In the first quarter of 2024, the Republic Geodetic Institute (RGZ) announced that Serbia’s housing price index stood at 160.49, marking a 4.74 percent increase compared to the same period last year. This data reflects a steady growth trend in housing prices, indicating stability in the real estate market, which is reassuring for both the economy and investors.
Compared to the fourth quarter of 2023, housing prices in Serbia experienced a slight uptick of 0.78 percent. The breakdown by property type shows that prices for apartments in “old buildings” increased by 4.52 percent year-on-year, while prices for apartments in “new buildings,” typically bought from investors, saw a higher growth rate of 5.09 percent.
The overall sales volume of apartments in the first quarter of 2024 remained relatively unchanged compared to the previous year. Specifically, there were 10,186 apartment sale contracts recorded, which is a marginal decrease of 0.7 percent from the same period in 2023. The total value of these transactions amounted to 834 million euros, representing a 2.5 percent decrease from the previous year.
Regional analysis reveals varying trends across Serbia. Šumadija and Western Serbia saw a notable increase of 11.28 percent in apartment sales and a 24.04 percent rise in sales values. Southern and Eastern Serbia also showed growth, with apartment sales up by 4.92 percent and sales values increasing by 37.50 percent. Conversely, Belgrade experienced a decline of 6.5 percent in apartment sales and a 10.13 percent drop in sales values. Vojvodina similarly recorded decreases, with apartment sales down by 4.32 percent and sales values decreasing by 0.56 percent.
Regarding apartment prices, compared to the first quarter of 2023, Vojvodina saw a 5.00 percent increase, Belgrade saw a 4.50 percent increase, and Šumadija and Western Serbia experienced a 3.49 percent rise. The highest price growth was observed in Southern and Eastern Serbia, where prices rose by 7.16 percent over the year.
In comparison to other European countries, Serbia’s housing market exhibited moderate and stable price growth. While some countries reported significant slowdowns or declines in their real estate markets during the fourth quarter of 2023, Serbia maintained a steady upward trajectory in housing prices.
The RGZ index, developed in line with international methodologies, provides transparent and current insights into real estate market trends, benefiting both citizens and the economy.
