Serbia’s property market remained resilient in the first half of 2026, supported by economic growth, rising wages and continued investment, but demand increasingly shifted toward modern properties, established locations and projects with predictable returns. The latest assessment by Danos Group shows a growing divide between prime and secondary assets across residential, office, retail, logistics and hospitality markets.
Economic backdrop supports demand
Serbia’s economy grew 3.2% year on year in Q1 and preliminary data showed 3.6% growth in Q2. The National Bank of Serbia raised its 2026 growth forecast from 3.0% to 3.2%, while maintaining a 4.5% forecast for 2027, when the impact of EXPO 2027 is expected to become more visible.
Headline inflation fell from 2.7% in June to 1.9% in July, although core inflation remained at 4.5%. The NBS policy rate is 5.75%, while average rates on new corporate loans reached about 7.2% for dinar loans and 5.1% for euro-linked loans. With prime commercial-property yields generally at 7.5–8.0%, financing costs are limiting the attractiveness of leveraged acquisitions and increasing the importance of rental growth and operational improvements. Average net wages reached RSD 121,805 (€1,040) in April, up 11.6% nominally and 8.6% in real terms during January-April. Median earnings stood at RSD 94,585 (€807), highlighting continued affordability constraints.
Office pipeline remains substantial
Belgrade entered 2026 with around 1.457 million square metres of modern office stock. New Belgrade remains the dominant business district, with more than 1 million square metres of gross leasable area. Prime Class A rents are approximately €18–20 per square metre per month, compared with €10–17 for Class B space. Prime yields are estimated at 7.5–8.0%.
Nearly 120,000 square metres of new office space is under development or preparation. The largest planned project is the Forty/B.I.L.D. Invest complex, with approximately 61,000 square metres. Other projects include Bel Mondo, Delta Tower and Panorama Office. AFI Europe is also advancing West Gate/Airport City Phase 9, AFI City Zmaj North and AFI City Zmaj East.
Retail and logistics expand outside the capital
Serbia added 11 retail parks in 2025, representing approximately 127,000 square metres. New schemes opened in Bor, Šabac, Šid, Smederevo, Aranđelovac and Požega. A retail park of about 6,000 square metres is under development in Bečej, with announced tenants including dm, Sinsay, Pepco and JYSK. Another major scheme is planned in Surčin, alongside residential, transport, stadium and EXPO-related investment. Belgrade shopping-centre rents generally range from €23–28 per square metre, while retail parks command around €9–12. Prime retail yields remain close to 8%.
Industrial and logistics property remains the strongest commercial segment, with approximately 7.44 million square metres of stock, including 2.4 million square metres of Class A space. Prime logistics rents are around €4.5–5.5 per square metre, yields near 8%, and vacancy at 6–7%. The strongest locations include Belgrade, Šimanovci, Dobanovci and Novi Sad, supported by motorway access and demand from manufacturers, retailers, logistics operators and e-commerce companies.
Residential market shows growing price sensitivity
Residential transactions remained valuable but became less numerous. In Q2, total property-market value rose 8.1% year on year to approximately €2.2 billion, while the number of contracts fell 5.4% to 30,495. Apartments accounted for approximately €1.3 billion, or 62%, of market value, with Belgrade representing about €742 million. Only 15% of all property transactions used bank financing, compared with 34% for apartments, leaving the market relatively resilient to higher borrowing costs.
New-build apartments in Belgrade generally cost €2,500–4,000 per square metre, while selected premium units in Savski Venac and Belgrade Waterfront exceed €8,000–9,000. The highest recorded Q2 price was approximately €9,300 per square metre, while the most expensive apartment transaction reached €1.6 million. Major developments include Expo Village in Surčin with around 1,500 units, Blok 26 by GP Napred with about 700, Pupinova Palata by Galens with 691, and The One by Aleksandar Group with more than 550 units. Other schemes include Kvart 64, Danube Riverside, New Minel, Marina Dorćol, Victory Gardens, Lastavice II, Bel Mondo, Terminal 10 Residences and BIG Residences.
Hospitality investment continues
Hospitality development remains active, including the planned transformation of Hotel Slavija, new Marriott projects in Belgrade and Airport City, and an InterContinental within Delta District. Novi Sad is expected to receive a Hyatt Regency and another hotel near SPENS, while Rozeta Hotel and Swissôtel are part of the Kopaonik pipeline. Further projects are planned in Zlatibor, Vrnjačka Banja and Golubac. The first-half data point to a property market where capital remains available but is increasingly concentrated in prime offices, retail parks, modern logistics facilities and residential projects with strong locations and credible delivery prospects.
