In the last quarter of 2024, Serbia recorded its highest property sales volume in two years. Surprisingly, Belgrade was no longer the leading city. Niš took the top spot with a sales increase of 43.6 percent, followed by Novi Sad and Kragujevac, both recording growth of slightly over 20 percent.
During the pandemic, cottages were in highest demand, followed by garages a year later. However, 2024 was marked by strong demand for apartments. Apartment sales rose by 13 percent compared to the previous year, according to Bloomberg Adria. In Niš, the supply of apartments noticeably increased, especially in attractive areas like Durlan, Pantelej, and Trošarina. Prices have remained relatively stable with only slight adjustments to reflect broader economic conditions.
Local real estate agencies report that the average price per square meter in Niš is between 1,150 and 1,250 euros. The most sought-after properties are two- and three-room apartments between 50 and 70 square meters, appealing to young couples and families. Smaller one-room apartments are also in demand, particularly among investors and renters. Buyers are more cautious and focused on value, while sellers are adapting to stay competitive.
Experts believe the Niš market will remain stable, with minor price corrections possible due to financial and economic developments. Buyers and sellers are advised to consult local experts and stay informed about current listings.
Only one in four apartments is purchased with a loan. The remaining 80 percent of transactions are paid in cash. Ivana Štrbac, head of mass assessment at the Republic Geodetic Institute, explained that while Belgrade still has the highest total number of sales, the pace of growth has shifted to other cities.
She noted that Belgrade’s high property prices have led both investors and buyers to turn to other markets, such as Niš, Novi Sad, and Kragujevac, where infrastructure development and investment have made housing more attractive. Niš, in particular, saw a significant boom, with over 40 percent growth in overall property turnover, making it the most dynamic real estate market in Serbia in 2024.
Large residential complexes modeled after developments in Belgrade have also contributed to the appeal of Niš, attracting buyers from southern Serbia. The combination of rising investment activity and local migration trends has played a key role in the market’s rapid growth.
