Published on and written by Cyril Jarnias
The Serbian real estate market is undergoing significant transformation. Following the spectacular surge of 2021-2022, prices are stabilizing without declining. In this evolving landscape, the gaps between major cities are widening: Belgrade remains in a league of its own, Novi Sad is solidifying its position as the second hub, while cities like Niš and Kragujevac still offer more affordable opportunities, sometimes with faster growth dynamics.
This article compares per-square-meter prices, rents, rental yields, and investment prospects in Serbia’s major cities. The data comes from Serbian authorities (RGZ, SORS, NBS) and specialized observatories, ensuring recent and reliable information.
A National Market in Moderate but Sustained Growth
The starting point is a national market that has moved past the phase of speculative fever but continues to advance.
Recent key figures show contained but widespread growth:
| National Indicator | Recent Value | Commentary |
|---|---|---|
| Apartment Price Change (Q3 2024, annual) | +4.69% | +0.50% in real terms after inflation |
| New Apartment Price Change (Q3 2024) | +5.10% | Slightly more dynamic than resale |
| Existing Apartment Price Change (Q3 2024) | +4.45% | Reflects tension in the existing stock |
| Overall Increase 2021‑2024 | +20 to +30% | One of the strongest increases in Europe |
| Housing Transactions Q1‑Q3 2024 | 33,225 sales | +7.87% year-on-year |
| Sales Value Q1‑Q3 2024 | €2.844 Bn | +12.10% year-on-year |
Prices for apartments have nearly doubled since 2019, with a jump of around 60% for the existing stock and over €1,000 per m² gained on new builds. Growth has slowed since 2023, but experts agree: no crash is in sight, rather a “reasonable” progression of around 3 to 7% per year until 2030.
In the current context, comparing cities should no longer be limited to identifying where prices are lowest. It is now crucial to analyze which cities are progressing the fastest and to assess where the ratio between prices, local incomes, and potential yields is most attractive.
Belgrade: A Market Apart, Expensive but Irresistible for Capital
Belgrade alone concentrates the majority of the value of Serbia’s residential market. Between major construction projects like Belgrade Waterfront, its appeal to diaspora investors, and the funnel effect of employment, the capital plays in a category of its own.
Price Levels: The €3,000/m² Threshold Crossed
At the city level, recent figures show a high level, but also still lively progression:
| Belgrade (apartments) | Average / Median Price | Period / Source |
|---|---|---|
| Average price per m² (all properties, Q1 2025) | ~€2,990 | +9.4% year-on-year |
| Average price per m² 2024 | ~€2,733 | RGZ, annual data |
| New Build Median (Q3 2024) | €2,180/m² | Slight decrease of -0.91% year-on-year |
| Existing Stock Median (Q3 2024) | €2,130/m² | Increase of +6.50% year-on-year |
| Indicative Average Price 2024 (all types) | ~€2,600/m² | Agency estimates |
In 2024, the Belgrade market recorded 17,350 housing units sold for a value exceeding €1 billion, representing over 36% of the units sold in Serbia and about 55% of the total value of national transactions. In other words, one in every two square meters sold in value in Serbia is in Belgrade.
For a buyer, this translates into significantly higher entry tickets than in the rest of the country. A typical two-room apartment revolves around €150,000 in 2025.
New vs. Old: A Narrowing Price Gap
Contrary to what one might imagine, the price difference between new and old is not huge in Belgrade:
| Belgrade – Property Type | Average Price 2024 | Average Price Q1 2025 | Change |
|---|---|---|---|
| Existing (starogradnja) | €2,381/m² | €2,225/m² | -6.6% |
| New Build | €2,440/m² | €2,950/m² | +20.9% |
The trend is clear: new builds are pulling prices upward, driven by upscale projects, while the existing stock corrects slightly but retains high value, especially in central neighborhoods. The gap is typically between 10 and 20%, which pushes many buyers to opt for a well-located existing property rather than a new build on the outskirts.
Spectacular Price Differences Between Municipalities
Belgrade is not a homogeneous market. Averages hide colossal gaps between a studio in Rakovica and a three-bedroom with Danube views in Savski Venac.
