Serbia’s planned national football stadium in Surčin is now expected to be completed at the beginning of 2028, moving the project beyond the Expo 2027 international exhibition and marking another change to the construction timeline.
The stadium was originally scheduled for completion before Expo 2027, but construction activity will be suspended from mid-May to mid-August 2027 while the exhibition is taking place. Officials said the interruption is required because ongoing heavy works could create safety and logistical challenges for Expo visitors.
The venue is being developed as part of the wider Surčin development zone, which also includes exhibition facilities, a railway station and major transport infrastructure. The stadium and Expo complex have previously been presented as connected elements of the same development programme, but the stadium will not be operational during the exhibition despite significant public spending already committed to the project.
Construction Progress and Revised Completion Schedule
Construction officially started on May 1, 2024. The 52,000-seat stadium was designed by Spain-based Fenwick Iribarren Architects, while PowerChina serves as the main contractor. Before construction of the main structure could proceed, the site required 2,300 piles to stabilise weak ground conditions. The roof’s steel framework is nearing completion, and installation of seating tiers is under way, although substantial interior works, mechanical systems and finishing activities remain unfinished.
The completion deadline has been revised several times. The initial target was December 2026, which was later moved to March 2027 and has now shifted again to early 2028.
Stadium Cost Estimates and Budget Transparency
The government has stated that the stadium’s construction cost will not significantly exceed €460 million, with the current estimate placed at approximately €468 million. This compares with an earlier feasibility study that valued the project at around €257 million.
Budget figures have raised questions over how the final cost is calculated and which expenses are included in official estimates. More than RSD49 billion, or approximately €420 million, had already been spent by the reported cut-off period.
Additional allocations include RSD16.4 billion for 2027 and RSD7.2 billion for 2028, with the two amounts together representing around €201 million. The relationship between these budget allocations and the stated €468 million stadium cost requires further clarification regarding taxes, associated works, payment schedules and the division between the stadium contract and surrounding infrastructure.
Spending Execution and Broader Infrastructure Costs
Annual budget execution for the project has varied significantly. In 2023, spending reached RSD17.3 billion compared with a planned RSD22.4 billion. In 2024, expenditure amounted to RSD25.6 billion against a planned RSD31 billion. During 2025, only RSD2.5 billion was spent from an allocated RSD18.5 billion, while the first five months of 2026 recorded expenditure of RSD3.87 billion from a planned RSD21.2 billion.
Lower budget execution does not necessarily indicate that construction has stopped, as payments for major projects are often linked to certified construction milestones. However, differences between planned and realised spending complicate assessments of remaining costs and may shift financial obligations into future budget periods. The Fiscal Council has estimated that the stadium and related infrastructure could cost more than €960 million in total. This broader estimate includes additional works required to ensure access and full operation of the venue, rather than only the stadium structure itself.
Financing Structure and Project Oversight
The stadium is being financed through a combination of state budget resources, bond issuance and commercial borrowing. Unlike several Serbian infrastructure projects involving Chinese contractors, the stadium is not described as being financed through a dedicated Chinese state loan. For assessments of Serbia’s public finances, attention is focused on the government’s ability to maintain a consistent project definition, align reported expenditure with the contract value and manage potential financial effects from schedule revisions.
The construction pause during Expo 2027 was expected due to the stadium’s location within the same development area as the exhibition facilities. The eventual financial impact will depend on contractor claims related to schedule extensions, site maintenance expenses and the sequencing of construction activities before and after the exhibition.
