Belgrade apartments got cheaper, new real estate prices. What to expect?Apartments in two Belgrade neighborhoods have fallen in price, new real estate prices - what to expect?

Although it is heard that the real estate market in Serbia is gradually stabilizing after two years of skyrocketing prices per square meter, in Kragujevac new buildings rose in price by as much as 28 percent in the second quarter of this year, in Niš by 26 percent, and in Belgrade the average price per square meter in new buildings rose by 19 percent compared to the same period last year.

On the other hand, square meters in new buildings in New Belgrade are cheaper by 4 percent, and in Belgrade's Palilula district even by 18 percent, such data is given by the Republican Geodesic Office (RGZ) in its report for the second quarter of this year. The record-breaker in terms of price increase in the capital is the Vračar district, where the prices for new buildings have increased by as much as 26 percent, and the average price is 3015 euros, while on the secondary market it is 2845 euros.

Otherwise, in the old houses on Stara Rakovica, the prices in the same period have increased by 28 percent and are 1,740 euros, while in new buildings the price per square meter is higher by only 160 euros. Cukarica is not lagging behind the old houses, where the price has increased by 23 percent and is 1,950 euros, while in new buildings it is 2,115 euros.

The drop in prices per square meter in Novi Belgrade and Palilula pleasantly surprises future home buyers. Thus, last year at this time, the average price per square meter in new buildings in New Belgrade was 2568, and now it is 2457 euros. Also, new construction in the Palilula neighborhood is 18 percent cheaper.

Average apartment prices in major cities of Serbia (in euros)

• City Old housing Trend % New housing Trend %
• Belgrade 2083 17 2413 19
• Novi Sad 1915 19 1733 11
• Niš 1255 21 1385 26
• Kragujevac 1020 16 1302 28

*Data from RGZ

Last year at this time in Kragujevac the price for a new building was 1,020 euros (the same price per square meter in older houses), while now it is 1,302 euros. After Kragujevac, growth is also noted in Novi Sad, where old housing costs 1,915 euros and new housing costs 1,733 euros.

Average prices of apartments in Belgrade districts (in euros)

• District Old housing Trend % New housing Trend %
• Stari grad 2993 19 3685 18
• Vrachar 2845 17 3015 26
• Savski Venac 2530 14 4225 16
• Novi Beograd 2412 19 2457 -4
• Zvezdara 2215 12 2220 10
• Palilula 2150 20 2002 -18
• Zemun 2133 17 2410 18
• Vojdovac 2023 18 2343 12
• Chukarica 1950 23 2115 10
• Stara Rakovica 1740 28 1900 12

*Data RGZ

The real estate expert Davorka Tasic says that real estate sales in Serbia are at a standstill now, we have buyers, but they do not want to buy apartments at such prices. - Sellers don't realize this and don't lower their prices. We try to explain to them that the current prices are too high and that last year they could sell real estate at these prices because of the arrival of foreigners and the fear of our people to invest their money in real estate because of inflation, but this year inflation is decreasing and they are not lowering prices - explains Tasic and adds.

Also, a big problem for our buyers are high interest rates due to the growth of euribor. As a result, the number of mortgages has fallen. Something has to happen in the market because of all of this, and I hope to see more concrete price reductions by the end of the year. Tasic also urges sellers to lower prices per square meter.

In the second quarter, the number of transactions decreased by 1,243 in Novi Sad, 1,954 in Belgrade, 224 in Niš and 107 in Kragujevac

* Data from the RGZ

What concerns the Paliluli district of Belgrade and the drop in prices, we are probably talking about the sold apartments in Borca, Krnjača and Kotežu, but we should not forget that the price per square meter in Savski Venice is still above 4000 euros, and prices have almost tripled in other major cities.

A real estate expert advises: anyone with money should invest in real estate!