Real Estate in Serbia

Construction site of Belgrade waterfront skyscraper towers, or Beograd na vodi in fornt of decaying buildings

In Serbia, real estate represents an important market segment and plays a significant role in the country’s economy. As in other countries, in Serbia, there is a large selection of real estate that can be bought or rented, including apartments, houses, commercial/business premises, land, and other types of buildings.

One of the most common types of real estate in Serbia is apartments. In cities like Belgrade, Novi Sad, Niš, and Kragujevac, a large number of people live in apartments, mostly in buildings. There is a wide variety of apartments, from small one-bedroom apartments to large luxury penthouses.

Statistical Office of the Republic of Serbia
Source Statistical Office of the Republic of Serbia

The average price of newly built apartments in the Republic of Serbia in 2022 was 209,958 dinars, representing an increase of 17.6% compared to 2021. Apartment prices in the observed period ranged from 52,000 dinars per square meter (m²) in Bujanovac to 459,049 dinars in the Belgrade municipality of Savski Venac.

The highest prices of newly built apartments were recorded in Belgrade municipalities, where the average price in city neighborhoods increased by 19.2% compared to the same period of the previous year and amounted to 304,030 dinars. In addition to the Belgrade municipalities, Čajetina, Novi Sad, Vrnjačka Banja, Zrenjanin, Pančevo, the Niš municipality of Medijana, Šabac, and Kragujevac stood out due to high prices.

The average surface area of ​​newly built apartments sold was 57 m².

Statistical Office of the Republic of Serbia
Source Statistical Office of the Republic of Serbia

Houses are also popular in Serbia, especially in the suburbs and smaller towns. Houses are usually built on large plots of land and generally have yards or gardens. There are different types of houses, from old traditional houses to modern villas.

In the last few years, there has been a significant increase in the construction of apartments and business premises in Serbia. According to statistics, the largest amount of new objects is in Belgrade, where new buildings and residential complexes are constantly being built. However, other cities in Serbia are also experiencing the construction of new residential and business buildings.

Real Estate Project Construction Site with Architectural Engineer, Investor and Worker Completing Building Development by Using 3D VFX Graphics

When it comes to real estate potential in Serbia, there are numerous investment opportunities. In addition to buying and selling real estate, there is also a high demand for renting apartments, especially in cities. In addition, there are various real estate construction projects that are financed from public funds and provide investment opportunities.

One of the main factors affecting the potential of real estate in Serbia is its geographical position. As a country in Southeast Europe, Serbia is located on an important transit route between Western and Eastern Europe. This means there is great potential for infrastructure development and connectivity with other countries.

Also, Serbia has great tourism potential, which opens up opportunities for investing in real estate intended for tourists. There are many popular tourist destinations in Serbia, such as Novi Sad, Belgrade, Zlatibor, Kopaonik, and others.

When we talk about tourist places, the largest number of properties in the last year, according to the number of permits issued, were built (or are under construction) in Zlatibor.

Businessman analyzing real estate market

In February 2023, 1,786 building permits were issued, which represents a decrease of 10.5% compared to the same period of the previous year. Of the total number of permits issued in February, 77.0% of permits refer to buildings and 23.0% to other structures. If only buildings are considered, 77.4% of permits were issued for residential buildings and 22.6% for non-residential buildings, while most other buildings are related to pipelines, communication and electrical lines (66.6%).

The estimated value of the new construction works in February 2023 is 87.5% of the total estimated value of the works. The biggest construction activity is expected in the Belgrade region, with 49.8% of the predicted value of new construction, followed by the Srem region (11.5%), Šumadija region (7.3%), and Južnobačka region (6.4%). ), while the shares of other areas range from 0.1% to 3.7%.

Statistical Office of the Republic of Serbia
Source Statistical Office of the Republic of Serbia

The real estate market has been growing in the last few years, both in the amount of started and completed projects and in real estate prices.

Belgrade is the leader of the real estate market in Serbia, and the prices of old buildings are also rising, much like those of new buildings.

Real Estate Prices
Source Statistical Office of the Republic of Serbia