In Serbia’s larger cities, the cost of real estate has many people rethinking their options, with many opting for homes in smaller towns where property prices remain affordable. Data from the Republic Geodetic Authority from last year reveals that property prices in smaller towns can be three to four times cheaper than in bigger cities.
Real estate agents have noted that younger buyers are increasingly looking for homes with gardens, especially those who work remotely or don’t need to be in the office frequently. The occasional commute to work is not an issue, and they prefer a quieter, more peaceful lifestyle.
According to data from the 4zida website, some of the most affordable properties are found in cities like Zrenjanin, Subotica, Paraćin, Ruma, and Despotovac. In Zrenjanin, square meter prices range from 798 to 1,464 euros, while in Paraćin, prices range from 685 to 1,255 euros.
For properties in Vranje, the average price per square meter is around 995 euros, and in Kraljevo, homes range from 254 to 910 euros per square meter.
Nevena Sredojević, a real estate agent from the “Panorama” agency in Prokuplje, shared that there has been a significant increase in new construction in the area. While there are still older apartments available, houses are always in demand. However, there is much greater demand for apartments. Many families are turning to smaller homes with gardens, although these properties are usually larger and often in poor condition, requiring renovations.
In Prokuplje, most property purchases are made in cash, with fewer buyers utilizing bank loans. The most sought-after homes are one-bedroom apartments under 40 to 45 square meters, and the typical buyers are young families.
Some buy properties to settle in, while others view them as a smart investment and rent them out afterward. “When they buy an apartment, half of the buyers live there, while the rest rent it out. There’s been great demand for rentals in recent years, and apartments tend to be rented out quickly,” says Sredojević.
Prokuplje is located 260 kilometers from Belgrade, and the price per square meter is up to three times lower than in Serbia’s capital. New-build apartments in Prokuplje cost between 850 and 1,200 euros per square meter, while older apartments range from 800 to 1,200 euros per square meter, depending on the condition of the property. Houses are the most affordable, with prices ranging from 300 to 900 euros per square meter. However, the cheapest properties typically require significant investment in renovation.
Finding a good property in smaller towns can be challenging, as most listings are in large cities. The 4zida website shows that the highest number of real estate ads are in Belgrade and Novi Sad, followed by Niš and Kragujevac.
The average time that a property stays listed is a good indicator of how attractive it is to potential buyers, as well as how much demand there is in that particular area. Even within the same city, some neighborhoods are more sought after than others, and depending on the area, properties may sell in a month or take up to two months to find a buyer.
