Real Estate Prices to Keep Increasing – Demand Still Exceeds Supply, Apartments Most Demanded

According to the data of the Republic Geodetic Authority (RGA) for the first half of 2021, the average price of apartments in old buildings which are up for sale in Serbia was EUR 1,057 per square meter. Compared to the first half of 2020, most municipalities in Serbia recorded an increase in prices.

As for new buildings, the highest increase in the price of apartments was recorded in Palilula (Belgrade) – 31%. An increase over 15% in new buildings was also recorded in Kraljevo, Zrenjanin and in the Belgrade neighborhoods of Vozdovac and Rakovica.

According to the RGA data, the highest apartment price increase for old buildings was recorded in Pancevo -19%. In all Belgrade municipalities, the growth amounted to 5-11%, except in Vozdovac, where the price increase in old buildings was 14%. The cities in which the price of apartments in old buildings dropped are Zajecar, Leskovac and Novi Pazar.

Regardless of the price increase, we can see that the demand is still high, especially for quality apartments and good offers, Jasmina Gavrilov Drazic of the real estate ad website 4zida, says for eKapija.

– Participants in the real estate market emphasize that the demand is still higher than the supply, which certainly has an effect on the prices not going down – Jasmina says.

Best-selling type of real estate: two-room apartment in an old building in downtown Belgrade

Of all types of real estate, according to the data from the 4zida.rs website, apartments are the most in demand.

– Apartments in old buildings are bought more than those in new buildings, but there’s more offer in old buildings on the market anyway, despite the fact that the construction activities are bigger than ever before – our interviewee says.

According to the RGA report, if we take into account all the apartments sold in old buildings, their average area amounted to 53%. Observed by structure, two-room and two-and-a-half-room apartments participated with 38%, one-room and one-and-a-half-room apartments participated with 29% on the level of the whole country.

– We see from this that the most demanded apartments have an area of around 30 to 55 m2, that is, that they are one-room and two-room apartments – he says.

The average area of the apartments sold in new buildings in the whole of Serbia was 58 m2. Observed by structure, there were 29% two-room or two-and-a-half-room apartments and 15% one-room and one-and-a-half-room apartments.

– If we compare new and old buildings, we see that, in new buildings, three-room apartments (new buildings – 15%, old buildings – 12%) and four-room apartments (new buildings – 5%, old buildings – 2%) are bought more in the new buildings – says Jasmina.

The most demanded locations in Belgrade are central city municipalities – Stari Grad, Vracar, New Belgrade, Zvezdara (the stretch to Cvetkova Pijaca) and Savski Venac and Palilula, if we’re observing new buildings.

According to the data of 4zida.rs, Savski Venac is the municipality in Serbia with the highest average price per square meter, for both old and new buildings. Of the total number of apartments sold, in the first half of 2021, Belgrade accounted for 41%.

Republički geodetski zavod Beograd

Republic Geodetic Authority

RGA

Jasmina Gavrilov Dražić

real estate prices

apartment prices

new buildings

old buidlings

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