Is right now a good time to buy a property in Serbia? (2026)

Authored by the expert who managed and guided the team behind the Serbia Property Pack

Everything you need to know before buying real estate is included in our Serbia Property Pack

Is it smart to buy now in Serbia, or should I wait as of 2026?

Do real estate prices look too high in Serbia as of 2026?

As of early 2026, Serbian property prices look elevated in prime urban areas like central Belgrade, where apartments average around 2,500 to 3,000 euros per square meter, but they do not appear to be in bubble territory when you consider the strong wage growth and limited supply that support these levels.

One clear on-the-ground signal is that time-on-market for well-priced apartments in Belgrade's most popular neighborhoods (like Vračar or Stari Grad) remains relatively short at around two to four weeks, suggesting demand is absorbing listings before significant price cuts are needed.

Another indicator is that the Q4 2024 data from the Republic Geodetic Authority (RGZ) showed the number of apartment contracts signed in Serbia increased by over 20% compared to the same period in 2023, which tells us buyers are still actively entering the market despite higher prices.

You can also read our latest update regarding the housing prices in Serbia.

Does a property price drop look likely in Serbia as of 2026?

As of early 2026, the likelihood of a meaningful property price decline in Serbia over the next 12 months is low, mainly because the market lacks the classic crash ingredients like high leverage, a supply flood, or a sudden rate shock.

The plausible price change range for Serbian residential property in 2026 sits between roughly minus 2% and plus 5% in real terms, with the downside scenario requiring an external shock like a recession or major credit tightening.

The single most important macro factor that could increase the odds of a price drop in Serbia would be a sharp rise in interest rates, which would squeeze mortgage affordability and reduce buyer demand almost immediately.

However, this scenario looks unlikely in the near term because the National Bank of Serbia has kept its policy rate stable at 5.75% and inflation has settled near the 3% target, with most analysts expecting gradual rate cuts rather than hikes through 2026.

Finally, please note that we cover the price trends for next year in our pack about the property market in Serbia.

Could property prices jump again in Serbia as of 2026?

As of early 2026, the likelihood of a renewed price surge in Serbia is medium, with a potential jump most likely concentrated in Belgrade's prime and near-prime apartment segments rather than across the entire country.

The plausible upside price change for Serbia's best-performing urban segments could reach 6 to 9% nominal over 12 months if credit conditions ease and investment momentum continues.

The single biggest demand-side trigger that could drive prices higher is a combination of rate cuts by the National Bank of Serbia and continued strong wage growth, which would boost household purchasing power and attract more buyers into the market.

Please also note that we regularly publish and update real estate price forecasts for Serbia here.

Are we in a buyer or a seller market in Serbia as of 2026?

As of early 2026, Serbia's property market sits closer to balanced than it has been in recent years, though the best apartments in top Belgrade locations still behave like a seller market due to persistent undersupply and strong demand.

While Serbia does not publish a standard "months-of-inventory" metric like some Western markets, the fact that transaction volumes increased over 20% year-on-year in Q4 2024 while prices kept rising suggests inventory is not overwhelming demand, which typically favors sellers in the most liquid segments.

The estimated share of listings with meaningful price reductions in Serbia's major cities remains modest, mostly concentrated in overpriced new-build units or less desirable outer neighborhoods, which indicates that well-positioned sellers still have reasonable leverage in negotiations.

Are homes overpriced, or fairly priced in Serbia as of 2026?

Are homes overpriced versus rents or versus incomes in Serbia as of 2026?

As of early 2026, homes in prime Belgrade neighborhoods look moderately overpriced relative to local incomes, though rental yields around 5.5% suggest purchase costs are not wildly disconnected from what renters pay.

The estimated price-to-rent ratio in Belgrade's most sought-after areas sits around 18 to 22, which is higher than the 15 to 17 range often considered balanced, indicating that buyers are paying a premium for ownership versus renting.

The estimated price-to-income multiple in Serbia's major cities hovers around 10 to 12 years of average household income to buy a typical apartment, which is stretched compared to the 6 to 8 years benchmark considered affordable by international standards like Eurostat.

Finally please note that you will have all the indicators you need in our property pack covering the real estate market in Serbia.

Are home prices above the long-term average in Serbia as of 2026?

As of early 2026, Serbian residential property prices sit meaningfully above their pre-pandemic baseline, with the real (inflation-adjusted) price index showing gains that place the market above historical averages but not at extreme levels.

