The Belgrade real estate market in 2024 continues to attract the attention of both domestic and foreign investors, with the latest statistical data from the Republic Geodetic Authority (RGZ) indicating continued growth in real estate transactions and prices. Alongside increasing demand, the city’s dynamic development and new residential and commercial projects are shaping the market in the coming months.
Increase in Real Estate Transactions and Prices According to RGZ Data
According to the RGZ report, in the third quarter of 2024, Belgrade recorded a 12% increase in real estate transactions compared to the same period last year. The majority of transactions pertain to residential units, with the most sought-after locations being central municipalities such as Vračar, Stari Grad, and New Belgrade.
Real estate prices are also experiencing significant growth. The average price per square meter for residential space in central Belgrade is now around 3,500 euros, while in luxury projects like Belgrade Waterfront it reaches up to 6,000 euros per square meter. The highest price for an apartment in the third quarter of 2024 was 10,000 euros per square meter in luxury complexes. In suburban areas such as Zemun and Voždovac, the average price per square meter is around 1,800 euros, indicating growth across all parts of the city.
Increase in Demand for Residential Spaces
One of the key factors currently driving the market is the increased demand for apartments of various sizes. Smaller apartments, such as one- and two-bedroom units, are seeing the highest interest among buyers due to their lower prices and practicality. According to RGZ data, the average price of new-build apartments in Belgrade rose by 15% in 2024, with the most expensive apartments located in the city’s central municipalities.
High Interest in Luxury Properties
In recent years, Belgrade has positioned itself as a significant market for luxury real estate, with a particular focus on projects in exclusive parts of the city. Complexes like Belgrade Waterfront have become synonymous with prestige and luxury, attracting not only local buyers but also foreign investors, especially from the diaspora. Continued development of luxury projects is expected, with growing demand for high-quality residential spaces featuring panoramic views and modern amenities.
Commercial Real Estate Market: Steady Growth
The commercial real estate market in Belgrade is also growing, particularly in municipalities like New Belgrade and Savski Venac, which have become hubs of business activity. According to RGZ data, demand for commercial spaces increased by 8% in 2024, with a rising number of companies seeking modern and technologically advanced office spaces. Flexible office spaces and coworking areas are becoming increasingly popular among companies looking for more adaptable work models post-pandemic.
Expected trends for the year 2024
- Continued Urbanization – Projects like Belgrade Waterfront, along with other residential complexes, will contribute to further urbanization and transformation of city municipalities.
- Increase in Eco-Friendly Projects – Energy efficiency and sustainability are becoming priorities in new developments, with more projects relying on green technologies.
- Increase in Real Estate Prices – Given the rising demand, further price growth is expected for residential and commercial properties, especially in attractive parts of the city.
- Short-Term Property Rentals – Platforms like Airbnb are becoming increasingly popular, especially in tourist-attractive areas of Belgrade.
Conclusion
The real estate market in Belgrade continues to grow in both transaction volume and prices. With attractive residential and commercial spaces, Belgrade is drawing an increasing number of buyers and investors. Data from the Republic Geodetic Authority indicates that the market is stable, with clear growth trends.
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