Although this was once completely commonplace, times have changed and the cheapest apartments are no longer the most sought-after properties in Belgrade. At least that is what research conducted by the real estate consultancy company Coreside indicates.
Property experts point to several key reasons for this trend, including buyers’ preference for higher-quality living space, rising living standards, and the fact that affordable apartments are becoming increasingly scarce.
The findings illustrate a striking shift in the pricing structure of apartments sold in 2025 compared with five years earlier. In 2020, as many as 60 per cent of all apartments sold were priced between €1,100 and €2,000 per square metre, while the cheaper category, ranging from €400 to €1,000 per square metre, accounted for 22 per cent of the market. Only 15 per cent of properties were sold in the €2,100 – €3,000 range, while apartments priced above €3,000 per square metre represented a negligible share of transactions.
In the meantime, the situation has changed dramatically in favour of more expensive properties, particularly those within the mid-market segment. Apartments priced between €2,100 and €3,000 per square metre now dominate the market, accounting for 46 per cent of all transactions – three times their share in 2020. They are followed by properties priced between €1,100 and €2,000 per square metre, which account for 23 per cent of sales, and apartments priced between €3,100 and €4,000 per square metre, with a 22 per cent market share.
One important point is that apartments priced below €1,000 per square metre are now rarely sold. Their market share has fallen from 22 per cent in 2020 to just 3 per cent last year.
As for apartments priced between €4,100 and €6,000 per square metre, sales have increased sixfold, rising from 1 per cent to 5 per cent of total transactions. The most luxurious properties, priced between €6,100 and €9,000 per square metre, were virtually non-existent five years ago but accounted for 1 per cent of transactions in 2025.
According to Coreside’s research, the share of apartments priced above €3,000 per square metre has increased significantly due to the development of premium new-build projects. At the same time, lower-priced segments have continued to decline because affordable housing has become less available.
“Demand for apartments remains strong, as reflected in rising prices and a stable level of market activity. Most investment demand is focused on apartments ranging from 40 to 60 square metres, while young families most commonly seek properties between 60 and 80 square metres with two bedrooms. The dominant price range in both segments is between €2,500 and €3,500 per square metre,” the report states.
Property expert Bojan Ljubičić said that Belgrade’s residential property market remains dynamic but is becoming increasingly selective.
“Today, buyers and investors pay much closer attention to location, project quality, apartment layout and long-term value potential. That is precisely why reports such as this are important, as they place market data into a broader context and provide deeper insight into future market trends,” Ljubičić said.
Aleksandar Stevanović, President of the Economic Council of the Association of Small and Medium-Sized Enterprises, told NIN that one of the factors behind the increased demand for higher-value residential properties compared with five years ago is the rise in living standards in Serbia.
“Objectively speaking, living standards have increased by between 35 and 40 per cent compared with 2020. As a result, more people are now able to afford larger and more functional apartments than was previously the case. It is also worth noting that some buyers fear that if they purchase a cheaper apartment, they may later struggle to sell it at a price that justifies their investment. Therefore, many are more willing to take out a mortgage or sell family-owned land, if they have it, in order to secure additional funds for a higher-quality property. We should also bear in mind that young people buying homes are often planning to start families. They understand that this is difficult to achieve in an apartment of 30 to 40 square metres, so they increasingly opt for larger properties from the outset,” he explained.
The analysis also shows that the proportion of apartments purchased through mortgage financing increased by eight percentage points compared with 2024, reaching 31 per cent of all transactions.
Belgrade’s property market was worth €8.1 billion last year, representing growth of 8.6 per cent compared with the previous year. Of that total, 60 per cent, or €4.8 billion, related to residential apartments.
The value of apartment sales increased by 17.4 per cent last year. During 2025, approximately 17,800 apartments were sold in the Serbian capital, representing an increase of 2.5 per cent compared with the previous year.
Looking at residential developments with a floor area exceeding 30,000 square metres, there is a clear dominance of apartments priced between €3,000 and €6,000 per square metre. These large residential complexes account for nearly four million square metres of housing space across Belgrade. Around 53 per cent of more than 30 such projects are being developed by domestic investors, while 47 per cent are being built by foreign investors.
In fact, 39 per cent of Belgrade’s large residential developments fall within the €4,000–€6,000 per square metre price bracket. These include projects such as Belgrade Waterfront, Marina Dorćol, Newport and Delta District.
A further 34 per cent of apartments in large developments are priced between €3,000 and €4,000 per square metre. Examples include Sava Residence, Airport Garden, Cerak Gardens, Pupin Palace and Novi Minel.
Large residential projects with prices exceeding €6,000 per square metre account for 14 per cent of the market and include the most expensive units in Belgrade Waterfront, Danube Riverside and Block 26.
More affordable properties, priced between €2,000 and €3,000 per square metre, make up only 13 per cent of the supply in Belgrade’s large residential developments. Examples include Sunnyville, Voždov Kvart and Nemanjin Grad.
The report also notes that New Belgrade remains a highly attractive location for investors, with around 15 major projects currently under construction. In terms of future residential development, the municipality of Palilula offers the greatest potential, encompassing both central and suburban areas of the city and providing opportunities for projects across a wide range of price categories and property types.
(NIN, 23.06.2026)