Photo: BELGRADE WATERFRONTIn the fourth quarter of last year, real estate worth 1.8 billion euros was traded in Serbia, representing a 33.8 percent increase over the same period in 2020. According to a survey by the Republic Geodetic Authority, the majority of apartments were purchased with cash, and record prices per square meter were recorded in Belgrade Waterfront.
In the last quarter of 2021, 37,500 real estate purchase agreements were concluded, which is a record in all quarterly reports for the last four years and represents a jump of 12.6 percent compared to the same period in 2020 and 7.6 percent compared to the third quarter of last year. The number of concluded sales contracts has increased in all cities, but particularly in Kragujevac, where contracts were concluded 26.8 percent more in the fourth quarter of last year than in the same period in 2020.
There is also a noticeable increase in the total amount of money in the real estate market, which amounted to 1.8 billion euros in the last quarter, which is 33.8 percent more than in the last quarter of 2020. When compared to the third quarter of last year, the amount of money in the market increased by 18.2 percent. Of the total amount of money in the mentioned period, half was spent on the purchase of real estate in Belgrade, as much as 909.6 million euros.
Apartments sold the most in the last quarter, accounting for 51% of total sales, or 902.1 million euros. In Belgrade alone, 541.9 million euros were spent on apartments.
Based on the collected data from sales contracts, in the fourth quarter of 2021, 13 percent of all real estate was paid from credit funds, which is one percent less compared to the fourth quarter of 2020. The majority of the apartments were purchased on credit, with credit funds accounting for approximately 30% of all sold apartments.
The RGZ report also shows that apartment prices in all major cities in Serbia have jumped significantly over the past three years. Compared to all other cities, Belgrade is convincingly ahead in prices. The average price per square meter in a new building in Belgrade is 1,983 euros, which is about 500 euros more than in a new building in Novi Sad and almost 1,000 euros more than the price per square meter in a new building in Niš and Kragujevac.
The cheapest apartment in one of the central Belgrade municipalities can be found in the old building in Voždovac and Rakovica, where the price per square meter is a little over 500 euros. The cheapest apartments in the new building can be found in the municipalities of Zemun (700 euros per square meter), Voždovac (700 euros) and Zvezdara (727 euros).
The average price of apartments in old buildings in the central Belgrade municipalities ranges from 1,263 euros in Rakovica to 2,430 euros per square meter in the municipality of Stari Grad. When it comes to new construction, average prices range from 1,380 euros per square meter in Rakovica to 3,328 euros in Savski Venac.
Apartments in the municipalities of Palilula, New Belgrade, Vračar, and Stari Grad have the highest prices in new construction (on average from 3,500 to 3,900 euros per square meter), and by far the most expensive square meters in new construction are in Savski Venac, Belgrade Waterfront, where the price reached 10,068 euros per square meter.
Belgrade Waterfront is also the first on the list of high prices in residential complexes. The price range of apartments in Belgrade Waterfront ranges from 2,664 euros per square meter to the already mentioned 10,068 euros, with an average price of 3,417 euros. Right behind are the apartments in the West 65 complex, where the lowest price per square meter is 2,602 euros, and the highest is 3,680 euros, which is also the highest price per square meter in New Belgrade.
Text: Ana Kralj
