Real estate prices in Belgrade and other Serbian cities keep climbing, while demand remains steady and the number of issued building permits declines. Real estate consultant Milić Đoković warns that prices are unlikely to stagnate soon and will likely continue rising at least in line with eurozone inflation. He advises prospective buyers to act now.
Recent data from the Republic Statistical Office reveals a 9.5% drop in building permits in May compared to last year, with just over 2,200 permits issued. Đoković highlights that reduced construction will mean fewer new apartments, which, alongside steady demand, will push prices up.
In Belgrade, the average price per square meter is around €2,500, with central locations reaching €3,500 to €4,500, while outskirts offer prices between €1,700 and €2,000. Notably, garage prices have surged, sometimes matching apartment prices, with some garages selling for as much as €72,000 due to high demand and excellent rental potential.
For young buyers seeking their first home, Đoković recommends more affordable neighborhoods such as Mirijevo, Batajnica, Borča, Železnik, Sremčica, Vidikovac, and Miljakovac. He advises setting realistic expectations, noting that prime central locations are often out of reach for first-time buyers.
Looking ahead, Đoković believes real estate prices will keep rising for at least the next six to twelve months, driven by economic, geopolitical, and market factors. While longer-term forecasts remain uncertain due to external influences like global conflicts and commodity prices, stagnation is not expected anytime soon.
