IN BELGRADE, APARTMENT PRICES IN NEW BUILDINGS IN PALILULA AND RAKOVICA DROPPED

09. May 2023
Photo: Freepik

The average price per square meter of apartments in Belgrade in the first quarter of this year was about 20 percent higher in old buildings and about 14 percent higher in new buildings compared to the same period last year, according to the latest report of the Republic Geodetic Authority.

The only two Belgrade municipalities where prices have fallen compared to last year are Palilula and Rakovica, and only in new construction.

Sales contracts show that in the first quarter of this year, the average price per square meter for an apartment in a new building on Palilula was 2,104 euros, which is 17 percent lower than the price paid in the first quarter of 2022, when it was 2,553 euros.

In Rakovica, a square meter in a new building was paid on average 1,510 euros, which is 7 percent lower than the average price per square meter at the same time last year, when it was 1,617 euros. Rakovica, meanwhile, is the municipality where the average price of a square meter in old buildings jumped the most in a year—28 percent—from 1,315 euros in the first quarter of 2022 to 1,686 euros in the first quarter of 2023.

When comparing the prices of apartments in new and old buildings, the difference is on average 100 to 200 euros higher per square meter in new buildings in most Belgrade municipalities. Average prices in old and new buildings are almost equal in Palilula (2,122 euros per square meter in old buildings compared to 2,104 euros in new buildings), Vračar (2.813 euros in old buildings, 2.843 euoros in new buildings) and Stari Grad (3.088 euros in old buildings, 3.186 euros in new buildings).

The biggest difference in the average price of a square meter in old buildings compared to new buildings, of almost 1,700 euros, was recorded in the municipality of Savski Venac, where in the first quarter, an average of 2,457 euros was paid per square meter in an old building and 4,154 euros in a new building.

With an average price of 4,154 euros per square meter, Savski Venac is also the Belgrade municipality with the most expensive apartments in new construction. Although such a high average price was also influenced by the fact that an apartment was purchased in this municipality at the highest recorded price per square meter in the first quarter—11,475 euros—the fact that by far the most newly built apartments were purchased in Savski Venec in the first quarter—as many as 326—should not be ignored.

Speaking of the average prices per square meter in new construction, Savski Venac is followed by: Stari Grad (EUR 3,186), Vračar (EUR 2,843), New Belgrade (EUR 2,590), Zvezdara (EUR 2,293), Zemun (EUR 2,200), Palilula (EUR 2,104), Voždovac (2,056 EUR), Čukarica (1,932 EUR), and Rakovica (1,510 EUR).

According to RGA data, in the first quarter of this year, apartments in old buildings were on average the most expensive in the municipality of Stari Grad, where the average price per square meter was 3,088 euros. After Stari Grad, in terms of price per square meter, the following are: Vračar (2,813 EUR), Savski Venac (2,457 EUR), New Belgrade (2,315 EUR), Palulula (2,122 EUR), Zvezdara (2,112 EUR), Zemun (2,021 EUR), Voždovac (1,939 EUR), Čukarica (1,732 EUR), and Rakovica (1,686 EUR).

Compared to the first quarter of last year, when it comes to apartments in new construction, the price per square meter increased the most in the municipalities of Svaski Venac, Vračar, and Zemun—by an average of 25 percent. The price of square meters in new buildings has not changed significantly in a year in Stari Grad and Voždovac, while in New Belgrade they are 10 percent more expensive this year than last year and in Zvezdara by 20 percent. As we have already mentioned, the prices of square meters in new buildings fell in Palilula and Rakovica.

In addition to Rakovica (28%), a high increase in square footage prices in old buildings compared to the first quarter of last year was also recorded in Stari Grad (25%), Vračar (25%), Palilula (24%), and Zemun (22%). In New Belgrade, Savski Venac, and Zvezdara, apartments in old buildings are about 20 percent more expensive in the first quarter than in the same period in 2022, and 12 percent more expensive in Čukarica.

In the first quarter of this year, the most apartments were bought in New Belgrade—a total of 412, mostly in old buildings (269).

Most apartments in new construction were bought in Savski Venac (326) and Zvezdara (174).

All in all, when all the average prices are taken into account, if you want to buy an apartment, either in an old or a new building, for a square meter in the central city municipalities of Stari Grad, Vračar, and Savski Venec, you need to allocate around 3,000 euros, 2,500 euros per square meter in New Belgrade, 2,200 euros per square meter in Zvezdara, and around 2,100 euros per square meter in Palilula and Zemun. For less than 2,000 euros per square meter you can buy an apartment in Rakovica or Čukarica.

Source: Republic Geodetic Authority

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