Increase in Apartment Sales and Mortgage Financing

Apartments remain the dominant segment of the market, with a total transaction value of €1.02 billion, accounting for 59% of the overall market. Belgrade leads in this sector, with €526 million spent on apartments, while prices in premium locations reached as high as €11,811 per square meter, particularly in the Belgrade Waterfront project.

Mortgage financing has also increased, with 10% of all real estate purchases made using bank loans, a rise of 3 percentage points compared to the previous year. When it comes to apartment sales, 24% of transactions were financed through mortgages, up from 17% in the same period last year.

Strong Growth in Major Cities

Significant growth in transaction numbers was recorded in major cities:

Novi Sad: +29.5% Niš: +29% Kragujevac: +15.9% Belgrade: +13.1%

Besides apartments, other types of properties also contributed significantly to the total market value:

Houses: €153.4 million (9% of the market) Construction land: €111.9 million (7% of the market) Agricultural land: €74.9 million (4% of the market) Commercial spaces: €64.9 million (4% of the market)

The most expensive house was sold in the Savski Venac municipality for €4 million, while the highest-priced garage space was sold for €62,000.

Real Estate Prices: Growth Across All Segments

During Q3 2024, apartment prices continued to rise:

Belgrade: The average price per square meter was €2,225 for older buildings and €2,445 for new developments. Novi Sad: €2,048/m² for older apartments. Niš: €1,358/m². Kragujevac: €1,174/m².

The most expensive square meter was sold in Belgrade Waterfront for €11,811, while the priciest apartment, measuring 205 m², was sold for €1,356,888.

Commercial spaces reached prices of up to €9,793/m², while the most expensive commercial property transaction was recorded in Novi Sad, selling for €2.58 million.

On the land market, the most expensive hectare of agricultural land was sold in Sombor for €8.15 million, while in Surčin, the highest agricultural land price reached €39 per square meter.

Market Transparency and Regulation

With increasing access to data and market analyses, buyers, sellers, and investors are now better informed. However, a portion of the market remains partially unregulated, accounting for 13% of all transactions and totaling €432.7 million. This segment includes properties not fully registered in the real estate cadastre, which can complicate financing through bank loans.

Conclusion

The Q3 2024 data confirms that Serbia’s real estate market continues to grow, with rising demand, increasing prices, and a higher share of mortgage-financed purchases. Positive trends are expected to persist, especially in major cities, where both buyers and investors remain highly interested in real estate opportunities.