Authored by the expert who managed and guided the team behind the Serbia Property Pack
Yes, the analysis of Belgrade's property market is included in our pack
So, you want to know if January 2026 is a good time to buy property in Belgrade.
That's a fair question, especially when prices have been rising steadily for years and you don't want to buy at the wrong moment.
In this blog post, we break down the current housing prices in Belgrade, the market signals, and what the data actually says, and we keep this article constantly updated with the latest figures.
And if you're planning to buy a property in this place, you may want to download our pack covering the real estate market in Belgrade.
So, is now a good time?
Rather yes, January 2026 is a reasonable time to buy property in Belgrade if you're planning to hold for several years and you focus on liquid, well-located apartments.
The strongest signal is that price growth has moderated to mid-single digits (around 5 to 6% year-over-year in 2025), which means we're past the explosive 2021-2022 surge and into calmer, more sustainable territory.
Another strong signal is that the National Bank of Serbia has kept its policy rate steady at 5.75% and housing loan rates have actually declined from mid-2024 levels, meaning financing conditions are stable rather than tightening.
Supply remains tight in desirable areas (with Colliers noting rental undersupply), no major price crash catalysts are visible, and the Belgrade Metro project plus EXPO 2027 provide mid-term demand support.
The best strategy is to target standard-sized apartments (40 to 80 square meters) in high-demand neighborhoods like Vraccar, Stari Grad, Novi Beograd, or Zvezdara, with clean paperwork and good transit access, and plan for a holding period of at least 5 years if you want to absorb transaction costs.
This is not financial or investment advice, we don't know your personal situation, and you should always do your own research and consult professionals before making any property purchase.
Is it smart to buy now in Belgrade, or should I wait as of 2026?
Do real estate prices look too high in Belgrade as of 2026?
As of early 2026, Belgrade property prices look stretched on affordability grounds, with typical apartments requiring 7 to 10 times a single earner's annual net income, which is high by most standards.
One clear on-the-ground signal that supports this is that price growth in Belgrade has slowed noticeably, with official RGZ-linked data showing around 5.3 to 5.8% year-over-year increases in 2025 compared to the 20-30% surges of 2021-2022, which suggests some buyer fatigue at current levels.
At the same time, premium properties in central areas like Stari Grad and Vraccar are still moving relatively quickly, while overpriced or lower-quality listings in peripheral zones sit longer, indicating that buyers are becoming more selective rather than disappearing entirely.
You can also read our latest update regarding the housing prices in Belgrade.
Does a property price drop look likely in Belgrade as of 2026?
As of early 2026, the likelihood of a meaningful property price drop in Belgrade over the next 12 months looks low, barring an unexpected macro shock like a regional financial crisis or sudden credit tightening.
The plausible price change range we estimate for Belgrade over the coming year is somewhere between minus 3% on the downside and plus 8% on the upside, with the base case being continued moderate growth in the 3 to 6% range.
The single most important macro factor that could increase the odds of a Belgrade price drop would be a sharp tightening of credit conditions, because most Serbian buyers rely on mortgages and stretched affordability means demand is sensitive to financing costs.
However, this scenario looks unlikely in the near term since the National Bank of Serbia has held its policy rate steady and inflation has returned within target, so there's no obvious trigger for aggressive rate hikes in early 2026.
Finally, please note that we cover the price trends for next year in our pack about the property market in Belgrade.
Could property prices jump again in Belgrade as of 2026?
As of early 2026, the likelihood of a renewed price surge in Belgrade (meaning double-digit annual growth) is low to medium, because the affordability ceiling is already stretched and the easy gains from 2021-2022 have been absorbed.
The upside price change we consider plausible for Belgrade over the next 12 months is around 5 to 8% in nominal terms, with stronger gains possible in specific neighborhoods benefiting from infrastructure projects.
The biggest demand-side trigger that could push prices higher in Belgrade would be a combination of continued EU integration progress (bringing investor confidence), EXPO 2027 preparation spending, and government housing subsidy programs for young buyers that boost purchasing power.
