New report: falling prices for square meters in Palilula, Mirijev and other areas of Belgrade, Novi Sad and Niš - wait for cheap housing!

New data provided by official sources show that prices for square meters are falling in many Serbian cities, and this phenomenon is not an exception in Belgrade. According to the website Nekretnine.rs, the most significant drop in prices was recorded in one of the districts of Belgrade - a decrease of 15.58%. Novi Sad has also seen prices in some neighborhoods drop by a few percent. Prices in Pančevo and Kragujevac remain at the same level, while Niš has seen both increases and decreases.

The drop in prices in Belgrade is probably good news for many people, given the high activity of this market. The most significant price drop was recorded in the Palilula neighborhood - as much as 15.58%. On average, a square meter in Palilula cost 2,492 euros in April. There has also been a decline in prices in Mirievo, an area that has experienced increasing demand and price increases in recent years. In April, the price per square meter here was 1851 euros, which means a decrease of 0.32% compared to March. There is also a decrease in prices in the center of Belgrade - by 1.44% to an average price of 3348 euros per square meter. According to the April report, the highest price increase for square meters in Belgrade was recorded in Vračar district, where the price increased by 2.1%. On average, a square meter here cost 3250 euros in April. In the second place in terms of price increase is the Vojdovac district, where an increase of 2% was registered and the price was 2462 euros per square meter. Expectedly, having in mind the popularity of the neighborhood, there was a price increase in New Belgrade. The price of a square meter in Novi Belgrade in April was 2,770 euros, which is an increase of 0.04% compared to the previous month.

In Novi Sad, an increase in the price of square meters was noted only in the center, where the price increased by 0.11% and is 2,682 euros. In Novy Naceљu the price per square meter is cheaper by 1.48% and amounts to 2131 euros, while in Podbar the price was 2606 euros, which is a decrease in the price of square meters by 1.73%. Grbavica also recorded a 1.46% decrease in the price of square meters, the price is 2,624 euros per square meter.

In Niš in April, a decrease in prices for square meters was recorded in two districts and an increase in two others.

In Kragujevac, prices remained at the same level as in the previous month, with no rise or fall. In Pancevo, prices of square meters decreased by 0.49% in April. Thus, the average price per square meter in April was 1,410 euros.

Nenad Ђorђeviћ, chairman of the Board of the Real Estate Association, says that in the first quarter of this year, the Serbian real estate market saw an increase in turnover by 2.6% in monetary terms compared to the same period last year, while the number of transactions decreased by 9.5% due to rising prices. He also notes that turnover in the real estate market has increased by 90% in the last three years. - Over the past three years, turnover in the real estate market has increased by almost 90%, from around €4.2 billion in 2020 to €7.5 billion in 2022. Considering that in the first quarter of 2023, turnover grew by only 2.6% year-on-year, the real estate market in Serbia is expected to calm down this year - says Ђorђeviћ. He adds that price increases will be modest, but there will be no decline in real estate prices because of the strong demand that has been in place since mid-2020 and is preventing the real estate market from "going back to the way it was" - that is, the 2017-2018 condition. Demand in the real estate market is high despite the reduction of credit facilities in the first quarter of 2023, which financed the purchase of real estate," says the interlocutor. He explains that in developed European economies and in the U.S., more than 80% of real estate market transactions are financed with loans, so lower economic activity, higher unemployment and uncertainty caused by war usually lead to lower turnover in the real estate market. He notes that we do not have such a situation.