APARTMENT PRICES IN SERBIA HAVE GROWN BY 50 PERCENT IN THE LAST THREE YEARS

02. May 2023
Photo: Aleksandar Matić (Na slici: Beograd)

The statistical parameters of apartment prices in the first quarter from 2020 to 2023, presented in the latest report of the Republic Geodetic Authority, show that today we pay an average of 50 percent more per square meter of apartment in all major cities in Serbia than three years ago. This jump refers to apartments in both old and new buildings and is continuous from year to year in all cities.

For comparison, in the first quarter of 2020, the average price per square meter in an old building in Belgrade was 1,345 euros; in 2021, it was 1,459 euros; in 2022, it was 1,680 euros; and in 2023, it was 2,013 euros. The square meter of an apartment in a new building in Belgrade increased from an average of 1,750 euros in 2020 to 2,465 euros this year.

In Novi Sad, the square meter of an apartment in an old building jumped from an average of 1,185 euros in 2020 to 1,928 euros in 2023, and in a new building, from an average of 1,206 euros in 2020 to 1,723 euros in 2023.

The smallest jump in prices was recorded in Kragujevac, where an average of 734 euros was paid for a square meter apartment in an old building in 2020, and today it is 975 euros, while a square meter in a new building jumped from an average of 981 euros in 2020 to 1,332 euros this year.

The average price per square meter of an apartment in an old building in Niš jumped from 747 euros in 2020 to 1,221 euros in 2023, which is also the highest percentage increase in apartment prices at the level of Serbia in the last three years. In Niš, the biggest jump in prices was recorded compared to the first quarter of last year, when the average price of a square meter in a new building was 903 euros, while this year it is 1,351 euros, which is a jump of nearly 35 percent.

As for the current situation on the market, apartments in Belgrade are, as expected, the most expensive, with an average price of 2,013 euros per square meter in old buildings, and 2,465 euros in new buildings. Novi Sad is close behind, at least in old buildings, with an average price of 1,928 euros per square meter. It is interesting that currently in Novi Sad, the average price per square meter in old buildings is higher than in new buildings, where the average price per square meter is 1,723 euros.

Niš and Kragujevac have equalized in average prices per square meter in new buildings (Niš - 1,352 EUR, Kragujevac - 1,332 EUR), but that is why Kragujevac is still the city with the lowest average price per square meter in old buildings of 975 euros.

If you are wondering where you can buy an apartment in an old building in Serbia at the lowest price – the answer is: in Belgrade! And that for 408 euros per square meter, which is cheaper than in Niš (483 euros) and Kragujevac (479), and almost twice as cheap as in Novi Sad, where the lowest price per square meter in an old building in the first quarter of this year was 714 euros.

If you want to buy an apartment in new construction, Novi Sad is currently most favorable, since the minimum price in the first quarter was 595 euros. It is followed by Belgrade with the lowest price of 604 euros per square meter, Niš, with 690 euros, and Kragujevac, which currently holds the highest minimum price per square meter in new construction of 898 euros.

Comparative parameters of the RGA show that the average price of apartments in new construction in Belgrade (2,465 EUR) is approximately twice as high as in Kragujevac (1,332 EUR). In between are Novi Sad, with an average price of 1,723 euros, and Niš, with an average price of 1,351 euros per square meter in new construction.

The highest prices per square meter in both old and new buildings in the first quarter were paid in Belgrade, far exceeding the maximum prices in all other cities in Serbia. The maximum price per square meter in an old building in Belgrade was 4,778 euros; in Novi Sad it was 3,333 euros; in Nis it was 2,036 euros; and in Kragujevac it was 1,402 euros.

The maximum price per square meter in new construction in the first quarter was reached in Belgrade and is 11,475 euros, which is about 25 percent more than the maximum price paid in Belgrade at the same time last year (EUR 9,115). The most expensively paid square meter in Belgrade in the first quarter was three times more expensive than the most expensively paid square meter in Novi Sad (3,479 EUR) and almost seven times more expensive than the most expensively paid square meter in a new building in Kragujevac (1,665 EUR).

By: Jovana Nikolić

 

 

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