In the first quarter of 2024 apartments prices up by 4,74%

In Q1 this year, apartment prices in Serbia increased by 4.74% compared to the same period in 2023, and by 0.78% compared to Q4 last year, the Republic Geodetic Authority (RGZ) announced on Saturday.

The statement noted that the annual price increase and moderate quarterly growth indicate that the real estate market remains stable and without significant fluctuations, “which is a positive sign for the economy and investors.”

Prices for apartments in older buildings rose by 4.52%, while “new construction,” i.e., purchases from developers, saw a higher annual growth of 5.09%.

Apartment sales in the first quarter of this year remained approximately at the same level as last year, with demand for apartments in Serbia stabilizing during Q1 2024. There were 10,186 apartment sale contracts recorded (0.7% less than in the same period last year), with a total value of 834 million euros (2.5% less than last year).

Regarding the number of sales and transaction value, Šumadija and Western Serbia recorded a significant growth in apartment sales of 11.28% and an increase in transaction value by 24.04%.

Southern and Eastern Serbia also saw growth with an increase in apartment sales of 4.92% and transaction value by 37.50%.

“Conversely, Belgrade recorded a decrease in apartment sales of 6.5% and transaction value by 10.13%. A similar situation is in Vojvodina, where the number of apartment sales decreased by 4.32%, and the transaction value by 0.56%,” RGZ reported.

Compared to the first quarter of 2023, apartment prices increased in the region of Vojvodina by 5%, in the City of Belgrade by 4.5%, in Šumadija and Western Serbia by 3.49%, and just like in the previous several quarters, the strongest price growth was recorded in the region of Southern and Eastern Serbia, amounting to 7.16%.

“When comparing the apartment price index in Serbia with the indexes in European countries, Serbia had moderate and stable price growth. According to available data for the fourth quarter of 2023, a larger number of countries recorded more drastic slowdowns or declines in the real estate market, while a few countries recorded double-digit growth,” stated the Republic Geodetic Authority.



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