Real Estate Prices in the Three Largest Cities in Serbia - Move to Serbia

According to an analysis by Deluxe Holiday Homes using data from the Bank for International Settlements (BIS) and Numbeo, Serbia ranks first in Europe in terms of the rise in the price per square meter of apartments from 2023 to 2024. For this reason, buying property in Serbia is often one of the most profitable investments, especially for foreigners with non-traditional or flexible jobs.

Real estate is an attractive and stable investment due to its income potential, long-term value growth, and inflation protection. Here’s an overview of property prices in the three largest cities in Serbia as of July this year.

Real Estate Prices in Belgrade

There is traditionally high demand for the city center of Belgrade, where most universities and government institutions are located. The most popular areas are Vračar, Dorćol, Savski Venac, Slavija, and New Belgrade.

The average price in Belgrade is around 2,600 euros per square meter, but there are differences depending on the neighborhood. In Vračar, for example, apartment prices range from 213,000 euros for a two-bedroom apartment of 74 square meters to as much as 1,850,000 euros for a four-bedroom apartment of 283 square meters. On average, the price per square meter in Vračar is around 3,000 euros.

The central city municipalities already have well-developed urban infrastructure, public transportation, and many schools and kindergartens. By purchasing property here, you practically secure all the necessary conditions for a comfortable urban life, where everything is within easy reach.

In Stari Grad and Savski Venac, the price per square meter is about 3,600 euros, and in New Belgrade, around 2,600 euros. The most sought-after apartments are one to three-bedroom units, ranging from 30 to 70 square meters.

Although there was a general trend of increased house sales after the pandemic, they are currently not as attractive.

Popular Neighborhoods and Growth in Prices

When it comes to Belgrade, at the top of the price growth list is undoubtedly Belgrade Waterfront, followed by Surčin, Zemun, Mirijevo, and Voždovac.

• In Belgrade Waterfront, the price of an apartment largely depends on the building’s location—whether it’s closer to the river, the Galerija shopping center, or boulevards. Attractive buildings cannot be found for less than 3,500 or 4,000 euros per square meter, with some apartments ranging from 5,000 to 6,000 euros, not counting Kula Belgrade, where prices reach up to 11,000 euros per square meter.

• In Zemun, not much construction occurred in the past, and people mostly lived in houses, but the situation has changed considerably. One of Zemun’s great advantages is its excellent connection to the highway and central parts of the city. The average price per square meter for a registered apartment in the center of Zemun is around 3,000 euros.

• Mirijevo was an attractive location for both construction and apartment purchases five or ten years ago, but prices were much lower. Now, prices generally exceed 2,000 euros per square meter, and the mere announcement of the construction of two metro lines ending here has overnight raised real estate values by 10 to 15 percent. Currently, in higher-quality new builds, the price per square meter is around 2,400 euros, and over the last five years, the average apartment price has increased by 70 or 80 percent.

• Voždovac neighborhood, specifically Stepa Stepanović, has experienced even greater expansion, with prices tripling.
  
  When construction began in 2010 and 2011, the average price per square meter was 1,100 euros, but now there are no apartments below 3,000 euros per square meter, with smaller apartments reaching prices of up to 3,200 euros per square meter.

• Sanivil in Višnjička Banja has also developed nicely, attracting buyers as prices have significantly risen. Initially, it sold for 1,200 euros per square meter, but now, in Višnjička Banja, the price per square meter averages 2,000 euros, while in Sanivil, it goes up to 2,600 euros.

House Sales in Novi Sad

In Novi Sad, suburban locations such as Ledinci, Stari Ledinci, Kamenjar, Futog, and Kać have emerged as areas with more affordable houses.

• In Ledinci, for instance, you can find a 77-square-meter house with four rooms for 61,800 euros. For a slightly higher price of 67,000 euros, you can buy a registered, semi-furnished house of 80 square meters with a garage.

• In Kać, a 100-square-meter house is sold for 87,600 euros, while for almost the same price, you can find homes in Rumenka, depending on demand and location preferences. In the Klisa neighborhood, or Slana Bara, you can find properties with slightly more than 70 square meters, semi-furnished or empty, priced between 82,000 and 88,000 euros.

