Photo; Tanjug/Sava RadovanovićIn Serbia, in the first half of 2025, the most expensive square meter apartment was sold at a price of 9.805 euros in Belgrade on the water. The real estate market in the same period was worth 3,8 billion euros, which is an increase of 11,9 percent compared to the same period in 2024.
Republic Geodetic Institute announced that in the first half of 2025, a square meter apartment in Belgrade on the water was sold for a record 9.805 euros. The most expensive house was sold in Savski Venec for 3,8 million euros, and in the territory of the same municipality, the most expensive garage space was paid for 66.000 euros.
Neither business premises nor agricultural land they are not behind. The most expensive square footage of office space was sold for 5.648 euros in Belgrade, and the highest price achieved for office space was 2,4 million euros in Kragujevac.
1,2 million euros have been allocated for the most expensive agricultural land in the Republic of Serbia in the first half of 2025, in the territory of the municipality of Kula.
Economist Ervin Pašanović tells RTS that currently the prices seem astronomical, because the most expensive square meter was almost 10.000 euros.
"Until a few years ago, that was completely unimaginable. We have 70.000 euros for a garage space. Likewise, the trend is followed in every part of the real estate market. For the last 12 years, we have had a continuous increase in prices and we have great liquidity, which means that most of the apartments that are built are sold. Taking those two factors into account, we can say that the state of the market is such that people buy such apartments and that the market can absorb everything that is offered and that the price is formed based on demand," says Pasanović.
Although almost 80 percent of real estate is sold for cash, in the first half of the current year a significant growth of the real estate credit market was recorded compared to the same period of the previous year. Credit financing was recorded in 13 percent of real estate contracts, which represents an increase of 5 percentage points compared to last year.
The largest part of these funds is aimed at the purchase of apartments: in 30 percent of contracts for the purchase and sale of apartments, credit payment was recorded, which represents an increase of 9 percentage points compared to 21 percent from the previous year.
The city of Belgrade dominates the total value of traded apartments with a share of 53 percent. In addition, Belgrade has the largest share in the value of traded garage spaces (68 percent), business spaces (44 percent) and construction land (52 percent).
On the other hand, the region of Vojvodina leads in the value of turnover of agricultural land with a share of 70 percent, as well as in the turnover of houses (40 percent) and cottages (59 percent).
"The real estate market shows stable dynamics with 60.964 purchase and sale contracts, which is a slight increase of 0,5 percent compared to the same period last year. In this period, there was a continuation of moderate growth in apartment prices with an annual growth rate of 5,78 percent," states the RGZ.
Ervin Pašanović indicates for RTS that there are several reasons why real estate prices are so high.
"First, because we don't have a capital market, we don't have a functional stock market and we can't invest money anywhere else, we can invest it in real estate. All excess capital goes into real estate. In addition, we have a drop in the birth rate, so fewer children inherit from more parents, they have more capital, they sell several apartments, agricultural land, houses. Also, we have the highest growth of credit buyers, now we are at 36 percent, which has not been the case in the last 45 years," explains Pašanović and adds.
"Actually, this means that the people think that real estate is very stable, very safe, that the growth is great even through capitalization and that the return is again satisfactory through letting. Real estate is the safest type of investment that brings the highest return on investment," says Pasanović.
Despite the never-higher prices, the demand for apartments and business premises in Serbia is growing. The value of apartments increased by 23,4 percent, but the number of contracts also increased by 8,2 percent.
Business premises recorded a slightly lower growth. The value increased by 6,3 percent, and the number of contracts by 6,1.
On the other hand, there was a decline in two important segments - houses and agricultural land. Although the value of houses increased by a large 8,9 percent, the number of contracts decreased by almost 5 percent (4,9).
Agricultural land recorded a decline in both segments - minus 10,8 percent in the number of contracts and minus 10,5 percent in value.
Garage spaces had an interesting trend, although the number of contracts decreased by 15,1 percent, the total value increased by 14,7 percent, indicating an increase in prices.
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