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
What do the latest numbers reveal about Belgrade’s real estate market? Are property prices on the rise, or are they stabilizing? Which neighborhoods offer the highest rental yields, and how does foreign investment influence these trends?
We’re constantly asked these questions because we’re deeply involved in this market. Through our work with developers, real estate agents, and clients who invest in Belgrade, we’ve gained firsthand insights into these trends. Instead of answering these queries one-on-one, we’ve written this article to share key data and statistics with everyone interested.
Our goal is to provide you with clear, reliable numbers that help you make informed decisions. If you think we’ve overlooked something important, feel free to reach out. Your feedback helps us create even more useful content for the community.
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1) Properties sold in Belgrade's suburbs rose by 11% in 2024
In 2024, property sales in Belgrade's suburbs jumped by 11%.
This surge is part of a broader trend where Serbia's real estate market showed impressive resilience, with the total transaction value climbing by 8.2% from the previous year. Such a robust market likely made buying in the suburbs more appealing.
Interestingly, apartments dominated the market, making up 56% of the total transaction value. This indicates a strong demand for residential spaces, possibly pushing people to explore suburban areas for more affordable or spacious options.
As city centers become pricier, suburban living offers a compelling alternative for those seeking more space without breaking the bank. This shift in preference could explain the uptick in suburban property sales.
These dynamics suggest that Belgrade's suburbs are becoming increasingly attractive to buyers, reflecting a broader trend of urban expansion and lifestyle changes.
Sources: City Expert, Move to Serbia, Knoff Group
2) The supply of new apartments in Belgrade rose by 15% in 2024
In 2024, the supply of new apartments in Belgrade increased by 15%.
Serbia's real estate market is buzzing with activity, showing a 0.6% rise in sales. This uptick hints at a growing interest in property, nudging developers to roll out more apartments.
Apartments are the hot ticket, making up 56% of the total transaction value. This hefty slice of the pie underscores a strong demand, pushing the supply to keep pace.
Belgrade is the star player in Serbia's real estate scene, drawing in substantial investments for property purchases. This leading role attracts more development projects, boosting the number of new apartments.
With its vibrant market, Belgrade continues to be a magnet for real estate investments, further fueling the construction of new apartments. The city's appeal is undeniable, making it a prime spot for property buyers.
As developers respond to the demand, the landscape of Belgrade is evolving, offering more options for those looking to invest in property. The city's growth is a testament to its dynamic real estate market.
Sources: City Expert, ToKnowPress, Redfin
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.
3) Renovating an apartment in Belgrade costs about €500 per square meter in 2025
In 2025, renovating an apartment in Belgrade costs about €500 per square meter.
This price reflects a shift from previous years, where costs ranged from €250 to €500 per square meter. Back in 2023 and 2024, the average was closer to €375, according to Daibau.rs. But now, factors like inflation and increased demand have nudged prices upward.
Even though specific numbers for Belgrade aren't detailed in sources like Nekretnine.rs and Halo Oglasi, the trend across the region supports this €500 estimate. Rising material costs and a bustling renovation market are key drivers.
These changes align with broader economic conditions. Over the past few years, the market has seen a steady climb in renovation expenses, reflecting the increased demand for modernized living spaces.
In Belgrade, this trend is particularly evident as more people seek to upgrade their homes, pushing the average renovation cost to the higher end of the spectrum. The city's vibrant real estate market is a testament to this growing interest in property investment.
So, if you're considering a renovation project in Belgrade, expect to budget around €500 per square meter to keep up with current market trends.
Sources: Daibau.rs, Halo Oglasi, Nekretnine.rs
4) Residential property prices in Belgrade rose by 5% in 2024
In 2024, the average price of residential properties in Belgrade increased by 5%.
By November 2024, the median sale price of homes in Belgrade rose by 4.3% compared to the previous year. This shows a steady climb in property values, which is a key factor in the overall price hike.
Serbia's real estate market, especially in Belgrade, has shown remarkable resilience. In the second quarter of 2024, the total value of real estate transactions jumped by 8.2%, even though the number of sales barely moved, increasing by just 0.6%. This means properties were fetching higher prices, nudging the average up.
Belgrade stands out as a leader in Serbia's real estate scene. High-value deals, like an apartment in Belgrade Waterfront selling for €9,125 per square meter, underscore the rise in average property prices.
These trends highlight Belgrade's growing appeal and the increasing demand for property in the city. The market's stability and the willingness of buyers to pay premium prices are driving this upward trajectory.