| Belgrade Municipality | Average Price 2024‑2025 (€/m²) | Profile |
|---|---|---|
| Savski Venac | ~€4,369/m² (listings Q1 2025) | Upscale, Belgrade Waterfront, records at €5,000‑6,000/m² even >€11,000/m² at Kula Belgrade |
| Stari Grad | ~€4,260/m² | Historic city center, high tension |
| Vračar | ~€4,103/m² (Q1 2025); ~€3,000/m² effective average | Highly sought-after neighborhood, strong demand, budgets from €213,000 to €1.85M depending on size |
| Novi Beograd | ~€2,658/m² (Q1 2025) | Large stock of modern buildings, many new projects around €3,200/m² |
| Palilula | ~€1,857/m² in 2024 → ~€2,600/m² Q1 2025 | +32.7% year-on-year, some areas >€3,000/m² |
| Zvezdara | ~€2,045/m² (2024) → ~€2,700‑2,800/m² in 2025 | Strong catch-up, especially Mirijevo (~€2,400/m²) |
| Voždovac | ~€2,775/m² (2024) | Explosion in Stepa Stepanović (from €1,100 to >€3,000/m² in a decade) |
| Čukarica | ~€2,534/m² (new); ~€1,909/m² (old) | Varied supply, sustained dynamism |
| Zemun | ~€2,067/m² (2024), center ~€3,000/m² | High disparity: €1,341 to €4,125/m² |
| Rakovica | ~€1,838/m² (2024) | Most affordable municipality in the city |
| Outskirts (Mladenovac, Obrenovac, Lazarevac…) | Stagnation or slight decline (-1 to -2%) | Softer market, local residential use |
Some micro-zones illustrate the explosive nature of recent growth: Mirijevo shows +70 to 80% in five years, Stepa Stepanović has seen prices triple since 2010‑2011, and Višnjička Banja / Sanivil now ranges from €2,000 to €2,600/m².
Rent, Yield, and Affordability
Despite a very high homeownership rate in Serbia (over 90% of households own their home), Belgrade has a significant rental market that has been very tight in recent years, particularly due to the arrival of Russian, Ukrainian, and Israeli nationals.
Reference year for advertised average rents that illustrate the scale of the gap with other cities.
| City | Studio | 1 Bedroom | 2 Bedrooms | 3 Bedrooms |
|---|---|---|---|---|
| Belgrade | €500 | €800 | €1,000 | €1,500 |
| Novi Sad | €310 | €490 | €600 | €900 |
| Niš | €221 | €254 | €320 | €413 |
| Kragujevac | €186 | €233 | €272 | €400 |
In Belgrade, the price-to-rent ratio is high (around 24 in the center), reflecting very high asset values relative to rents. Gross yields are around 4.1 to 4.4% depending on location, and can rise to 6‑7% in some more popular neighborhoods or for highly sought-after small units.
The average net salary in Belgrade is about 120,000 RSD (€980), while the price per m² is around €3,000, resulting in a high price-to-income ratio of about 17. This makes homeownership difficult for local households, especially since 70% of transactions are still in cash, despite the development of credit.
Belgrade: An Engine Influencing the Entire Country
Academic studies confirm what the field suggests: the new build market in Belgrade influences other regions. When prices accelerate there, they eventually pull up regional markets, with a time lag. This is visible in the curves for Niš, Novi Sad, or Southeastern Serbia: increases there are more recent but often faster.
Novi Sad: Second City, Second Market, but with its Own Dynamic
Capital of Vojvodina, Novi Sad is the country’s second major real estate scene. Its prices remain below those of Belgrade, but the gap is narrowing, especially in the most sought-after neighborhoods.
Prices: A Plateau Around €2,500/m², with Significantly Higher Peaks
The most recent data place Novi Sad on a high plateau but still affordable compared to the capital:
| Novi Sad (apartments) | Value | Commentary |
|---|---|---|
| Average Price (all properties, mid‑2025) | ~€2,483/m² | +4.7% year-on-year |
| New Build Median (Q3 2024) | €1,960/m² | +17.37% year-on-year |
| Existing Stock Median (Q3 2024) | €2,000/m² | +8.70% year-on-year |
| Overall Average Price (July, houses + apt.) | ~€2,000/m² | +13.8% year-on-year |
The city thus shows much more vigorous growth than Belgrade in the new build segment, proof of a market in a catch-up phase and strong appetite for recent constructions. A new apartment most often trades between €1,800 and €2,800/m², with significantly higher peaks in some central neighborhoods.
Intra-Urban Map: “Tech” Neighborhoods and Redeveloping Brownfields
Novi Sad is now one of the country’s main IT hubs, and this is felt in real estate, particularly in neighborhoods near the university and tech clusters.
