Photo: Aleksandar Matić (Na slici: Belgrade Waterfront)In the first quarter of this year, we bought less property than at the same time last year, but we spent a larger amount of money. The reason for this is higher prices per square meter, as shown by a comparative overview of prices by cities and municipalities in Serbia and Belgrade for the last four years.
Although the most expensive square meter was paid for an apartment at the Belgrade Waterfront – 11,474 euros, Novi Dorćol came out on top in terms of the average price per square meter in newly built residential complexes in Belgrade, which is 4,430 euros and is higher than the average price per square meter in Belgrade Waterfront. The most expensively paid residential property is again at the Belgrade Waterfront; it is a 383-square-meter apartment that was paid a little more than 2.6 million euros.
The total number of sales on the real estate market in Q1 of 2023 in the Republic of Serbia was 29,275, which is 9.5% less than in Q1 of 2022, according to the latest report of the Republic Geodetic Authority (RGA). The biggest decline in real estate sales was recorded in Novi Sad (25%), Niš (24.5%), and Belgrade (13%).
The largest number of concluded sales contracts in the first quarter of 2023 were concluded in the area of the First Basic Court in Belgrade, and there are 2,749 sales contracts with the largest volume of funds invested in real estate of around 447 million euros. In the area of other courts in the Republic of Serbia, a total of about 15,901 purchase and sale contracts were concluded, and the total volume of funds amounted to 680 million euros. The total volume of funds on the real estate market in the Republic of Serbia in the first quarter of 2023 was 1.6 billion euros (1,642,369,253 euros), which is 2.6% higher than in the first quarter of 2022.
The most money was allocated for the purchase of apartments—EUR 861.1 million, of which EUR 537.1 million was allocated for apartments in the City of Belgrade. The share of apartments in the total amount of money on the market in the first quarter of 2023 was 53%, which is 4 percentage points less than in the first quarter of 2022. EUR 127.2 million (7.7) was allocated for houses, EUR 113.7 million (6.9) for construction land, EUR 81 million (4.9) for business premises, EUR 77.5 million for business facilities (4.7%), for garage spaces (44.8 million euros (2.7%), agricultural land (55.5 million euros (3.4%)), and others.
Based on the collected data from sales contracts, in the first quarter of 2023, 7% of real estate was paid from credit funds, which is 5 percentage points less compared to the first quarter of 2022. Loans are mostly used for apartments. In the first quarter of 2023, 18% of apartments in the Republic of Serbia were paid for with loans, which is 10 percentage points less compared to the first quarter of 2022.
According to major cities in Serbia, in Q1 of 2023, apartments were mostly paid for with loans in the City of Belgrade (23%), followed by Niš (22%), Novi Sad (21%), and Kragujevac (13%).
In the total real estate transactions in the Republic of Serbia in the first quarter of 2023, contracts for the purchase and sale of apartments had the largest share of 27%, which is 2 percentage points less compared to the first quarter of 2022. After apartments, in Q1 of 2023, the most traded was construction land (17%), followed by agricultural land at (16%) and houses at (13%).
The most expensive apartment in Q1 was bought in a new building for 2,601,888 euros; the area is 383 m2, and it is located at the Belgrade Waterfront.
The most expensive apartment square meter in Serbia in Q1 of 2023—11,474 euros—was traded at the Belgrade Waterfront. The area is 143 m2, and it is an apartment in a new building.
The most expensive house was sold in Savski Venec for 1,575,000 euros.
The most expensive square footage of office space was traded in the Belgrade municipality of Vračar for 6,878 euros, with an area of 189 m2, and the highest contract price of 1,996,483 euros was realized in New Belgrade, with an area of 990 m2.
The most expensive garage space, at a price of 58,400 euros, was sold at the Belgrade Waterfront.
The most expensive square of agricultural land was traded in the municipality of Surčin (Dobanovci) at a price of 29.9 euros per m2 for a plot of 66.2 acres. The most expensive agricultural land in Serbia in the first quarter of 2023 was traded in Titel at a price of 1,279,655 euros for 107 hectares.
The RGA report also presents a comparative overview of the average prices of sold apartments in residential complexes under new construction in Belgrade in the first quarter of 2023, which shows that the most expensive square meter on average is currently in the Novi Dorćol complex in the Stari Grad municipality at 4,430 euros. In second place is Belgrade Waterfront (4,215 EUR), followed by Petica in New Belgrade (2,935 EUR), K-District in Stari Grad (2,761 EUR), Sunnyville Premium in Palilula (1,676 EUR), and Savska Terasa in Železnik (1,157 EUR).
Source: RGA
