Apartment Sales in Belgrade – 2025 Real Estate Market in Serbia

The first half of 2025 marked one of the most stable periods for the real estate market in the Republic of Serbia in recent years. After a phase of caution and adjustment during 2023 and the first half of 2024, the market entered a phase of gradual but clearly visible recovery, which in 2025 has been reflected through growth in transaction value, a stable number of transactions, and a significant increase in credit activity.

Data from the Republic Geodetic Authority (RGZ), based on the Real Estate Price Register, provide an objective insight into actual market movements and clearly show that the Serbian real estate market has once again positioned itself as a relevant and active segment of the economy.

Apartment sales in Belgrade dominated in terms of transaction volume. In addition, find out how the overall real estate market in Serbia performed in 2025 in the remainder of this report.

Total market volume: value growth with a stable number of transactions

In the first quarter of 2025, the total transaction value on the Serbian real estate market amounted to EUR 1.7 billion. With 28,705 finalized sales contracts. Although the number of transactions in this period was slightly lower compared to the same quarter of the previous year. The total market value increased, indicating continued price growth and a higher share of more expensive properties in overall turnover.

In the second quarter of 2025, the market showed even stronger momentum. Total transaction value reached EUR 2.1 billion, representing a 13.9% increase compared to Q2 2024, while the number of sales contracts rose to 31,944, or +2.3% year-on-year.

When viewed cumulatively, the total market value in the first half of 2025 amounted to EUR 3.8 billion, with 60,964 completed transactions. These figures confirm that the market is no longer operating in a stagnation mode but is entering a phase of stable growth driven by real demand.

Market structure: apartment sales as the absolute driver of turnover

As in previous years, apartments remained the dominant category on the Serbian real estate market. In the second quarter of 2025, apartment sales accounted for 60% of total market value, or EUR 1.2 billion.

For comparison, other real estate categories recorded significantly smaller shares:

• houses: EUR 161.7 million (8%)

• construction land: EUR 156.7 million (8%)

• commercial properties: EUR 86.7 million (4%)

• agricultural land: EUR 49 million (2%)

This market structure clearly shows that the residential segment remains the key driver of market activity. Both in terms of transaction volume and total value. For this reason, movements in the apartment market largely determine the overall picture of the Serbian real estate market.

Belgrade as the central pillar of the real estate market

Belgrade’s dominance on the real estate market was once again confirmed during the first half of 2025. In the first quarter alone, apartment sales in Belgrade generated EUR 536.9 million, while in the second quarter this figure increased to EUR 659.7 million.

Cumulatively, Belgrade accounted for 47.9% of the total value of the Serbian real estate market in the first half of 2025, amounting to EUR 1.819 billion. Even more significant is the fact that 53% of the total value of all apartments sold in Serbia was realized in Belgrade.

In terms of transaction numbers, Belgrade recorded a slight decline in the first quarter (–1.6%), followed by a strong recovery in the second quarter, with a 7% increase in sales compared to the same period of the previous year. This trend indicates a return of buyer and investor confidence, particularly in the second quarter of the year.

Price movements and highest achieved values

One of the key indicators of market conditions is real estate price movement. During the first half of 2025, the annual growth rate of apartment prices in Serbia amounted to 5.78%, representing moderate and sustainable growth, without sharp fluctuations that would indicate market overheating.

The highest individual prices were once again achieved in Belgrade, primarily in central and premium zones:

• the most expensive square meter of an apartment in the first half of the year was sold at EUR 9,805 per m², in the Belgrade Waterfront area

• the most expensive apartment in Q2 had a surface area of 537 m² and a value of EUR 1.8 million, located in the municipality of Savski Venac

• the most expensive house was sold for EUR 3.8 million, also in Savski Venac

• the most expensive garage space was sold for EUR 56,000, in the municipality of Zvezdara

These figures confirm that the luxury segment of the market not only persists but continues to set new price records, despite representing a relatively small share of total transactions.

Credit activity – a key growth driver in 2025

One of the most important structural shifts in the real estate market during 2025 has been a significant increase in the share of credit-financed purchases.

In the second quarter of 2025, 15% of all transacted properties in Serbia were purchased using mortgage loans, representing an increase of as much as 6 percentage points compared to the same period of the previous year. When observing the apartment segment exclusively, the share of credit financing reached 34%, compared to 23% in Q2 2024.

On the level of the entire first half of the year:

• 13% of all sales contracts were financed through loans

• in the apartment segment, this share reached 30%

This increase in credit activity points to several important developments:

• stabilization of interest rates

• buyer adaptation to new financing conditions

• return of younger buyers and families purchasing their first home

• strengthening confidence in long-term residential real estate investments

For the market as a whole, the credit segment represents an important stabilizing factor, as it enables broader access to the market and increases overall transaction volume.

Regional overview: growth in major cities

In addition to Belgrade, increased market activity was also recorded in other major cities. In the second quarter of 2025:

• Niš recorded a 15.9% increase in the number of transactions

• Novi Sad saw a 3.2% increase

• Belgrade recorded a 7% increase

• Kragujevac was the only major city with a decline, at –3.3%

These figures indicate a gradual expansion of market activity beyond the capital, although Belgrade remains the absolute leader in terms of value and investment intensity.

Summary of the Serbian real estate market in 2025

Based on data from the first and second quarters of 2025, it can be concluded that the Serbian real estate market is in a phase of stable and sustainable growth. The key characteristics of the market in 2025 are:

• growth in transaction value without excessive price inflation

• return of credit-financed buyers

• strong dominance of apartment sales in Belgrade, alongside gradual growth in other urban centers

• stable demand for apartments, particularly in new developments and central zones

If you would like to learn more, read our blog articles on the following topics:

• Which Belgrade municipalities are recording the highest price growth

• Which Belgrade municipalities are most desirable for family living

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