exhibition spaces and hotels but also logistics facilities, warehouses, and residential properties. Both investors and buyers looking to invest in real estate find other neighborhoods more attractive with the announcement of new major infrastructure projects. Mirijevo, Pančevo, Novi Sad, and Niš are considered future hubs for living and business.
In addition to Surčin and Belgrade Waterfront, the top destinations with potential for growth include Mirijevo, Pančevo, as well as major cities like Novi Sad and Niš. These cities are expected to become real business and residential hubs due to the planned construction of several highways and fast traffic routes, according to Aleksandra Mihajlović from the specialized real estate portal 4zida. She adds that the current advertised price per square meter for apartments in Pančevo is 1,350 euros in older buildings and 1,600 euros in new buildings, while in Novi Sad, prices range from 1,700 to 2,800 euros in older buildings and from 1,220 to 1,900 euros in Niš.
Dr. Veljko Mijušković, an associate professor at the University of Belgrade’s Faculty of Economics, points out that infrastructure projects can increase the value of real estate in the vicinity, often leading to improved accessibility, attracting investors, and increasing demand for residential and commercial space.
“Capital investments can significantly impact the demand and prices of real estate. Increased construction and demand for apartments in Belgrade often depend on urban plans, infrastructure projects, and economic dynamics. Currently, considering the EXPO 2027 project, some of the areas attracting the attention of investors and buyers are Mirijevo, Surčin, New Belgrade, as well as Vračar, Savski venac, and parts of the city near the Sava River. Additionally, revitalization projects in certain neighborhoods and planned infrastructure improvements can contribute to the growing demand for real estate in those areas,” Dr. Mijušković emphasizes.
Railways and corridors influence apartment prices
Nikola Radić from the “Ataše nekretnine” agency states that the main drivers of any real estate market, influencing both supply and demand, are the conditions in financial markets, such as the price and availability of capital.
“Capital investments, as initiators and drivers of development, directly affect demand and, consequently, the price of real estate. They generate demand in specific locations, with a certain micro-location gaining quality in terms of infrastructure, transportation, and more. This leads to increased demand for real estate and, consequently, an increase in the price per square meter. As capital investments in Serbia have become more present and significant in recent years, it is realistic to expect an increase in demand and, consequently, an increase in real estate prices in certain locations,” Nikola Radić points out.
Mirijevo is gaining significance
He highlights that one of the most significant infrastructure projects in Serbia is the construction of the fast railway Belgrade-Niš, and he believes it will have a great impact on the development of the entire country, especially for southern Serbia. Niš is already a hub where the eastern and southern branches of Corridor 10 converge, leading to Bulgaria and North Macedonia. The construction of a new corridor to Pristina, named the “Highway of Peace,” is also underway.
“A project the size of the fast railway construction has the potential to mobilize investments in various areas. Such a perspective retains people, so we believe in the development of southern Serbia and Niš, Leskovac, Vranje,” says Radić.
He notes that Mirijevo, as a relatively young and promising neighborhood with constant demand from real estate buyers, has gained additional significance with the metro project, considered a crucial capital investment, especially concerning Belgrade neighborhoods.
“Mirijevo, as a micro-location, has its advantages and a constant demand for square meters of residential space. The Zvezdara municipality is one of the few with a positive natural population growth rate in Serbia, and considering this fact, along with the announcement of metro station construction in this residential area, this location has potential,” says Nikola Radić.
Today, the average price per square meter for an apartment in older buildings in this Belgrade neighborhood is around 1,500 euros, and in newly constructed buildings, it is around 2,000 euros. Radić emphasizes that about ten years ago, the average price per square meter in Mirijevo was around 1,000 euros for older buildings and about 1,300 euros for new construction, indicating increased demand for real estate and justifying investment in this area.
“A similar situation is observed in the Surčin municipality, where the demand is generated by the major capital investment EXPO. As a location where increased construction of commercial real estate is also noted, Pančevo stands out. The development of local infrastructure (roads, utilities, healthcare), the arrival of more foreign investors, along with the relative proximity to Belgrade as the capital, makes Pančevo a promising investment destination,” says Radić.
New factories stimulate housing construction
Every new industrial zone implies the opening of new jobs and the arrival of the workforce from surrounding municipalities, significantly increasing demand for real estate in some neighborhoods.
Although there has been recent talk about Surčin as a sought-after location due to the EXPO international exhibition, this municipality has been experiencing economic growth for several years. Along with Stara Pazova and Inđija, it is one of the three local self-governments in Serbia with almost no unemployment. Due to its geostrategic position, proximity to highways, and the airport, these municipalities were attractive to investors even before. Veljko Mijušković expects that they have great potential for further development in the coming period.
“Also, new jobs opening due to factories can influence the demand for apartments nearby. On the other hand, challenges may arise, such as changes in the landscape and increased congestion. Outside of Belgrade, several locations in Serbia are becoming attractive due to infrastructure projects. Niš has potential due to the airport, while Novi Sad stands out as a center of economy and culture, with numerous investments and improvements. Also, industrial zones like Šimanovac Road and the industrial zone in Inđija also attract investors’ attention. Mountain resorts like Zlatibor and Kopaonik are still attractive for construction investments,” concludes Veljko Mijušković.