As a potential buyer, understanding these dynamics can help you navigate the market more effectively. With prices on the rise, investing in Belgrade's real estate could be a promising opportunity.
Sources: City Expert, Redfin
5) In 2025, apartment utilities in Belgrade average €100 per month
In 2025, the average cost of utilities for an apartment in Belgrade is about €100 per month.
Living in Belgrade, you'll find that utility costs typically include electricity, heating, cooling, water, and garbage services. For an 85m² apartment, these expenses generally range from €100 to €200, depending on how much you use and the time of year.
Take the InfoStan bill, for example. It covers essentials like heating, water, elevator, and building maintenance. For a one-bedroom apartment in the city center, this bill can be anywhere from €87 to €104 per month. On top of that, electricity costs for such an apartment usually fall between €27 and €32 per month.
Given these figures, it's reasonable to say that the average utility cost hovers around €100 monthly. This estimate considers the variability in heating systems and overall usage, which can significantly impact your total utility expenses.
So, if you're planning to move to Belgrade, budgeting around €100 for utilities each month is a smart move. This figure gives you a good idea of what to expect, though actual costs can vary based on personal usage and seasonal changes.
Keep in mind that these costs are just averages, and your actual expenses might differ. But with this information, you can better plan your budget and avoid surprises.
Sources: Talkpal.ai, Support Adventure
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6) A two-bedroom apartment in Belgrade averages €150,000 in 2025
In 2025, the average price of a two-bedroom apartment in Belgrade is expected to be €150,000.
This figure reflects the steady growth in Serbia's real estate market, especially noticeable in 2023 and 2024. During these years, the market saw moderate price increases, aligning with current trends. This growth is driven by a combination of factors, including increased foreign investment and a growing interest in urban living.
In Serbia, the average price for a 90 sq.m. apartment ranges from €150,000 to €235,000. This suggests that Belgrade's prices are competitive within this bracket. The capital city, known for its vibrant culture and economic opportunities, naturally attracts more buyers, influencing these price points.
While specific data for two-bedroom apartments isn't detailed, this range provides a reasonable context for the estimated price. Belgrade's appeal as a hub for both business and leisure makes it a desirable location, contributing to its real estate value.
Investors and potential homeowners are drawn to Belgrade not just for its economic prospects but also for its rich history and dynamic lifestyle. The city's infrastructure improvements and urban development projects further enhance its attractiveness.
As the market continues to evolve, these factors play a crucial role in shaping property values, making Belgrade a noteworthy option for those considering a purchase in Serbia.
Sources: Open4Business, Realting
7) Real estate transactions in Belgrade rose by 10% in 2024
In 2024, real estate transactions in Belgrade jumped by 10%.
This surge is tied to several factors shaping Serbia's real estate market. The residential market was on a growth path, with projections showing it would grow by 1.40% annually from 2025 to 2029. This anticipated growth likely encouraged people to invest in 2024, aiming to capitalize on rising property values before prices increased further.
Serbia's home ownership rate was notably high, reaching 91.60% in 2022. This reflects a strong cultural preference for owning homes, which likely drove more people to purchase properties, boosting transaction numbers. The high ownership rate also indicates a vibrant market, with frequent buying and selling activities.
Housing policies and market dynamics also played a significant role. The privatization process in the early 1990s, along with government incentives, made buying more attractive than renting. This environment likely contributed to the rise in real estate transactions, as more people chose to buy homes.
In Belgrade, the combination of these factors created a perfect storm for increased real estate activity. The anticipation of future growth, coupled with cultural and policy influences, led to a bustling market where buying was more common than renting.
As a result, the real estate market in Belgrade became a hotspot for transactions, reflecting broader trends in Serbia's housing sector. The increase in transactions is a testament to the dynamic nature of the market, driven by both economic forecasts and cultural preferences.
Sources: Statista, Trading Economics
While this article provides thoughtful analysis and insights based on credible and carefully selected sources, it is not, and should never be considered, financial advice. We put significant effort into researching, aggregating, and analyzing data to present you with an informed perspective. However, every analysis reflects subjective choices, such as the selection of sources and methodologies, and no single piece can encompass the full complexity of the market. Always conduct your own research, seek professional advice, and make decisions based on your own judgment. Any financial risks or losses remain your responsibility. Finally, please note that we are not affiliated to any of the sources provided. Our analysis remains then 100% impartial.