Please also note that we regularly publish and update real estate price forecasts for Belgrade here.
Are we in a buyer or a seller market in Belgrade as of 2026?
As of early 2026, Belgrade's property market is closer to balanced overall, but it leans toward sellers in prime neighborhoods and for newer, well-located apartments, while buyers have more negotiating room in peripheral areas.
Belgrade doesn't publish a standard "months of inventory" figure the way some Western markets do, but professional research from Colliers indicates that quality rental stock is undersupplied and desirable sales listings don't linger, which typically signals a seller-leaning environment for good properties.
On price reductions, we don't have a standardized share-of-listings metric for Belgrade, but market commentary suggests that overpriced or less attractive listings do see cuts, while correctly priced apartments in high-demand zones like Vraccar or central Novi Beograd sell without discounts, pointing to a segmented rather than uniformly tight market.
We have made this infographic to give you a quick and clear snapshot of the property market in Serbia. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.
Are homes overpriced, or fairly priced in Belgrade as of 2026?
Are homes overpriced versus rents or versus incomes in Belgrade as of 2026?
As of early 2026, Belgrade homes look overpriced when measured against local incomes (around 7 to 10 times annual earnings for a typical apartment), but they appear closer to fair value when measured against rents, with gross rental yields around 5.5% providing reasonable investor returns.
The price-to-rent ratio in Belgrade sits around 21 to 22, meaning it would take roughly 21 to 22 years of rent to equal the purchase price, which is elevated compared to a "balanced" benchmark of around 15 to 17 but not dramatically out of line with other European capitals.
The price-to-income multiple is the more concerning metric, as the average net salary in Serbia in late 2025 was around 110,670 RSD per month (roughly 950 euros), making even a modest 65 square meter apartment in Belgrade feel like a major stretch for single-earner households without family help or savings.
Finally please note that you will have all the indicators you need in our property pack covering the real estate market in Belgrade.
Are home prices above the long-term average in Belgrade as of 2026?
As of early 2026, Belgrade home prices are above the long-term average in both nominal and real (inflation-adjusted) terms, reflecting the cumulative gains from the 2021-2022 surge that have not reversed.
The recent 12-month price change in Belgrade has been around 5 to 6% nominally, which is moderate compared to the 20-30% annual jumps seen during the pandemic-era boom but still above the pre-2020 average pace of around 3 to 4% per year.
In inflation-adjusted terms, the BIS real residential property price index for Serbia shows prices are elevated versus the prior cycle but no longer accelerating rapidly, meaning the market has digested much of the earlier surge without giving back significant ground.
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What local changes could move prices in Belgrade as of 2026?
Are big infrastructure projects coming to Belgrade as of 2026?
As of early 2026, the biggest infrastructure project with potential price impact in Belgrade is the Belgrade Metro Line 1, which has moved through formal contract and protocol stages and could lift property values along its route by 5 to 15% as construction progresses and stations become operational.
The estimated timeline for Belgrade Metro Line 1 shows contracts signed and construction underway, with major station openings expected to roll out over the next several years, meaning the price impact will likely be gradual rather than immediate, benefiting early buyers who position near future stations.
For the latest updates on the local projects, you can read our property market analysis about Belgrade here.
Are zoning or building rules changing in Belgrade as of 2026?
The most important zoning discussion in Belgrade right now involves the General Urban Plan (GUP) 2041 process, which is in public review and will shape where new housing can be built and at what density over the coming decades.
As of early 2026, the net effect of likely zoning changes on Belgrade prices is uncertain, but if the new plan allows more density in peripheral areas like Surcin or around the EXPO site, it could eventually increase supply and moderate price growth in those zones, while more restrictive central zoning could keep prime-area prices elevated.
The areas most affected by these rule changes would be the growth corridors near major infrastructure projects, including zones along the future Metro line, around the EXPO 2027 site, and in municipalities like Palilula and Cukarica where development pressure is highest.
