Compared to the third quarter of 2024, apartment prices in Serbia saw an increase of 1.28%.
“This moderate price increase compared to last year and the slight quarterly growth indicate that the real estate market remains stable with no major fluctuations,” states the report from the Republic Geodetic Authority (RGZ). Apartment prices in older buildings across Serbia increased by 4.78% year-on-year, while newly built apartments, or those purchased from investors, saw a higher annual increase of 5.52%.
The sale of apartments in the fourth quarter of 2024 marked the third consecutive quarter of growth. During this period, demand for apartments increased, with 13,372 sale agreements registered, 20.6% more than in the same period last year. The total value of traded apartments amounted to 1.3 billion euros, a 44.4% increase compared to the previous year. All regions saw annual growth in both the number of sales and the value of transactions in the real estate market.
The highest increase in apartment sales was recorded in the Southern and Eastern Serbia region, with a 33.2% rise in the number of sales and a 91.4% increase in transaction value in the fourth quarter of 2024. In Vojvodina, the number of sales rose by 25.4%, with the value of transactions increasing by 68.8% compared to the same period last year. The Belgrade region also saw growth, with an 18.9% increase in sales and a 31.8% rise in transaction value. A similar trend was observed in the Šumadija and Western Serbia region, where the number of apartment sales grew by 12.2%, and the value of transactions rose by 36.7%.
Regarding apartment prices, compared to the fourth quarter of 2023, prices increased by 4.61% in Vojvodina, 5.48% in Belgrade, 4.04% in Šumadija and Western Serbia, and, as in previous quarters, the strongest price growth was recorded in the Southern and Eastern Serbia region, with an increase of 6.29%.
When comparing Serbia’s apartment price index with those of other European countries, Serbia has experienced a moderate and stable price increase since the beginning of 2024. According to Eurostat data for the third quarter of 2024, many countries have seen a recovery and stabilization in the real estate market, but there is still a variety in dynamics across European markets. While some countries, such as France, Finland, and Luxembourg, have seen a decline in housing prices, others like Bulgaria, Poland, and Hungary have recorded exceptionally high, double-digit annual price increases.
The RGZ index was developed in line with international methodological guidelines and provides citizens and businesses with an easy, up-to-date, and free way to track developments in the real estate market.
