Real estate market in Serbia: Challenges and forecasts for 2025

In the real estate market in Serbia, a slight recovery was recorded during the first half of 2024 compared to the same period of the previous year, but the value still remained below the level of 2022. In Belgrade, the decline in sales is particularly pronounced, while demand is increasingly moving towards the periphery. This is the result of more favorable prices, the search for a quieter environment, but also the announced international exhibition EXPO 2027.

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While the prices of apartments in the central municipalities of Belgrade such as Stari Grad, Vračar and New Belgrade are declining, Peripheral municipalities, such as Surčin, Zemun and Čukarica, are becoming more and more popularaccording to Bloomberg Adria.

Sales in these parts increased by 10%, while the demand for luxury real estate, whose price reaches 10,000 euros per square meter, is declining.

Perspectives for 2025

According to Nebojsa Nešovanović from CBRE, the real estate market continues to cool downwhich could stabilize prices. He predicts the return of credit buyers and a focus on apartments whose price per square meter is from 1,500 to 3,000 euros. On the other hand, demand for luxury properties will remain low, as they previously attracted investors who are now more calculating.

Nešovanović told Bloomberg Adria that three times more real estate is being built and sold in Serbia than 10 years ago and that construction is at a historic high. However, he believes that it is too much for the current demographic picture and that the level of construction is maintained by investment buyers who want to save money or make extra money in this way.

He points out that they are prices are 2-3 times higher than in 2014. and that the market will continue to change in the coming years.

Regional trends

While Belgrade records a slowdown, Southeast Serbia shows signs of progress. In cities such as Bor and Niš, the growth in demand leads to an increase in square footage prices. So in Bor, thanks to the investments of the Chinese company Zijin, the price per square meter has doubled in the last three years.

New urban projects

In the area of ​​Belgrade, work is currently underway on six large projects covering around 3,500 hectares. Nešovanović states that not all of them will be realized, but they will still significantly shape the future of the Serbian capital.

He is convinced that it is a good opportunity for young people who are able to separate from 150,000 to 300,000 euros for a good apartment or house.