Serbs spent EUR 1.7 billion on real estate in Q2

The report of the Republic Geodetic Authority on the real estate market for the second quarter of 2023 shows that the market has stabilized in Serbia, after two years of extremely dynamic growth, following the outbreak of the COVID pandemic.

Inflationary pressures in Serbia and in the EU are weakening, which is also reflected in the real estate market in Serbia, according to the announcement by the RGA.

During that time, the share of the partially regulated market (real estate turnover not registered in the real estate cadastre) in the total value continues to grow and amounts to 34% of the total turnover. In addition to the stabilization and calming of the activities on the Serbian real estate market, in the second quarter of 2023, there was also a more moderate increase in apartment prices.

The total amount of money used for the purchase of real estate amounted to EUR 1.7 billion, which is 70% more compared to the second quarter of 2019 (before the pandemic) and 13% less compared to the same quarter of the previous year. Of the 1.7 billion euros, as many as 567.6 million come from the partially regulated market.

The total number of sales on the real estate market in the second quarter of 2023 in the Republic of Serbia was 30,548, 18% more compared to the second quarter of 2019, before the COVID pandemic, and 13% less than in the second quarter of 2022.

The largest share in the total turnover of real estate belongs to the sale of apartments (EUR 962.3 million), with a share of 58% of the total value traded, 2 percentage points more than in the second quarter of 2022. EUR 127.3 million (8% of the total value) have been allocated for houses, EUR 113.5 million (7% of the total value) for construction land, EUR 94.1 million (6% of the total value) for business premises, EUR 54.4 million (3 percent of the total value) for agricultural land. When it comes to the payment method, 7 percent of all traded real estate was paid for from loans, 5 percent less than last year, and apartments were mostly paid for from loan funds (16 percent in total).

In Belgrade, in the second quarter of 2023, a total of EUR 871 million was allocated for real estate, out of which EUR 596 million for apartments. The city of Belgrade recorded the largest number of sales contracts - 7,548.

The highest prices were achieved for apartments in Belgrade, where the most expensive square meter was sold at a price of EUR 9,495 at the Belgrade Waterfront, whereas the highest amount was set aside for an apartment with a total area of 344 m2, EUR 2,011,273 in Novi Beograd. The most expensive house was sold in Savski Venec for EUR 4,802,000. The most expensive paid parking space costed EUR 58,400.

Republički geodetski zavod Beograd

RGA

Republic Geodetic Authority

real estate turnover second quarter 2023

real estate prices