The estimated 12-month price change in Serbia's apartment market has been running around 5 to 6% annually, which is below the explosive 20 to 30% gains seen in 2021 to 2022 but still ahead of the long-run average of roughly 3 to 4%.

On an inflation-adjusted basis, Serbia's real residential price index (tracked by the BIS) remains above its prior cycle peak from around 2008 to 2009, meaning buyers today are purchasing at historically elevated levels in real terms.

What local changes could move prices in Serbia as of 2026?

Are big infrastructure projects coming to Serbia as of 2026?

As of early 2026, the biggest infrastructure catalyst for Serbian property prices is the Belgrade Metro Line 1, which has officially moved past contract signing and is expected to boost values in neighborhoods along its planned route by an estimated 5 to 15% once operational.

The estimated timeline for Belgrade Metro Line 1 includes construction starting in 2024 to 2025, with Phase 1 delivery expected around 2028 to 2030, meaning the price impact will be gradual but increasingly priced in as progress becomes visible.

For the latest updates on the local projects, you can read our property market analysis about Serbia here.

Are zoning or building rules changing in Serbia as of 2026?

There is no single major zoning or building rule change dominating Serbia's property market in early 2026, with the more practical driver being construction permit activity rather than headline regulatory reforms.

As of early 2026, the net effect of current building regulations on prices is neutral to mildly supportive, since permit volumes have been flat to slightly down in late 2025, which limits the risk of a supply flood that could push prices lower.

Are foreign-buyer or mortgage rules changing in Serbia as of 2026?

As of early 2026, mortgage rule changes are having a bigger impact on Serbia's property market than foreign-buyer restrictions, mainly due to new legislation capping interest rates on housing loans through 2027.

The most significant mortgage rule change is the Law on Consumer Protection in Financial Services, which caps variable-rate housing loans at around 5% to 5.5% effective interest through 2026 to 2027, protecting borrowers from rate spikes and supporting continued loan demand.

Serbia introduced subsidized housing loans for buyers under 35 in late 2025, offering rates as low as 1.5% for the first six years on loans up to 100,000 euros, which is expected to boost first-time buyer activity in affordable price segments.

You can also read our latest update about mortgage and interest rates in Serbia.

Will it be easy to find tenants in Serbia as of 2026?

Is the renter pool growing faster than new supply in Serbia as of 2026?

As of early 2026, the balance between renter demand and new rental supply in Belgrade still favors landlords, though the gap has narrowed compared to the peak demand years of 2022 to 2023 when Russian migrants drove rents sharply higher.

The estimated recent net migration and household formation signal shows continued inflows of young professionals and some international workers to Belgrade and Novi Sad, supporting steady (if not explosive) rental demand in well-connected neighborhoods.

The estimated pace of new rental supply has increased as many investors who bought during the boom years are now furnishing and listing their units, creating more competition and moderating rent growth to around 5 to 7% annually in major cities.

Are days-on-market for rentals falling in Serbia as of 2026?

As of early 2026, the estimated time-to-let for rentals in Belgrade has actually increased compared to 2022 to 2023 peak levels, with well-priced apartments in popular areas now taking around two to four weeks to rent, while overpriced units can sit for six weeks or longer.

The estimated difference in days-on-market between "best areas" like Vračar, Stari Grad, and central Novi Beograd versus weaker peripheral zones like outer Rakovica or Altina can be two to three times, with prime locations still renting quickly while fringe areas require more patience.

One common reason days-on-market stays low in Belgrade's best neighborhoods is undersupply of quality, move-in-ready apartments near business hubs and universities, which keeps tenant competition high for the best units.

Are vacancies dropping in the best areas of Serbia as of 2026?

As of early 2026, vacancies in Belgrade's best-performing rental areas like Vračar, Stari Grad, Dorćol, and parts of Novi Beograd remain low, though they are not dropping further since rental supply in these zones has expanded to meet demand.

The estimated vacancy rate in top Belgrade rental neighborhoods sits around 3 to 5%, compared to 8 to 12% in less desirable outer areas, reflecting the persistent preference of quality tenants for central, well-connected locations.

One practical sign that the "best areas" are tightening first in Belgrade is when landlords in prime zones stop offering rent-free months or furnishing incentives, while landlords in weaker areas continue competing on these extras to attract tenants.

By the way, we've written a blog article detailing what are the current rent levels in Serbia.

Am I buying into a tightening market in Serbia as of 2026?

