Real Estate in Serbia in 2025: Analysis, Prospects, and Personal Insights
Serbia continues to capture the attention of investors due to the stable growth of its real estate market and the anticipation of joining the European Union. Living and working here, I see daily how infrastructure evolves, property prices rise, and new investment opportunities emerge. In this article, we’ll explore price dynamics, top investment regions, market prospects, and support it all with real-life examples and success stories.
Price Dynamics: Key Figures and Growth
The real estate market in Serbia has been showing steady growth in recent years. As an example, we can review key indicators to back this up with facts:
Total Transaction Value:
- In the first half of 2024, the total value of real estate transactions in Serbia reached €3.4 billion, representing a 3.9% increase compared to the same period in the previous year.
(Source)
Price Growth:
- According to the Republic Geodetic Authority (RGZ), the apartment price index in Q3 2024 was 168.69, reflecting a 4.69% increase compared to the same period in 2023.
(Source)
New Construction Prices:
- Data from the Statistical Office of Serbia indicates that the average price of newly built apartments in H1 2024 was 215,481 RSD per sqm, a 0.8% increase compared to H1 2023.(Source)
Approximate prices and popular regions:
Real estate prices in Serbia vary significantly depending on the region and type of property. My observations are as follows:
1. Belgrade: The Center of Economic Activity
Belgrade remains the leader in real estate investments. Key areas include:
- Savamala: A luxury district on the Sava River, featuring the landmark “Belgrade Waterfront” project (up to €4,000 per square meter).
- Vračar: A historic neighborhood with property prices reaching €3,500 per sqm.
- New Belgrade: A modern business and residential hub where prices range from €2,200 to €3,000 per sqm.
2. Novi Sad: Serbia’s Cultural Capital
Novi Sad attracts students, tourists, and professionals, offering opportunities for both residential and rental investments.
- Grbavica: A green, family-friendly district with properties priced around €1,700 per sqm.
- Liman: A lively area along the Danube with prices reaching €2,000 per sqm.
3. Niš: An Underrated Gem
Serbia’s third-largest city offers affordable housing with growth potential.
- Central areas: €1,200 per sqm.
- Suburban districts: €800 per sqm, ideal for budget-conscious buyers.
4. Tourist Zones: Investing in Tourism
Tourism is booming in Serbia, making destinations like Kopaonik and Zlatibor attractive for short-term rental investments.
- Kopaonik: A top ski resort with properties priced at €2,500–3,000 per sqm.
- Zlatibor: A year-round resort with prices ranging from €1,800 to €2,500 per sqm.
A Success Story: Watching Property Values Skyrocket
In 2018, some acquaintances of mine invested in two-bedroom apartments in the Savamala district of Belgrade, paying around €120,000 (~€2,000 per square meter). At the time, the area was still under development, and the “Belgrade Waterfront” project was just beginning to take shape.
By 2024, Savamala had transformed into a prestigious neighborhood. Property prices rose to €3,500 per square meter, and the value of that apartment now exceeds €210,000. Overall, there are plenty of areas in Serbia with promising growth potential.
Real Estate Market Outlook for 2025
1. Potential EU integrations on the horizon:
Serbia’s progress toward EU membership enhances its attractiveness to foreign investors. Property values are expected to rise by 15–20% within five years of joining the EU.
2. Infrastructure Development
The Serbian government is actively investing in infrastructure, which has both direct and indirect impacts on various markets, including the real estate sector. Below are examples of such projects:
The Morava Corridor:
The Morava Corridor is a 112 km-long highway connecting central Serbia with Pan-European Corridors X and XI. In April 2023, a 16.5 km section from Pojate to Makrešane was opened. The construction of the entire highway is expected to be completed by 2025. (Source)
Modernization of the Railway Network:
The Belgrade–Niš railway line is set to undergo modernization, enabling train speeds of up to 200 km/h. This upgrade will reduce travel time between Belgrade and Niš to just 100 minutes. The total investment amounts to approximately €2.2 billion, including an EU grant of up to €598 million. (Source)
Budapest–Belgrade Railway. In March 2022, the section between Belgrade and Novi Sad was opened, allowing trains to travel at speeds of up to 200 km/h. Construction on the Novi Sad–Subotica section is ongoing and is expected to be completed by the end of 2024. (Source).
3. Tourism Growth
In 2024, Serbia welcomed over 3.8 million tourists, a 15% increase year-over-year. This growth drives demand for rental properties, particularly in tourist hubs and major cities.
(Source)
4. Market Stabilization After Overheating
The Serbian real estate market recently experienced a period of overheating, with rapid price increases driven by speculative investments. However, as of late 2024, prices have started to stabilize, reflecting a more balanced market. This stabilization opens opportunities for both long-term investments and steady growth, especially in emerging regions and underdeveloped areas.
Rental Market Insights in Serbia (2025)
The rental market in Serbia offers a dynamic mix of opportunities, depending on whether you’re targeting short-term tourist demand or long-term tenant stability. Over the years, I’ve observed how rental trends shift between urban hubs like Belgrade and Novi Sad, and seasonal hotspots like Kopaonik and Zlatibor.
What’s interesting is how each region develops its own unique rhythm, shaped by local demand, tourism, and economic factors.
For instance, in Belgrade, the short-term rental market thrives, especially in central districts like Vračar, where nightly rates can reach €120 during peak seasons. Long-term rents here reflect the city’s status as the country’s capital, averaging €900–€1,500 per month. Suburban areas like New Belgrade offer slightly lower prices but remain popular due to excellent infrastructure.
Novi Sad, on the other hand, strikes a balance between culture and affordability. With its student population and vibrant tourism, the city’s short-term rentals average €40–€80 per night, while long-term rents in central areas range from €600 to €900 monthly.
Down south in Niš, affordability takes center stage. Central apartments here are perfect for budget-conscious tenants, with short-term rents around €30–€50 per night and long-term rates averaging €400–€600 per month.
When it comes to tourism, Kopaonik and Zlatibor dominate. Short-term rentals in Kopaonik, especially during the ski season, can fetch up to €200 per night, making it a high-yield location for holiday-focused investments. In Zlatibor, the all-season appeal keeps short-term rates at a steady €80–€150 per night, while long-term rents are a solid choice for consistent returns.
These observations highlight how Serbia’s rental market caters to a wide range of investment strategies, from stable monthly returns in cities to seasonal spikes in tourist regions.
Recommendations for Investors
- Research the Market:
- Compare prices and growth potential across regions. Belgrade and Novi Sad offer stability, while Niš and tourist hubs promise higher returns with moderate risk.
- Target Emerging Areas:
- Districts like Savamala and waterfront projects in Novi Sad show significant potential for long-term appreciation.
- Work with Professionals:
- Collaborate with legal experts and local real estate advisors to ensure smooth transactions.
Conclusion: Why Serbia is a Smart Investment Choice
Living and working in Serbia, I’ve witnessed the transformation of its real estate market into a thriving investment landscape. In 2025, the country offers unique opportunities for investors seeking high returns or a new place to call home. Whether it’s a luxury apartment in Belgrade, a budget-friendly property in Niš, or a rental unit in Zlatibor, Serbia’s market has something for everyone.
With stable price growth, infrastructure expansion, and the prospect of EU membership, now is the perfect time to explore the Serbian real estate market. Success lies in researching your options, identifying the right area, and acting decisively.
Of course, the information presented in this topic is general in nature, and there are many other locations in Serbia that may be of interest for real estate purchases. We will aim to cover these in more detail in separate article series.
About the Author
Dmitrije Bogdanović
a specialist at Business Serbia