Serbia’s real estate agency and advisory sector increased net profit by 84% between 2023 and 2025, reaching approximately €9.4 million, while total revenue rose 20% to €102 million, according to CompanyWall data. Growth was concentrated among major commercial property consultancies, with CBS International and CBRE Serbia accounting for around 26% of sector revenue and 45% of net profit in 2025.
The two companies generated combined revenue of approximately €26.8 million and net profit of €4.25 million, highlighting the profitability gap between institutional advisory firms and smaller residential brokerage businesses.
Revenue and profits increase as employment declines
Industry revenue rose from approximately €85 million in 2023 to €102 million in 2025, while net profit increased from €5.1 million to €9.4 million. The sector’s net profit margin consequently climbed from below 6% to more than 9%.
The number of registered agencies increased from 1,310 to 1,604, while formal employment declined from 2,675 to 2,594 workers. The 100 largest agencies generate approximately 75% of sector revenue, leaving around 1,500 other businesses to compete for the remainder. Larger consultancies benefit from integrated advisory services, specialised teams and corporate relationships, while smaller agencies often rely on individual agents and residential brokerage commissions.
CBS International and CBRE lead commercial advisory
CBS International, the Serbian affiliate of Cushman & Wakefield, ranked first in 2025 with approximately €15.75 million in revenue and €3.05 million in net profit. The company employs 138 workers and recorded a net profit margin of 19.3%.
Its services include commercial property brokerage, corporate leasing, investment transactions, valuations, property management and development advisory. Net profit more than doubled between 2023 and 2025, reflecting the company’s position in Serbia’s institutional property market. CBRE Serbia ranked second, reporting approximately €11.06 million in revenue and €1.20 million in net profit. With 93 employees, it recorded a net profit margin of 10.9%, while net profit increased 131% between 2023 and 2025.
Its activities include commercial property advisory, asset valuations, office leasing, capital markets, investment transactions and property management. According to CBRE’s regional market assessment, Serbia was Southeast Europe’s largest commercial property investment market in 2025. Transactions reached approximately €340 million, representing almost 40% of regional investment volume. Office properties attracted more than half of regional investment, followed by retail assets, including shopping centres and retail parks.
Domestic and regional investors have also become increasingly prominent, supporting demand for financial modelling, acquisition due diligence, valuations and long-term asset management.
Digital brokerage faces pressure on profitability
City Expert Global, Serbia’s digital real estate platform, generated approximately €3.39 million in revenue in 2025, but recorded net profit of only around €2,400, equivalent to a margin of approximately 0.07%. The company employs 88 workers and operates through digital listings, virtual tours, online advertising and technology-enabled brokerage.
Although it returned to a small profit after reporting a loss in 2023, its results demonstrate the difficulty of converting digital reach into earnings amid technology, marketing, customer acquisition and operating costs. The contrast with CBS International and CBRE illustrates the different economics of residential brokerage and institutional commercial advisory, where larger mandates and additional professional services can support higher margins.
Belgrade dominates sector earnings
Approximately 53% of Serbia’s registered real estate agencies operate in Belgrade, but they generate nearly 90% of industry net profit. The capital’s concentration of office buildings, residential developments, corporate headquarters, logistics facilities and institutional investors supports demand for specialised property services.
Novi Sad, the country’s second-largest real estate services centre, has 162 registered agencies but accounts for less than 7% of national sector revenue. Expanding logistics, industrial, retail and hospitality developments outside Belgrade could create additional demand for professional advisory and asset-management services.
Property transactions reach €4.2 billion
Serbia’s wider real estate market recorded €4.2 billion in transactions in the first half of 2026, up 10.1% year on year, according to the Republic Geodetic Authority. Transaction numbers increased just 0.2% to 61,343.
Apartments accounted for approximately €2.5 billion, or 61% of total turnover. The value of apartment transactions rose 11.4%, despite a 1.9% decline in the number of completed sales.
Higher property values can increase potential advisory mandates and collateral valuations, but lenders must also assess rental income, occupancy, capital expenditure, debt-service capacity and exit liquidity. Independent valuations remain important for credit-risk management and financing decisions.
Smaller agencies face structural challenges
CompanyWall data show that approximately half of registered agencies report no formal employees. Around 40% report a net profit, while approximately 27% operate at a loss.
Some businesses rely on owners, external associates or self-employed agents rather than formal employees. The figures underline the industry’s fragmentation and the concentration of earnings among larger firms.
Partnerships, digital platforms, franchise arrangements and consolidation could reshape the market, although transferring individual agents and client relationships may complicate acquisitions.
With transaction volumes largely stable in the first half of 2026, further growth may increasingly depend on institutional mandates, property management, refinancing, portfolio restructuring and independent valuations. CBS International and CBRE Serbia’s combined share of nearly half of sector net profit highlights the competitive advantage of scale and integrated services, while smaller agencies continue to face pressure on margins.