Is for-sale inventory shrinking in Serbia as of 2026?

As of early 2026, it is difficult to give a precise year-on-year inventory change for Serbia since there is no official "active listings" database, but the continued price growth and solid transaction volumes suggest inventory is not building up dangerously.

The estimated months-of-supply proxy in Serbia's major markets appears to sit around three to five months for well-located apartments, which is below the six months typically considered a balanced market and suggests modest seller advantage.

One likely reason inventory stays constrained in Serbia is that many owners prefer to hold onto their properties as inflation hedges or rental income sources rather than sell into an uncertain market.

Are homes selling faster in Serbia as of 2026?

As of early 2026, the estimated median time-to-sell for homes in Serbia's major cities has normalized compared to the frenzy of 2021 to 2022, with well-priced apartments in Belgrade typically selling in four to eight weeks rather than the two to three weeks seen at the peak.

The estimated year-on-year change in median days-on-market for Serbian property shows a slight increase, meaning homes are taking somewhat longer to sell than they did during the height of the post-pandemic boom, though the market remains liquid.

Are new listings slowing down in Serbia as of 2026?

As of early 2026, we are not confident in providing a precise year-on-year change in new for-sale listings in Serbia since comprehensive listing data is not publicly available, but permit and completion trends suggest new supply is not accelerating.

The estimated seasonal pattern for new listings in Serbia typically sees higher activity in spring (March to May) and autumn (September to October), with the current winter period expected to show lower-than-average listing volumes before the spring pickup.

One plausible reason new listings may be slower is seller caution: homeowners who locked in favorable mortgage rates before 2024 have little incentive to sell and re-enter a market where financing costs remain higher than their existing loans.

Is new construction failing to keep up in Serbia as of 2026?

As of early 2026, the estimated gap between new housing completions and household demand in Serbia's major cities is moderately tight, with desirable urban areas like Belgrade consistently seeing demand outpace new supply.

The estimated recent trend in building permits for Serbia shows flat to slightly declining activity in late 2025, which suggests the construction pipeline is not about to flood the market with new units.

One significant bottleneck limiting new construction in Serbia is the availability and cost of land in prime urban locations, combined with rising construction material costs that make developers more selective about which projects to start.

Will it be easy to sell later in Serbia as of 2026?

Is resale liquidity strong enough in Serbia as of 2026?

As of early 2026, resale liquidity in Serbia is reasonably strong for mainstream property types, meaning standard one to three bedroom apartments in well-connected Belgrade or Novi Sad neighborhoods can reliably sell within a few months if priced correctly.

The estimated median days-on-market for resale homes in Serbia's most liquid markets sits around four to eight weeks for properly priced units, which compares favorably to the three to six month benchmark often considered "healthy liquidity" in comparable regional markets.

One common property characteristic that most improves resale liquidity in Serbia is location near public transport, business centers, or universities, since these factors ensure a deep buyer pool of end-users and investors regardless of market conditions.

Is selling time getting longer in Serbia as of 2026?

As of early 2026, the estimated change in selling time in Serbia versus the peak years of 2021 to 2022 is longer, with the market having moved from a "sell in two weeks" frenzy to a more normal pace where realistic pricing and patience are required.

The estimated current median days-on-market in Serbia's major cities sits in a realistic range of four to ten weeks, with the low end for well-priced apartments in prime areas and the high end for overpriced or peripheral properties.

One clear reason selling time can lengthen in Serbia is affordability pressure: when prices outpace wage growth for too long, the pool of qualified buyers shrinks, and sellers must either wait longer or accept lower offers.

Is it realistic to exit with profit in Serbia as of 2026?

As of early 2026, the likelihood of selling a Serbian property with a profit is medium to high if you hold for five years or more, buy in a liquid segment, and avoid overpaying at entry.

The estimated minimum holding period in Serbia that most often makes exiting with profit realistic is around five to seven years, which allows time for appreciation to cover transaction costs and absorb any short-term price softness.

The estimated total round-trip cost drag when buying and selling property in Serbia is approximately 5 to 8% of property value, which translates to roughly 10,000 to 16,000 euros (or 11,000 to 17,500 USD) on a 200,000 euro apartment when you include transfer tax, notary fees, agent commissions, and registration costs.

One clear factor that most increases profit odds in Serbia is buying below market value through off-market deals or distressed sales, which gives you an immediate equity cushion and improves returns regardless of how the broader market moves.

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 Serbia, 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.