Are foreign-buyer or mortgage rules changing in Belgrade as of 2026?
As of early 2026, no major foreign-buyer restrictions or mortgage rule changes are being actively implemented in Belgrade, and the bigger story is that mortgage conditions have actually eased slightly since mid-2024, with housing loan rates declining as the NBS held its policy rate steady.
On foreign buyers, Serbia continues to operate on a reciprocity basis, meaning citizens of countries that allow Serbians to buy property there can also purchase in Serbia, and there's no indication of new taxes or bans on the immediate horizon.
On mortgages, the main development has been the government's young-buyer subsidy program allowing first-time purchasers aged 20 to 35 to access loans with just 1% down payment, which supports demand at the entry level without changing the overall loan-to-value framework.
You can also read our latest update about mortgage and interest rates in Serbia.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Serbia versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
Will it be easy to find tenants in Belgrade as of 2026?
Is the renter pool growing faster than new supply in Belgrade as of 2026?
As of early 2026, renter demand in Belgrade appears to be keeping pace with or slightly exceeding new rental supply in the most desirable areas, with Colliers research explicitly describing the rental market as undersupplied in central and well-connected districts.
The strongest signal of renter demand in Belgrade comes from university enrollment, young professional migration to the capital for jobs, and a continued (though smaller than 2022) flow of foreign workers, all of which support baseline tenant demand in popular neighborhoods like Vraccar, Stari Grad, and central Novi Beograd.
On the supply side, new apartment completions increased about 15% in 2024, which added options for buyers, but much of this new stock skews toward premium pricing or for-sale rather than dedicated rental, meaning quality rentals in the "affordable middle" remain relatively scarce.
Are days-on-market for rentals falling in Belgrade as of 2026?
As of early 2026, days-on-market for rentals in prime Belgrade areas like Vraccar and central Novi Beograd appear to be stable or slightly falling, with well-priced, modern apartments finding tenants within 2 to 4 weeks in competitive zones.
The difference between "best areas" and weaker locations is significant: a renovated, well-located one-bedroom in Vraccar might rent in under two weeks, while an older unit in a peripheral municipality like Rakovica or outer Palilula could sit for 6 to 8 weeks or longer without the right price adjustment.
One common reason days-on-market falls in Belgrade is the combination of student-driven seasonal demand (September through October) and ongoing undersupply of quality, transit-accessible units, which creates competitive conditions for desirable listings.
Are vacancies dropping in the best areas of Belgrade as of 2026?
As of early 2026, vacancy appears to be low and stable (not necessarily dropping further, but already tight) in the best-performing rental areas of Belgrade like Vraccar, Stari Grad, Savski Venac, and well-located parts of Novi Beograd.
In these prime zones, vacancy rates are estimated to be well below 10% for quality apartments, while the overall market (including peripheral areas and older stock) likely has higher vacancy simply because those units don't match what most tenants want.
One practical sign that the "best areas" are tightening first in Belgrade is that landlords in central locations are increasingly able to hold asking rents firm or raise them modestly, while landlords in weaker areas have had to offer discounts or incentives to fill units.
By the way, we've written a blog article detailing what are the current rent levels in Belgrade.
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Am I buying into a tightening market in Belgrade as of 2026?
Is for-sale inventory shrinking in Belgrade as of 2026?
As of early 2026, we don't have a standardized, publicly available inventory count for Belgrade that would let us say definitively whether for-sale listings are shrinking year-over-year, but market commentary suggests that "good inventory" (meaning well-located, properly priced, legally clean apartments) remains relatively scarce.
Belgrade doesn't publish a clean "months of supply" figure, but based on transaction volumes and listings behavior, the market feels neither flooded nor starved, with balance varying significantly by neighborhood and property type.
One likely reason good inventory feels tight is that homeowners who locked in favorable mortgage rates in 2022-2023 have little incentive to sell and repurchase at today's prices, which creates a soft "lock-in" effect similar to what other markets have experienced.
