Belgrade real estate prices — Where is the average €2,097 per m², and where €4,610?

According to the latest official report from the Republic Geodetic Authority (RGZ), Serbia’s real estate market showed higher activity in Q2 2025 compared to the same period last year — with more transactions, stronger buyer demand, and slightly higher average prices.

The total transaction value reached €2.1 billion,  marking a 13.9% year-over-year increase. Apartments accounted for roughly 60% of all transactions, while the share of mortgage-financed purchases rose to 15%, a notable growth compared to 2024.

Belgrade leads the real estate market

Unsurprisingly, Belgrade remains the dominant market both in volume and value. The capital alone recorded €659.7 million worth of apartment sales.

As Miloš Mitić, CEO of City Expert, explains, the Belgrade market continues to follow its recognizable pattern:

“We’ve been seeing a recurring cycle for several years — prices rise at certain points, then stabilize. One quarter alone can’t show the full trend. Average prices are often misleading, since extreme values in premium areas distort the picture. What truly matters are the most frequent — or modal — prices.”

New construction shows a slight decline in popularity

Interestingly, while the overall market expanded, new-build sales declined. On the partially regulated segment (mostly new developments), the number of contracts fell by 14.5%, and the total transaction value by 13.1%.

Mitić notes that this does not reflect reduced buyer interest but rather a shift toward older, ready-to-move-in apartments, which buyers often perceive as safer options in times of inflation and economic uncertainty. Additionally, state subsidies available during this period applied only to resale apartments, further stimulating demand in that segment.

Average Belgrade prices per municipality (official data)

Central districts

• Stari grad: €3,629/m² (resale) vs €3,985/m² (new build)

• Savski venac: €3,268/m² (resale) vs €4,610/m² (new build, including Belgrade Waterfront)

• Vračar: interestingly, resale (€3,493/m²) exceeded new build (€3,335/m²)

As Mitić explains:

“In highly sought-after central areas such as Stari grad and Vračar, the apartment offer is limited, so sellers can maintain higher prices. Historic apartments and pre-war buildings remain especially valued due to their charm and perceived construction quality.”

Wider center and New Belgrade

• New Belgrade: €2,970/m² (resale), €3,200/m² (new)

• Zvezdara and Palilula: around €2,700–2,800/m² for both types

• Zemun: €2,668/m² (resale), €2,720/m² (new)

• Čukarica: €2,410/m² (resale), €2,780/m² (new)

Most affordable districts

The lowest averages were recorded in Rakovica, with €2,097/m² (resale) and €2,695/m² (new). However, RGZ data also shows individual transactions at much lower prices — the cheapest resale apartment in Belgrade during Q2 2025 sold for €1,351/m², while the lowest price for a new unit was €983/m² in Voždovac.

Gradual stabilization and real growth

While prices are still rising, Mitić emphasizes that real growth is moderate:

“Prices have largely stabilized. Growth exists and follows inflation, but we’re not seeing a 20% surge in a single quarter. It’s important to distinguish between typical sales and exceptional cases.”

In other words, average values can be deceptive, influenced both by luxury properties at very high prices and by underpriced apartments sold urgently or in poor condition.

For more expert analyses and real estate insights, visit the City Expert Blog — and explore the largest selection of properties across Belgrade, Novi Sad, and Niš in one place.