The Republic Geodetic Institute has released its real estate market report for the first half of 2024, revealing a total market value of €3.4 billion. This marks a 3.9% increase compared to the same period in 2023. Despite a modest growth of only 0.2% in the number of sales contracts (60,154 in total), the market remains stable with housing prices rising moderately by 4.68% year-on-year.
The largest share of the market turnover was attributed to apartment sales, amounting to €1.8 billion (54% of the total market value). The remainder of the market is distributed as follows: €273.8 million (8%) for houses, €261.5 million (8%) for construction land, €150 million (4.5%) for business premises and €117.5 million (3.5%) for agricultural land.
Belgrade’s dominance in the market
Belgrade plays a dominant role in the real estate market, accounting for 57% of the total value of traded apartments, 69% of garage space transactions, 57% of business space deals and 51% of construction land sales. In contrast, Vojvodina leads in agricultural land turnover with 69% of the market share, as well as in the turnover of houses (40%) and cottages (50%).
In terms of the highest volume of sales contracts, the Basic Court in Novi Sad recorded 5,448 contracts, while the largest total transaction value was seen in the First Basic Court in Belgrade, which amounted to €737 million.
Key highlights in sales contracts and prices
In the first half of 2024, the office of notary Mirjana Simović Aleksić in Novi Sad had the largest number of delivered sales contracts, with 998 contracts. Meanwhile, Sribislav Cvejić’s notary office in Belgrade saw the largest financial turnover, approximately €141.7 million.
In terms of property types, apartments and agricultural land both recorded growth in the number of contracts and their market values. Agricultural land saw an 11.3% increase in value, with a 2.3% increase in the number of contracts. The number of apartment contracts rose by 3.7%, while their market value increased by 2.6%.
On the other hand, garage spaces saw only a slight increase in contract volume (1%), but a decline of 6.4% in transaction value. The house segment recorded a small decline in the number of contracts (-1.7%), but the total value of house sales increased by 6.6%. Business premises experienced the biggest drop, with a 9% decrease in contracts and a 15.2% drop in total turnover.
Credit-financed real estate purchases on the rise
A noticeable recovery in the use of credit for real estate purchases was recorded in the first half of 2024, with 8% of all property contracts being financed by loans. This marks a 1% increase compared to the previous year. Notably, 20% of all apartments were purchased using loans, up from 18% in 2023.
Highest property prices in 2024
The report also highlights the highest real estate prices in Serbia during the first half of 2024. The priciest apartment per square meter was sold in Belgrade’s “Belgrade on the Water” development at €10,350. The most expensive apartment in Belgrade was sold for €1.23 million.
The most expensive house transaction occurred in Savski Venac for €3.18 million. Garage spaces also saw high prices, with the most expensive one in Belgrade’s Vračar district costing €73,000. The most expensive office space per square meter was sold for €11,500 in Vračar, with the highest total value for office space reaching €3.1 million.
In agricultural land, the most expensive plot was traded for €2.2 million in Palilula Municipality, Belgrade.
Increased market transparency and decision-making
The Republic Geodetic Institute, through its reports and the Real Estate Price Register, continues to promote transparency and improve the functioning of Serbia’s real estate market. These efforts aim to assist decision-makers in addressing strategic issues related to real estate and contribute to the market’s overall development.
