This year, Serbia saw the establishment of 107 new real estate agencies, bringing the total to 1,526 companies and entrepreneurs engaged in real estate sales—a 38% increase compared to 2019, according to the magazine “Business and Finance.”
Over the past five years, around 770 real estate agencies have been set up, although some have since closed. Experts note that while there is currently less activity than two years ago, when thousands of apartments were sold monthly, both demand and prices per square meter remain significantly higher than before the pandemic.
Milić Đoković, an appraiser from the Real Estate Cluster, explained that the rise in new agencies is a natural result of market growth, mostly involving “micro-enterprises with one or two employees.” He observed that the market has become more segmented, with many agencies specializing in commercial space and a growing trend towards rentals. Those involved in buying and selling are reportedly performing well. “The market exploded during the pandemic and is now in a period of mild calm,” Đoković noted.
Agencies indicate that the real estate market, despite seasonal fluctuations, provides a stable workload for those who position themselves as trustworthy partners in transactions, with many clients coming through recommendations.
Data from the Republic Institute of Statistics shows that the average salary in the real estate sector is 90,740 dinars, below the national average of 97,835 dinars. Experts claim that unfair competition is decreasing due to legal regulations and mandatory registration in the intermediary registry.
“We have a policy with a minimum coverage of 50,000 euros and higher, protecting customers from potential mishaps,” Đoković stated. “In ten years, not a single policy has been activated, indicating that agencies have not been liable for any incidents.”
The real estate market experienced a boom in 2022, with total sales reaching a record 7.5 billion euros and 140,592 contracts concluded. Last year, however, the market slowed, with 121,627 contracts worth 6.5 billion euros.
Agents are optimistic about the expected reduction in reference interest rates and new interest limits announced by the National Bank of Serbia, anticipating a resurgence of credit buyers, who have been less visible in recent years due to high mortgage costs. According to RGZ data from the first quarter of this year, 18.2% of apartments were purchased with credit, down from around 31% three years ago, with 93% of real estate purchases made in cash.
