In the first half of 2019, the value of the real estate market in Serbia was EUR 1.8 billion and about 47,000 properties were sold, according to the State Geodetic Survey Office (RGZ). The total value of real estate sold is 12% higher than in the same period last year when the market value was 1.6 billion euro. In regional terms, 27% of total real estate sales took place in Belgrade and 36% in Vojvodina.
Most expensive properties
The most expensive apartment sold in Serbia in the first half of this year was in the Belgrade Waterfront development and it cost EUR 7,918 per square meter (the total price of the apartment was EUR 973.888). The most expensive apartment in an older building was sold at EUR 3,600 per square meter, and it is located in the Kralja Petra Street in Belgrade. The highest amount of money spent on an apartment in an old building in the Novi Beograd quarter was EUR 870,000.
The most expensive house sold, located on the territory of the municipality of Savski Venac, in Topcidersko Brdo in Belgrade, had the price of EUR 2,988,000, while the highest amount spent for an office spanning 1,600 square meters and located near the National Assembly building, was 2,680,000 euro.
In relation to the prices of apartments in the region, Belgrade has surpassed Sarajevo, Skopje, and Zagreb.
Office space
Current grade A and B office stock in Belgrade is close to 800,000 square meters with 90% of the total located in Belgrade’s Central Business District (CBD), while the Broad Centre is comprised of about 10%. Built stock still remains modest compared to the cities of a similar size in the region even though construction activity remained strong during 2018.
Leasing activity was strong in 2018 and activity is likely to stay this way in 2019. A measure of how much the market has improved is that the take up in the first half of 2018 was at the level of the whole of 2016. The strongest demand came from IT, followed by professional services, pharmaceuticals, and co-working operators. Prime asking rents for Grade A office buildings in CBD zone vary from €15 to €17/sq m/month, while Grade B rental levels are ranging between €9 and €12/sq m/month.
Hotels and tourism at a glance
Furthermore, Serbian tourism is rapidly expanding, hitting record-breaking 3,5 million guests, with more than 10% annual growth in the last 5 years. This trend is followed by an increase in the number of hotels and premiumization of the services provided, especially with the Hilton hotel opening in 2018. The rapid growth of Belgrade-based airport Nikola Tesla – with more than 5 million passengers annually is the biggest air hub in the region.
Research and analysis
We conduct an in-depth analysis of the local market, providing insights into market trends, contacts with developers and legal services.
Market analysis gives detail data about trends in construction market, both residential and non-residential, ongoing and planned projects, list of companies working in the field and economic and market forecast for the next 5 years.
We organize meetings in Belgrade where you can get local knowledge and consultant services, together with a legal advisory about locations, developments or purchase of properties in Serbia.
Contact us
If you are considering investing in the Serbian real estate market, Podrška razvoju can be your partner in assessing profitability and making sure your investment is legally secure.
You can call me personally for more information at +381.64.45.44.065 (Phone and Viber) or write an official inquiry at info@podrskarazvoju.com.
Vesna Nešković, dipl. ecc with more than 10 years of experience in working with foreign investors in Serbia and Balkan region.