Novi Sad - a treasure trove of new builds: Where are the most apartments being built and purchased?

Novi Sad has become a leader in the Serbian real estate market by selling the most construction land parcels in the past three years, according to the Republic Geodetic Authority. With 2,874 parcels sold, it has even surpassed the capital Belgrade.

Most often investors purchase these parcels for residential construction, and depending on their location and infrastructure, there is a huge range of prices per acre of land. Additionally, listed and agreed prices are not even close. Moreover, many investors agree with the owner to build on a certain land and then "pay off" the parcel with an apartment once the building is completed. Therefore, such parcels are not officially sold and do not appear in statistics.

Considering the growing interest in living in all parts of Novi Sad, find out the current square meter prices and which locations Novi Sad residents are choosing.

Telep, Veternik, and Mišeluk in construction expansion

The largest number of purchased parcels is located in Telep, which is popular due to its good city position and large construction space. Besides Telep, intensive construction is happening in Veternik and Adice, reveals Tijana Apić, our interviewee from City Expert company.

Parts of the city that both investors and buyers prefer are those closer to the center. A barrier is the construction ban in certain areas, such as the case with Podbara. Therefore, the city is expanding towards Veternik and Futog, where attractive new constructions are now emerging.

Mišeluk is another neighborhood set to undergo urban transformation, where the plan is to fill the uninhabited areas with residential buildings and urban amenities. Because this part of the city is in intense development, an increase in property value is expected.

Around 2,000 new apartments divided into 65 buildings will be built in the currently empty area of Trandžament, near Petrovaradin.

New construction VS Existing apartments

Since the prices of new and old constructions have almost equalized, a greater demand for new construction has been noticed for years. In the picture illustrating the statistics from Real estate prices in Novi Sad for the first quarter, we see that the average price per square meter in new construction is 11 euros higher than in existing construction. When VAT is added, the difference is slightly larger, but still not enough to deter buyers from purchasing a newly built apartment.

Current square meter prices in Novi Sad (June 2024)

In conversation with agents, we compiled a price overview per square meter in both new and old buildings across Novi Sad. This way, you can easily orient yourself and determine which price range suits you, and thus the location where you want to buy a property. Prices are averaged, and exceptions certainly exist when it comes to luxury properties or specific offers on discount.

New Construction

"There are several reasons why new construction is more in demand. Sellers of used apartments, in certain parts of Belgrade, are asking as much money for their property as new apartments cost. Handymen have become more expensive, and people don't have time for renovation. There is also a very important factor - buyers of the first apartment receive a VAT refund, and all this directs buyers towards new construction," comments Miloš Mitić, director of City Expert company.

Old Builds

If you are considering buying an apartment in Novi Sad, contact us for the best offer. Our service is free and includes finding the right apartment for you in new or old construction, complete legal support and verification, as well as documentation preparation. Take advantage of the diverse offer that is updated daily on the City Expert website and find a home just to your liking.

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