A summary table of prices illustrates the segmentation of the local market, allowing for quick visualization of the different product or service ranges available and their respective prices. This tool facilitates comparative analysis and understanding of market players’ positioning strategies.
| Neighborhood / Zone (Novi Sad) | New (€/m²) | Old (€/m²) | Market Profile |
|---|---|---|---|
| Stari Grad (center) | 3,000 – 4,000 | 2,500 – 2,800 | City center, high tension, scarce properties |
| Liman | >3,000 (average on some segments) | 2,500 – 2,700 | Sought-after neighborhood, near Danube, university |
| Grbavica | 2,800 – 3,200 | 2,200 – 2,600 | Rental hotspot, students and young professionals |
| Sajmište | 2,500 – 3,100 | 2,200 – 2,400 | Near center, mixed supply |
| Banatić / Salajka | 2,100 – 2,400 | 2,200 – 2,400 | Well-positioned intermediate market |
| Podbara | 2,100 – 2,600 | 2,400 – 2,600 | Neighborhood consolidating, near center |
| Adice | 1,650 – 1,850 | 1,800 – 1,900 | Most affordable zone in the city |
| Veternik | 1,700 – 1,800 | 1,700 – 1,800 | Expanding periphery, many projects |
| Petrovaradin / Mišeluk | 1,600 – 2,300 | 1,800 – 2,000 | Fortress view, ambitious projects |
New residential neighborhoods (Telep, Adice, Mišeluk, Trandžament…) are welcoming hundreds of new apartments. On Trandžament alone, nearly 2,000 new housing units are planned across 65 buildings. This significant supply supports the city’s growth while avoiding, for now, overheating comparable to Belgrade.
Rental Yield: Less Tense but More Balanced
Novi Sad offers on average significantly lower rents than Belgrade, but purchase prices follow the same logic: the price-to-rent ratio is a bit more favorable than in the capital.
In late 2024, average advertised rents are as follows:
| Housing Type | Average Monthly Rent |
|---|---|
| Studio | €310 |
| 1 Bedroom | €490 |
| 2 Bedrooms | €600 |
| 3 Bedrooms | €900 |
Gross yields are globally around 4.5 to 5%, with published figures around 4.79% on average, varying by unit size (from 4.4% to over 5%). In some highly sought-after segments (studios or 2-bedrooms near the university, tourist zones during the EXIT festival), some owners achieve higher yields through short-term rentals.
Novi Sad thus appears as an interesting compromise for the investor: lower entry tickets than Belgrade, a solid rental market (student demand, international events, IT), and still sustained price growth, particularly for new builds.
Niš: Still Affordable Prices, but Meteoric Growth
Located in the south of the country, Niš illustrates the rapid catch-up of secondary cities. Price levels remain significantly lower than those of Belgrade and Novi Sad, but growth rates there are sometimes the highest in the country.
Price Levels: Between €1,500 and €1,700/m² on Average
The latest data paint a picture of a market in strong progression:
| Niš (apartments) | Value | Commentary |
|---|---|---|
| Average Price (mid‑2025) | ~€1,661/m² | +6.73% year-on-year |
| Average Advertised Price (listings) | ~€1,500/m² | About +50% compared to 3 years earlier (€1,000/m²) |
| New Build Median (Q3 2024) | €1,700/m² | +21.43% year-on-year |
| Existing Stock Median (Q3 2024) | €1,320/m² | +9.09% year-on-year |
| Price of an Average 50 m² Unit | ~€79,000 | Concrete illustration of the entry ticket |
Between 2021 and 2024, the Niš market experienced very marked growth, with prices climbing several hundred euros per square meter in just a few years. Pressure is particularly visible in central sectors and along major arteries.
Neighborhoods and Micro-Markets: Medijana, Pantelej, Palilula…
Niš does not have the same level of segmentation as a metropolis like Belgrade, but the price difference between neighborhoods remains significant nonetheless:
| Zone / Neighborhood in Niš | Price Range (€/m²) | Average Level | Specifics |
|---|---|---|---|
| Medijana | Up to €2,000/m² | ~€1,500/m² | Most sought-after municipality, central |
| Bulevar Nemanjića | Up to €2,000/m² | High level | New status as a “prestige boulevard” after the opening of a large shopping mall |
| Palilula | 1,200 – 1,700 €/m² | Intermediate | Good access, active market |
| Pantelej | 1,000 – 2,100 €/m² | ~€1,300/m² | Developing neighborhood, good opportunities |
| More affordable neighborhoods (Ledena Stena, Trošarina, Čalije, Milka Protić, Bogoslovija) | Mostly <€1,200/m² | Affordable | Fallback market for modest budgets |
Another notable characteristic: houses are 30 to 50% cheaper per m² than apartments, which opens up opportunities for families looking for space at a lower cost.
Rental Market: Low Rents, Moderate Tension, Measured Increase
Rents in Niš are among the lowest of Serbia’s major cities, which attracts students and young professionals from other regions but limits the nominal yield.
Overview of average rent prices observed across the country at the end of 2024.
The average rent in Paris was around €30/m².
An average rent of around €18/m² was observed.
The average price was near €15/m².
An average rent of approximately €16/m² was observed.
The average rent was close to €14/m².
