Rising prices and real estate sales in Serbia: The most expensive apartment sold for 2.5 million euros last year.

The total value of real estate on the market reached 7.5 billion euros last year. The number of properties sold rose by just 1.8% year-on-year, but they were paid for 22% more.

The Republican Surveyor's Office (RGZ) reported that the value of transactions rose by 26% in the case of apartments, while the value of garages sold rose by as much as 56%.

The most expensive real estate, measured by price per square meter, is still in Belgrade, precisely in the complex "Belgrade on the Water", where the price of 10,400 euros per square meter was reached. The most expensive detached apartment, with a total area of 383 square meters, was sold for 2,469,888 euros in the same complex.

A total of 140,561 transactions were completed. There was 2% more commercial space sold, but the value of office space sold was 28% higher compared to 2021. While the number of homes sold remained the same as the previous year, they were paid for 11% more. There were 3% more condos sold compared to the previous year, and the number of garages sold was up 23%. The only decrease in sales was seen in the case of land sales, down 6%, but the prices of land sold were 23% higher compared to 2021.

Rise in prices and number of properties sold

"The real estate market in Serbia continues to grow for the fourth consecutive year, both in terms of the number of transactions and the total value of purchases and sales. In contrast to the real estate market in most European countries, where there has been a significant slowdown or even decline in both prices and transaction volumes under the influence of rising interest rates, real estate prices in Serbia continued their strong growth last year.

The real estate sales were most active in Vojvodina (35% of all transactions), Sumadija and Western Serbia (25% of all transactions), Belgrade (24%), while Southern and Eastern Serbia had the least number of transactions (16%).

The region of Southern and Eastern Serbia had the highest annual increase in the number of transactions with 4.7%, followed by Belgrade with 4.4%, Šumadija and Western Serbia with 0.2%, while Vojvodina had no change compared to 2021.

Based on data from sales contracts, in 2022, 11% of all properties were paid for with credit funds, which is 2 percentage points less than in 2021. The most frequently bought with the help of credit are apartments. In 2022, 26% of apartments were paid for with credit funds, which is 5 percentage points less than in 2021.

The most expensive square meter of real estate in Serbia in 2022 was sold in the area "Belgrade on the water", in the municipality of Savski Venac, and cost 10,400 euros per square meter, the area is 97 square meters and it is a new building. As for the old buildings, the highest price per square meter was 5,238 euros and was paid for an apartment in the old town of Belgrade, with an area of 42 square meters. The most expensive apartment sold in 2022 is in a new building and costs 2,469,888 euros, with an area of 383 square meters, and is located in the area "Belgrade on the Water", in the municipality of Savski Venac. The most expensive house was sold on Savski venac for 5,100,000 euros.

The most expensive square meter of commercial real estate was sold in the Old Town of Belgrade for 18,253 euros, with an area of 63 square meters, while the highest contract price of a commercial space of 10,200,000 euros was achieved on Paliliu.

The most expensive parking space at the price of 58,400 euros was sold in the area "Belgrade on the Water".

The most expensive square meter of agricultural land was sold in Kacu at a price of 40 euros per square meter for a plot of 52 ara. The most expensive agricultural land in Serbia in 2022 was sold in the municipality of Čoka at a price of 2.36 million euros for 163 hectares.