The price of apartments continues to rise, with construction investors citing increasing costs of materials, labor and energy as the main reasons behind this trend. Milić Đoković, a real estate expert from the Serbian Chamber of Commerce, advised potential buyers not to wait too long to purchase an apartment, as the price of loans will increase alongside the drop in available square footage, and vice versa.
Đoković suggests that when choosing an apartment, buyers should focus on the quality of the walls and floors, as well as the apartment’s proximity to essential amenities such as shops, schools, churches, and public transportation, rather than just the equipment and finishes.
According to Đoković, the real estate market typically sees a slight slowdown in December and January, but the situation over the next 18 months will be crucial, particularly in terms of how many buildings will receive construction permits and how many will actually be built. If there is a lack of applications for building permits over the next few months, it would result in fewer properties being available, which in turn would drive prices up.
Regarding new versus old construction, Đoković pointed out that the price of a square meter is unlikely to fall significantly as long as the prices of materials, labor, and infrastructure continue to rise. He added that a drop in real estate prices could signal a recession, as the construction sector is a cornerstone of the economy.
He also mentioned that young buyers are generally more inclined to purchase new buildings, as they lack the time and experience to handle renovation projects and find skilled craftsmen, who are in short supply. Older buyers, on the other hand, tend to lean toward purchasing older buildings.
When it comes to parking, Đoković noted that many buyers prioritize a good parking space, followed by location, quality, and then price. He highlighted that garage prices have been rising and are expected to continue doing so, with the price for a garage in the city now ranging between EUR 30,000 and 50,000, and they tend to sell quickly. In Vračar, for example, where apartment prices can reach EUR 4,000 per square meter, garage prices are about EUR 3,000 per square meter, which he described as “incredible.” He predicts that by 2026, the prices of apartments and garages will equalize.
For those considering purchasing property, Đoković advised against using all of one’s savings for real estate. He emphasized the importance of stretching finances as much as possible and seeking advice from professionals, such as real estate agents and appraisers, when assessing the construction quality. Buyers should focus on the building’s structure, its location, and nearby amenities rather than getting too fixated on the interior equipment.
Finally, Đoković addressed the question of timing for purchasing an apartment, stating that if square meters are cheap, loans will be expensive and vice versa. However, he emphasized that it is always the right time to buy if the necessary funds are available, and delaying the decision will not be beneficial. He pointed out that if real estate prices fall, salaries will likely fall as well. The highest apartment prices in Belgrade are found in areas such as New Belgrade, Čukarica, Banovo Brdo, and Zvezdara, while peripheral areas like Mirijevo, Ledin, and Žarkovo have also seen price increases. Novi Sad, Niš, Kragujevac, Subotica, Zrenjanin, and Loznica have followed suit with rising prices.
Đoković also mentioned that last year, the most expensive square meter of real estate was sold for EUR 11,000 in Savski Venac.
