The Republic Geodetic Institute (RGZ) has reported that the apartment price index for the fourth quarter of 2024 stood at 172.32, marking a 5.05% increase in apartment prices compared to the same period last year. When compared to the third quarter of 2024, apartment prices saw a slight growth of 1.28%. This steady rise in prices reflects a stable real estate market, with no major fluctuations, according to RGZ’s announcement.
The prices of apartments in older buildings increased by 4.78% year-on-year, while newly-built apartments saw a more significant rise of 5.52%. The number of apartment sales in the fourth quarter of 2024 surged, with 13,372 contracts recorded, a 20.6% increase from the same period last year. The total value of these transactions reached 1.3 billion euros, reflecting a remarkable 44.4% increase compared to the previous year.
The region of Southern and Eastern Serbia experienced the highest growth in both apartment sales and turnover, with apartment sales rising by 33.2% and turnover value increasing by 91.4%. In Vojvodina, apartment sales grew by 25.4%, with sales values increasing by 68.8% compared to the same period last year.
In the City of Belgrade, the apartment market also saw positive growth, with a 18.9% increase in sales and a 31.8% rise in sales value. The region of Šumadija and Western Serbia followed suit with a 12.2% growth in apartment sales and a 36.7% increase in the total sales value.
When it comes to price increases, Southern and Eastern Serbia saw the largest rise in apartment prices at 6.29%, followed by Belgrade with a 5.48% increase, Vojvodina at 4.61%, and Šumadija and Western Serbia with a 4.04% increase.
On the European level, Serbia’s real estate market has experienced moderate and stable growth since the start of 2024. While some countries, such as France, Finland, and Luxembourg, have seen a decline in residential property prices, others like Bulgaria, Poland, and Hungary have experienced double-digit growth.
The RGZ index, which is based on international methodological standards, provides an accessible and free tool for monitoring developments in the real estate market.
