Serbia Property Sales Decline as Transaction Value Rises

In the second quarter of 2026, the number of transactions in the Serbian real estate market declined, while their total value increased. Buyer activity weakened across all major cities, while apartments continued to account for the largest share of market turnover, N1info.rs reports, citing data from Serbia’s Republic Geodetic Authority (RGZ).

Apartments Lead Demand in Serbia

In the second quarter of 2026, 30,495 real estate purchase agreements were concluded in Serbia, down 5.4% from the same period in 2025. The total value of transactions increased by around €100 million to €2.2 billion.

The smallest decline in demand was recorded in Novi Sad, where the number of transactions fell by 1% year on year. In Belgrade, the figure decreased by 1.7%. More pronounced declines were registered in Niš and Kragujevac, at 4.3% and 7%, respectively.

Loans financed 15% of all real estate purchases in the second quarter, unchanged from the same period in 2025. Borrowed funds were used most frequently to purchase apartments, accounting for 34% of such transactions, a share that also remained virtually unchanged.

Investment Volumes in Serbian Real Estate

Buyers spent the most on apartments — €1.3 billion, or 62% of the total transaction value. A total of 11,938 apartment purchase agreements were concluded during the quarter, 5.8% fewer than a year earlier, while the value of this segment increased by 7.7%. In Belgrade alone, €742 million was invested in apartments over the three-month period, making the Serbian capital the largest market in this segment.

Prices for apartments in Serbia rose by 5.25% year on year. Prices of newly built apartments increased by 3.86%, while existing homes became 5.98% more expensive. The strongest increase was recorded in Southern and Eastern Serbia, at 6.21%. Prices rose by 5.65% in Belgrade, 4.86% in Vojvodina, and 4.28% in Šumadija and Western Serbia.

House sales totaled €175 million, while transactions involving construction land reached €156 million, representing 8% and 7% of the total, respectively. Commercial real estate transactions were valued at €119 million, or 6%. Agricultural land purchases accounted for 4% of all contracts, at €77 million. Transactions worth €369.7 million were recorded in the partially regulated segment. According to RGZ, this category covers transactions involving properties that are not registered in the real estate cadastre and whose transfer is only partially regulated by law.

Most Expensive Real Estate Transactions in Serbia

The most expensive apartment sold in the second quarter of 2026 was located in Belgrade’s Savski Venac municipality and fetched €1.6 million. The same area also recorded the highest residential price per square meter, at around €9,300. The most expensive house, valued at €1.4 million, was purchased in Voždovac, while a parking space in the Stari Grad municipality sold for €54,000.

In the commercial property segment, the largest transaction took place in Novi Sad, where a property was sold for €1.4 million. Vračar in Belgrade recorded the highest price per square meter for commercial space, at €7,700.

The largest agricultural land transaction by total value was recorded in Surčin, where more than 300 plots covering over 583 hectares were sold for €7.2 million. Novi Sad also recorded the highest agricultural land price per unit of area — €1,800 per are (€18 per sq. m). The plot measured 59.57 ares (5,957 sq. m).

What This Means for Investors

International Investment analysts note that the combination of rising prices and declining sales points to a gradual widening of the gap between sellers’ expectations and buyers’ purchasing power. Property prices continue to rise, but the market is no longer sustaining previous levels of demand, which could lengthen selling periods and limit the potential for quick resales.

For investors, this shifts the focus from capital appreciation alone to an asset’s ability to generate income and retain liquidity. Rental performance, ownership costs and the ability to exit an investment without a substantial discount are becoming increasingly important. Markets where prices are rising while the number of buyers is falling sharply warrant particular caution.