Are homes selling faster in Belgrade as of 2026?
As of early 2026, the median time-to-sell for well-priced homes in Belgrade appears to be stable or slightly quicker in prime neighborhoods, while it remains longer for overpriced or poorly located properties, reflecting a segmented market.
Compared to a year ago, the year-over-year change in median days-on-market is not dramatically different, as the market has settled into a moderate-growth pattern rather than the frenzied pace of 2021-2022, so correctly priced apartments in Vraccar or Novi Beograd still move in 30 to 60 days while weaker listings can sit for 90 days or more.
Are new listings slowing down in Belgrade as of 2026?
As of early 2026, we don't have highly reliable year-over-year data on new for-sale listings in Belgrade, but the building permits pipeline from SORS suggests that new construction continues at a moderate pace rather than surging or collapsing.
The seasonal pattern for new listings in Belgrade typically sees more activity in spring (March through May) and autumn (September through November), with January being a quieter month, so current listing levels should be interpreted with that seasonal context in mind.
One plausible reason new listings might be slower than expected is that existing homeowners are cautious about selling into an uncertain global environment and giving up properties that have appreciated significantly, preferring to hold rather than trade.
Is new construction failing to keep up in Belgrade as of 2026?
As of early 2026, new construction in Belgrade is not dramatically failing to keep up with demand in aggregate, but it is often missing the "affordable middle" segment that most local buyers need, with developers skewing toward premium projects that carry higher price tags.
The recent trend in permits and completions shows continued construction activity, with new apartment supply increasing about 15% in 2024, though much of this goes toward high-end developments like Belgrade Waterfront or premium new-builds in central areas.
The single biggest bottleneck limiting new construction in Belgrade is likely the combination of high land costs in desirable areas, lengthy permitting processes, and construction cost inflation, which pushes developers toward luxury projects where margins are better rather than affordable housing.
We made this infographic to show you how property prices in Serbia compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
Will it be easy to sell later in Belgrade as of 2026?
Is resale liquidity strong enough in Belgrade as of 2026?
As of early 2026, resale liquidity in Belgrade is reasonably strong for standard, well-located apartments with clean legal documentation, meaning a correctly priced property in a popular area should sell within 1 to 3 months without major difficulty.
The median days-on-market for resale homes in Belgrade varies significantly by segment, but for a typical apartment in neighborhoods like Vraccar, Zvezdara, or Novi Beograd, 30 to 60 days is a reasonable expectation, which is within the "healthy liquidity" range for a city of this size.
The property characteristic that most improves resale liquidity in Belgrade is a combination of legal clarity (proper cadastral registration, no liens), good size (40 to 80 square meters), and transit access, with central locations and newer or renovated buildings commanding faster sales.
Is selling time getting longer in Belgrade as of 2026?
As of early 2026, selling time in Belgrade does not appear to be getting dramatically longer compared to last year, but it has not shortened either, with the market in a stable, moderate-velocity state after the faster churn of 2021-2023.
The current median days-on-market in Belgrade is estimated to be around 45 to 75 days for reasonably priced apartments, with a realistic range spanning from under 30 days for hot listings in prime areas to over 90 days for overpriced or problematic properties.
One clear reason selling time can lengthen in Belgrade is affordability pressure: when prices are high relative to incomes, buyers become more selective and negotiate harder, which means only the best-value listings sell quickly while the rest wait for price cuts.
Is it realistic to exit with profit in Belgrade as of 2026?
As of early 2026, the likelihood of selling with a profit in Belgrade is medium to high if you hold for at least 5 years, buy at a fair price, and choose a liquid property type in a strong location.
The minimum holding period that most often makes exiting with profit realistic in Belgrade is around 5 to 7 years, which gives you time to absorb the round-trip transaction costs and benefit from at least one full appreciation cycle.
