Real estate market report: The highest price in Belgrade is 10,184 euros per square meter, a garage is 58,400 euros
The prices for square meters of real estate in Serbia rose by an average of 13.7% in the last quarter of last year, compared to the same period in 2021. According to the latest data from the Republican Surveyor's Office, they increased by 3.3% in the fourth quarter alone.
The most significant price increase is seen in apartments in old buildings, where the rate is 16.1%. In 'new buildings', i.e. when buying from a developer, there is a noticeable slowdown in growth in the fourth quarter to 9.3% compared to 10% in the third quarter, and this is a relatively higher price level in 'new buildings' compared to 'old buildings'.
The total amount of money used to buyreal estate amounted to 2.3 billion euros, representing a 27.3% increase over''with the same quarter of the previous year.
Belgrade
Belgrade recorded the highest number of sales transactions, totaling 9,547. The most expensive apartment sold in the fourth quarter of 2022 is a new building costing 2,469,888 euros, measuring 383 square meters and located in Belgrade na vodi. The most expensive square meter apartment in Serbia in the fourth quarter of 2022 was sold in the territory of Belgrade na vodi and cost 10,184 euros per square meter, with an area of 97 square meters, it is also a new building. The most expensive house was sold in Savski ventsu for 2,000,000 euros. The most expensive square meter of commercial property was sold in the old part of the city of Belgrade for 18,253 euros, with an area of 63 square meters, and the highest contracted price''commercial real estate in the amount of 2,801,121 euros was achieved in Paliluli, with an area of 10,586 square meters. The most expensive parking space at the price of 58,400 euros was sold in Belgrade na vodi.
Market Growth
The number of apartments sold in the fourth quarter of 2022 increased by 0.6% compared to the same period in 2021, after a 5.6% drop in the third quarter. Given that prices are still rising and the proportion of apartments sold in the expensive region is also increasing''Belgrade and Vojvodina by 10.6% and 2.3% respectively, the total value of the market, measured by the sum of apartment sales and purchase transactions, records a 36% year-on-year increase in 2022,' say the WGZ.
Fewer apartments are bought on credit. Apartment sales account for the largest share of total cash at 55% and €1.2 billion in the fourth quarter of 2022. With the number of apartments sold in the fourth quarter of last year up 0.6% compared to the same period in 2021 and apartment prices still rising in the fourth quarter, the total value of the market, as measured by the sum of apartment sales transactions, reached a record high of 36% year-on-year growth in 2022.
The price index for''ApartmentsAG/h3>
In addition to the report from the real estate market, from the third quarter of 2022, the Republican Surveyor's Office publishes the apartment price index, developed in accordance with international methodological recommendations, which allows citizens and businesses to obtain free, transparent and accurate information on the basis of which it is possible to monitor the movements on the apartment market. The apartment price index for the Republic of Serbia in the fourth quarter of 2022 is 145.03, which is an increase compared to the third quarter of the previous year, when the index was 138.08. This increase in the apartment price index is in line with the trend of increasing apartment prices, which continued throughout last year and reached an annual growth rate of 13.7% in the last''quarter of 2022. In terms of price index, the regions of Vojvodina and Belgrade are in first place, but as in the previous few quarters, the strongest price growth is observed in the region of Southern and Eastern Serbia. The WGZ notes that compared to apartment price indices in other European countries, Serbia occupies the 'golden mean' and continues to grow and develop steadily.
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