Serbia issued 2,751 construction permits in July 2026, up 8.6% year on year, as residential and infrastructure development continued despite higher financing costs. Buildings accounted for 83.6% of all permits, while other structures made up the remaining 16.4%. Residential projects represented 82% of permits issued for buildings, keeping housing at the centre of the construction pipeline.
Permits cover more than 4,000 planned apartments
The July permits covered 4,292 apartments, with an average planned floor area of 71 square metres. Apartments in buildings with three or more units accounted for 88.7% of the planned housing stock, with an average size of 62.8 square metres. Single-unit buildings represented 10% of planned apartments and had an average area of 136 square metres, reflecting the difference between more compact urban housing and larger properties in suburban and regional markets.
Belgrade accounts for largest share of permitted works
New construction represented 85.3% of the projected value of permitted works. Belgrade accounted for 35.5% of the total, followed by the Zlatibor region at 15.3%, Pirot at 7.1%, Srem at 5.7% and South Bačka at 5.6%. The distribution of permits shows that property development remains concentrated in Belgrade and a limited number of regional centres.
Financing costs remain a constraint
Higher Euribor rates have increased the cost of mortgage and development financing. The increase in permits indicates continued developer activity, while the transition from approved projects to completed properties will increasingly depend on household affordability, construction costs and access to bank financing.
