Rising real estate prices in Serbia: RGZ reports an increase.

Housing prices in Serbia rose by 13.62% in the first quarter of this year compared to the same period last year, while they increased by 2.57% compared to the fourth quarter of last year, the Republican Geodetic Institute (RGZ) said.

The RGZ said that although the upward trend continues, after a two-year expansion, house prices rose slightly in the first quarter compared to the end of last year, while the number of registered apartment sales also declined. According to the WGZ, this change is contributed to by the decrease in the share of sales of apartments financed by loans, from 21% in the fourth quarter of 2022 to 18% of apartments sold in the first quarter of this year, which is a consequence of rising interest rates.

Regionally, compared to the same period last year, apartment prices increased in Vojvodina by 14.89%, in Belgrade by 13.27%, in Sumadija and Western Serbia by 11.24%, and as in the previous few quarters, the highest price increase was recorded in Southern and Eastern Serbia, amounting to 15.74%.

The prices of new buildings, i.e.

purchase from developers, in Serbia increased by 10.48% compared to the same period last year, while the prices of secondary housing had a greater year-on-year increase and amounted to 15.4%. When comparing house price indices in Serbia with those in European countries, our country is one of the few that has shown greater resistance to sharp changes in the real estate market trend due to global economic turbulence, the WGZ points out, adding that according to available data, a large number of countries have experienced a sharp slowdown or decline in the real estate market already at the end of last year.