Apartment prices in Serbia increased by 5.5% last year, according to the Republic Geodetic Institute (RGZ), but this did not disrupt the real estate market. On the contrary, the market has stabilized, and forecasts for the upcoming period remain optimistic.
Demand is particularly strong for smaller apartments (up to 50 square meters), which are often the first choice for buyers in cities like Belgrade, Novi Sad, Niš, and Kragujevac. This segment is experiencing a growing deficit, pushing up prices, especially in municipalities with good infrastructure and transport connections. Novi Sad is the most expensive city in Serbia after Belgrade, with an average price of 2,519 euros per square meter, followed by Niš at 1,669 euros, and Kragujevac at 1,521 euros. Smaller cities like Valjevo (1,817 euros) and Smederevo (1,282 euros) also have relatively high prices, while the southern regions, such as Leskovac (1,060 euros) and Vranje (930 euros), offer more affordable options.
The market is regionalized, with cities offering better transport, economic activity, and educational opportunities being more expensive. The director of Eminent real estate agency, Nenad Avram, highlights that while part of the market has slowed due to uncertainty, demand for well-priced properties remains strong, and apartments under construction tend to be more expensive due to rising construction costs.
Two-room apartments, particularly those around 50 m², are the most sought-after. Buyers prefer properties that are move-in ready, especially in older buildings in good locations. Large and luxury apartments, especially those above 100 m² or requiring significant renovation, struggle to attract interest.
In 2025, Belgrade has seen a notable price increase, with the average price per square meter reaching 2,990 euros in the first quarter, up 9.4% from 2024. Central areas like Sava Venac, Old Town, and Vračar have seen even higher prices, while suburban areas like Mladenovac and Obrenovac have remained stable or experienced slight declines. The introduction of subsidized housing loans for young people has also contributed to increased interest in Belgrade and Novi Sad.
