** The real estate sales are falling, but prices continue to rise.

The sale of real estate in Serbia has decreased after the growth registered over the last two years. The real estate market in the country is in a dismal state. The latest data from the Republican Geodetic Institute (RGZ) shows that29,275 property purchase contracts were concluded in the first three months of this year, which is8,000 less (approximately22%) compared to the previous quarter. There is also a decrease compared to last year, as this quarter was almost10% worse than the same period in2022.

** Only data on the monetary amount of sales gives hope for the better, as positive results have been achieved due to the continuing price growth. However, this is true only in an annual perspective. The total cash turnover in the Serbian real estate market amounted to1.6 billion euros for the first three months of2023, which is2.6% higher than in the first quarter of2022. However, compared to the previous quarter that ended at the end of last year, the amount decreased by30.4%.

As for Belgrade, there was a13% decrease in the number of sales contracts registered. Owners changed6,924 properties, which is1,032 less than the same time last year.

However, real estate prices are steadily rising. Prices per square meter of apartments in old buildings in Belgrade have increased by20% compared to the beginning of last year and currently average2,013 euros. In new buildings, the growth was14%, but of course, prices here are even higher - around2,465 euros..

The number of buyers using credit is decreasing, while the share of cash payments is increasing.

The volume of funds in the market is high, but loans are becoming increasingly less accessible. Here, Belgrade stands out again, where one in four apartments was purchased with a loan, while in Niš and Novi Sad this ratio is one in five apartments, and in Kragujevac, it's one in eight.

In the first quarter of 2023, the most expensive apartment was sold in the new Belgrade Waterfront area for 2.6 million euros for 383 square meters (approximately 6,800 euros per square meter). In the same area of Belgrade, there is an apartment with the most expensive square meter price - nearly 11,500 euros per square meter for an apartment slightly over 140 square meters.

The most expensive house was sold in the Savski Venac area for 1.6 million euros, while the most expensive square meter of commercial real estate was paid for in the Vračar district of Belgrade at 6,878 euros. The priciest parking space cost 58,400 euros, also in Belgrade by the water. Regarding land, the most expensive plot was 66 acres in Dobanovci, sold for nearly 3,000 euros per acre. The most expensive agricultural land in Serbia is located in Titela and spans 107 hectares. The new owner had to invest 1.3 million euros.