Apartment prices in the "resale" segment increased by 4.41% at the national level, while the "first sale" segment, or purchases from investors, experienced a higher year-on-year growth of 5.15%.
Apartment sales in the second quarter of 2024 in the Republic of Serbia remained at approximately the same level as the previous year. During the second quarter of 2024, there was an increase in demand for apartments in Serbia, with 11,532 contracts for apartment transactions recorded (a 7.5% increase compared to the same period last year), with a total value of 978 million euros (7.3% more than last year).
Regionally, there are noticeable differences in trends in the apartment market across Serbia. In terms of the number of sales and transaction values, Southern and Eastern Serbia recorded a significant increase in apartment sales of 16.7% and a value increase of 37%. In Vojvodina, the number of apartment sales rose by 14.03%, and the value of transactions increased by 35.7% compared to the same period last year. The Šumadija and Western Serbia region also saw growth, with a 9.70% increase in apartment sales and a 22.22% increase in transaction values. Conversely, Belgrade recorded a decline in apartment sales of 0.57% and a transaction value decrease of 5.61%.
In terms of apartment prices compared to the second quarter of 2023, prices increased in Vojvodina by 4.49%, in Belgrade by 3.98%, and in Šumadija and Western Serbia by 5.05%. As in previous quarters, the strongest price growth was recorded in the Southern and Eastern Serbia region, amounting to 7.40%.
When comparing the apartment price index in Serbia with indices in European countries, Serbia exhibited moderate and stable price growth. According to available Eurostat data for the first quarter of 2024, a larger number of countries are experiencing a moderate market recovery. However, in some countries, there are still declines in residential property prices (Luxembourg, Germany, France), while at the same time, Poland, Bulgaria, and Lithuania are witnessing double-digit year-on-year price growth.
The RGZ index was developed in accordance with international methodological guidelines and provides citizens and the economy a simple, up-to-date, and free way to track developments in the real estate market.
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