The total round-trip cost drag for buying and then selling a property in Belgrade is around 10 to 15% of the property value, including the 2.5% property transfer tax (or 10% VAT on new builds), notary fees, legal fees (1 to 3%), agent commissions (around 2%), and the 15% capital gains tax if you sell before 10 years of ownership; that's roughly 15,000 to 22,500 euros on a 150,000-euro apartment (or about 17,500 to 26,000 USD).
The factor that most increases profit odds in Belgrade is buying below market through negotiation or distressed sales, targeting high-demand segments like 50 to 70 square meter apartments in transit-accessible central areas, and avoiding overpaying for new-build premiums that may not hold at resale.
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What sources have we used to write this blog article?
Whether it's in our blog articles or the market analyses included in our property pack about Belgrade, we always rely on the strongest methodology we can, and we don't throw out numbers at random.
We also aim to be fully transparent, so below we've listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source | Why it's authoritative | How we used it |
|---|---|---|
| Statistical Office of Serbia (SORS) - Dwellings | Serbia's official statistics agency publishes the core housing supply and new-build pricing data. | We used it to anchor "how expensive is expensive" using official new-construction price levels. We also used it to frame supply context through completed-dwellings data. |
| SORS - Building Permits | Building permits are a standard forward-looking indicator for future housing supply. | We used it to judge whether supply is likely to surge or stay tight. We cross-checked with private-sector commentary to avoid over-interpreting one month's data. |
| SORS - Average Salaries | Official source for wage levels, which is essential for price-to-income affordability analysis. | We used it to estimate typical buyer affordability and calculate price-to-income pressure in Belgrade for 2026. |
| Republic Geodetic Authority (RGZ) - Apartment Price Index | RGZ maintains the official real estate register and publishes transparent public price indices. | We used it as the official trend compass for direction and speed of price changes. We translated that trend into 2026 expectations using multiple sources. |
| National Bank of Serbia (NBS) - Policy Rate | The central bank itself publishes the benchmark rate and policy rationale. | We used it to explain the interest-rate backdrop affecting mortgages and buyer demand. We also used it to frame crash risk via financing conditions. |
| NBS - Household Loan Rates | Official banking statistics from the central bank, not broker estimates. | We used it to estimate the actual interest-rate environment faced by new borrowers. We cross-checked with third-party data for consistency. |
| FRED/BIS - Real Residential Property Prices Serbia | BIS is the global gold standard for cross-country financial stability datasets including property prices. | We used it to see whether price growth is still strong after inflation. We used it to judge "bubble vibes" versus normal inflation-driven growth. |
| SeeNews - Serbia Apartment Price Reporting | Long-running regional business wire that cites primary institutions like RGZ directly. | We used it to pin concrete recent growth rates when discussing whether the market is overheated or cooling. We treated it as a secondary wrapper around RGZ data. |
| Colliers Serbia - Market Insight | Major global real estate consultancy with established research processes and reputation risk. | We used it to cross-check what's happening on the ground: demand, rental undersupply, and market tone in Belgrade. |
| Global Property Guide - Serbia Analysis | Respected international property research platform with standardized methodology across countries. | We used it for rental yield estimates, transaction volume context, and cross-country comparisons for Belgrade's market positioning. |
| Government of Serbia - Belgrade Metro | Official government portal documenting signed project steps, not rumors or marketing. | We used it to identify a location-specific catalyst that can shift neighborhood desirability and prices over time. |
| EXPO 2027 Belgrade - Official Site | Official organizer's site for the event timing and positioning. | We used it to anchor the "why demand might stay resilient" story into 2027. We only used it for verifiable facts about the event. |
| Ministry of Space - Belgrade GUP 2041 | Documents the planning process and public review relevant to future supply rules and zoning. | We used it to flag that planning debates are active and can matter for future supply in specific municipalities. |
| CMS - Serbia Transaction Costs Guide | Major international law firm with verified legal guidance on taxes and fees. | We used it to calculate round-trip transaction costs including transfer tax, VAT, capital gains, and professional fees. |
We created this infographic to give you a simple idea of how much it costs to buy property in different parts of Serbia. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.
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