• Luxuriously equipped houses are mainly located in Sremska Kamenica, where one such house is selling for 1,100,000 euros. A house in Sremski Karlovci, which includes a garage for two cars, a laundry room, and a gym space, is priced at 689,000 euros for a total area of 258 square meters, with views of the Danube and access to a yard.

Similar offers can be found in Temerin, Salajka, Petrovaradin, and Telep, where house prices range from 406,000 to 566,000 euros, with floor areas between 115 and 300 square meters.

Demand for Rural Houses

According to a specialized agency, there is a surge in demand for rural houses. Buyers aren’t particular about which side of the Danube they purchase a rural home, as demand is equal on both the Srem and Bačka sides.

The greatest demand is for houses located further away, due to lower prices and the peaceful lifestyle. Rural house prices start from 30,000 euros and go higher.

Apartment Prices in Novi Sad

The price range of current apartments in Novi Sad is significantly more affordable compared to luxury houses, but the neighborhood still plays a major role in the price.

Sremska Kamenica, along with settlements on Fruška Gora like Rakovac, Beočin, Ledinci, and Banoštor, are increasingly sought after, with rising demand pushing property prices higher.

Current prices for new builds in Novi Sad range from 1,800 to 2,800 euros per square meter.

The highest prices are, as expected, in the city center. Besides common locations such as the center, Nova Detelinara, Grbavica, Liman, and even Novo Naselje, some neighborhoods can have higher prices per square meter than certain central locations due to meeting other quality-of-life standards. The most affordable area of the city is Adice.

Apartments near schools, universities, and kindergartens remain in high demand, indicating that families are the most frequent buyers.

One of the most notable aspects of Novi Sad’s market is the value of older apartments. The high demand is largely due to trust in construction quality and the fact that these buildings are already registered, which is not always the case with new builds.

Although price growth trends have slowed, experts indicate that a major decline shouldn’t be expected. The main reason is that Novi Sad remains an attractive place to live, making its market strong and stable.

Property values in Novi Sad are trending upwards, with an average price of all properties (houses and apartments) close to 2,000 euros per square meter in July, showing a 4.2% increase compared to the previous month and a 13.8% increase compared to the same month last year.

Real Estate Prices in Niš

After Belgrade and Novi Sad, Niš is one of the most sought-after cities for apartment purchases.

High demand for apartments in Niš has impacted their prices and the speed of finding rental properties, considering students, the workforce, and tourists flock to this city.

Apartment prices in Niš vary greatly depending on several factors. The first factor affecting the price is whether it’s for a house or an apartment. In practice, the price per square meter of a house in Niš is 30 to 50% cheaper compared to an apartment. The primary factors influencing the price are location, surface area, type of construction, and the seller’s valuation of the property.

As for apartment prices, several determining factors also come into play: primarily location, structure, floor level, apartment position, heating, windows, sanitary facilities, functionality, and whether renovation is needed.

The average listed price for apartments in Niš is around 1,500 euros per square meter. Just three years ago, the average price per square meter in this city was about 1,000 euros. For an average 50-square-meter apartment in Niš, around 79,000 euros are needed. Older properties have been sold at prices similar to those of new builds.

The most desirable locations in Niš include the city center, Sinđelićev Trg, Kej, Bulevar Nemanjića, Obilićev Venac, Pobedina and Dušanova Streets, near Čair and Marger. In general, the Medijana municipality is the most sought-after, with proximity to the center and universities greatly influencing the choices of future buyers, especially those purchasing apartments to later rent out. Students usually opt for apartments near the Medical, Law, and Economics Faculties.

Since the opening of the Delta Planet shopping mall, Bulevar Nemanjića has become a prestigious location, and demand for apartments has significantly increased. New projects have sprung up in this area, where prices have reached up to 2,000 euros per square meter.

For all buyers looking to own an apartment in Medijana, prices per square meter range up to 2,000 euros, with an average price of around 1,500 euros. Property prices in Palilula range from 1,200 to 1,700 euros. In the Pantelej neighborhood, property prices vary between 1,000 and 2,100 euros, with an average of around 1,300 euros.

More affordable apartments can be found in areas such as Ledena Stena, Trošarina, Čalije, Milka Protić, and Bogoslovija. Buyers looking for the cheapest possible properties usually opt for these locations.