Slight growth in housing prices in Serbia in the second quarter of 2024

In the second quarter of 2024, according to the data of the Republic Geodetic Institute (RGZ), the housing price index in Serbia is 164.56. This represents an increase in apartment prices of 4.68 percent compared to the same period last year. Compared to the first quarter of 2024, there is a slight increase of 1.26 percent. These indicators indicate the stability of the real estate market, which represents a positive signal for potential investors and the economy, announced the RGZ.

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In the second quarter, a total of 11,532 contracts on the transfer of apartments were recorded, which is 7.5 percent more compared to the same period in 2023. The total value of the turnover of apartments reached 978 million euros, recording a growth of 7.3 percent. Prices in old buildings increased by 4.41%, while the price increase in new buildings was somewhat more pronounced, with a rate of 5.15%.

Regional trends show considerable variation. Southern and Eastern Serbia recorded a growth in apartment sales of 16.7 percentwhile the value of traffic in these regions increased by as much as 37 percent. In Vojvodina, sales increased by 14.03 percentwhile the turnover value jumped by 35.7 percent

Šumadija and western Serbia recorded an increase in sales of 9.70 percentwhile the turnover is higher by 22.22 percent. On the other hand, in Belgrade, there was a slight decline in the sale of apartments, with a decrease of 0.57 percentwhile the turnover value fell by 5.61 percent.

As for prices, compared to the second quarter of 2023, apartment prices rose the most in Southern and Eastern Serbia, where a growth of 7.40 percent was recorded. Vojvodina recorded a price increase of 4.49 percent, while prices in Belgrade rose by 3.98 percent. In Šumadija and western Serbia, the price increase is 5.05 percent.

Comparing the housing price index in Serbia with European countries, RGZ states that Serbia records moderate and stable growth. According to Eurostat data for the first quarter of 2024, several European countries, such as Luxembourg, Germany and France, saw a decline in residential real estate prices, while countries such as Poland, Bulgaria and Lithuania recorded double-digit growth.

The RGZ housing price index was developed according to international methodological standards, providing citizens and the economy with free and transparent insight into developments in the real estate market.