When will the prices per square meter in Serbia start to go in the opposite direction?

Prices for apartments have finally decreased slightly after two years of intense growth, leading to stabilization and calm in the market. This is evidenced by official data, as well as experts who claim that sales have sharply slowed down recently. All of this raises just one question: are we in for a fluctuating trend, and when will prices per square meter finally drop?

Unfortunately, the experts' response will not please everyone. For those planning to sell real estate in the near future, "there will be no winter," because experts believe that prices per square meter will not fall. On the other hand, this will not benefit those who plan to buy real estate, and the question of whether prices will continue to rise remains open.

Milich Djoković, an appraiser and real estate expert, says:

Sales of real estate have sharply decreased, with turnover down by 20% and capital volume down by 10%. However, according to him, this will not affect the price per square meter, which has even increased recently. "Prices per square meter have risen in line with inflation, and this will continue in the near future. We are still in this five-year growth cycle, which is expected to last until the end of this year or the middle of next year. Recently, sales have decreased by 15-20%, but that does not mean that prices have dropped; on the contrary, prices per square meter have increased by 10%. It is difficult to predict how they will develop in the near future, but it is very likely that they will continue to rise in accordance with the inflation rate," says Đoković.

Property prices have increased across Serbia.

Inflationary pressures in both Serbia and the EU are easing, and this is reflected in our real estate market. Data from the RGZ shows that there was a moderate increase in prices per square meter in the second quarter of 2023.

In Belgrade, the apartments are the most expensive.

Recent data shows that in the second quarter of this year, the highest apartment prices were reached, with the most expensive square meter sold for €9,495 in the Beograd na vodi area, and the highest amount allocated for an apartment was €2,011,273 for a 344 square meter unit in New Belgrade. The most expensive house was sold in Savski Venac for €4,802,000. Specifically, the apartment that cost the most money in the second quarter of 2023 is a new building priced at €2,011,273, with an area of 344 square meters, located in the Maksim Centar area (New Belgrade). The most expensive square meter of an apartment in Serbia in the second quarter of 2023 was sold in the Beograd na vodi area, in Savski Venac, costing €9,495 per square meter for a 139 square meter new building.

Here are the average prices per square meter in new buildings in Belgrade's districts:

• Old Town - 3,685 euros
• Doctor - 3,015 euros
• Savski Venac - 4,225 euros
• New Belgrade - 2,457 euros
• Zvezdara - 2,220 euros

It's interesting that the prices per square meter in older buildings are not different from new constructions in all areas. However, in the Stari Grad area, the difference is almost 700 euros, while in Vračar it's about 150 euros. In Savski Venac, older buildings are cheaper by 1,500 euros, and in New Belgrade, the price difference is less than 50 euros. In other areas, the difference is uneven.

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