Outside Paris, the average rent in France was around €13/m².
| Housing Type | Average Monthly Rent in Niš |
|---|---|
| Studio | €221 |
| 1 Bedroom | €254 |
| 2 Bedrooms | €320 |
| 3 Bedrooms | €413 |
Rent growth year-on-year is about 5%, less spectacular than asset value growth, which slightly pushes down gross yields to around 3.2% on average. For an investor, Niš thus appears more as a medium-term capital gain target than an immediate cash-flow market, unless buying at a good price in still-undervalued neighborhoods.
Kragujevac: Moderate Prices, Market in Industrial Expansion
The country’s fourth-largest city, Kragujevac, is distinguished by the presence of a major industrial hub, notably the Stellantis plant (electric vehicle production). This economic dynamic fuels residential demand, but prices remain moderate for now on a national scale.
Price per Square Meter: Around €1,500/m²
The most recent indicators place the city below Niš in absolute value, but with solid progression:
| Kragujevac (apartments) | Value | Commentary |
|---|---|---|
| Average Price (mid‑2025) | ~€1,478/m² | +5.2% year-on-year |
| Average Price Q1 2025 | ~€1,521/m² | Slight progression compared to 2024 |
| New Build Median (Q3 2024) | €1,480/m² | +12.55% year-on-year |
| Existing Stock Median (Q3 2024) | €1,180/m² | +18.00% year-on-year |
The existing stock market there is even progressing faster than the new build market, a sign of strong demand for already-built housing, likely linked to the influx of workers and students.
A few examples give an idea of current budgets:
| Kragujevac Neighborhood | Indicative Total Price | Size |
|---|---|---|
| Aerodrom | ~€95,000 | Typical apartment |
| Bubanj | ~€110,000 | Family apartment |
| City Center | ~€110,000 | Apartment in the city center |
With these levels, Kragujevac remains considerably cheaper than Belgrade for comparable sizes, while benefiting from an upward trajectory driven by the automotive industry and the university presence.
Rents: Low Levels, Strong Progression
The rental market in Kragujevac starts from low values, but tension is increasing, as confirmed by recent statistics:
| Housing Type | Average Monthly Rent in Kragujevac (Dec. 2024) |
|---|---|
| Studio | €186 |
| 1 Bedroom | €233 |
| 2 Bedrooms | €272 |
| 3 Bedrooms | €400 |
Year-on-year, rents have jumped by about 10%, the highest rate among major university cities. For an investor, this translates into gross yields often higher than in Niš, in an environment of still-attractive purchase prices.
Direct Comparison of Major Cities: Which is the Most Expensive, Which is Rising Fastest?
For clarity, it is useful to compare the main figures of major cities side by side, focusing on apartments, which represent over half of the value of national transactions.
Average Prices per m²: Belgrade Far in the Lead
| City | Average Price per m² (mid‑2025) | Approx. Annual Change | Commentary |
|---|---|---|---|
| Belgrade | ~€2,990/m² | +9.4% | Most expensive and deepest market |
| Novi Sad | ~€2,483/m² | +4.7% | Second market, strong new build growth |
| Niš | ~€1,661/m² | +6.7% | Rapid catch-up, especially on new builds |
| Kragujevac | ~€1,478/m² | +5.2% | Moderate prices, industrial dynamic |
| Subotica | ~€1,304/m² | +4.3% | Border city, calmer market |
Comparing Belgrade and Novi Sad, purchasing power data show the capital is about 20 to 25% more expensive per m², with similar differences for rents. Compared to Niš and Kragujevac, the gap easily exceeds 75 to 100% in terms of price per m².
New vs. Old: Major Cities in the Same Key
Across the country, the same pattern repeats:
In the most expensive cities (Belgrade, Novi Sad), new build prices remain above those of existing stock, but the gap is narrowing due to the strong rise in prices for the existing stock between 2019 and 2024. In secondary cities (Niš, Kragujevac), percentage increases are sometimes more marked for new builds (quality and scarcity effect), but the price/value-for-use ratio remains more favorable there than in Belgrade.
The table below summarizes the medians for Q3 2024:
| City | New – Median €/m² | Old – Median €/m² | Approximate Gap |
|---|---|---|---|
| Belgrade | 2,180 | 2,130 | Small gap, mature market |
| Novi Sad | 1,960 | 2,000 | Existing stock sometimes valued at same level |
| Niš | 1,700 | 1,320 | New significantly more expensive (+28% approx.) |
| Kragujevac | 1,480 | 1,180 | New ~25% more expensive |
For an owner-occupier, this means that Niš and Kragujevac still offer real trade-offs: accepting existing stock and a slightly less central location can significantly reduce the overall bill.
Rents and Yield: Belgrade vs. Provinces
Comparing rents and purchase prices, the hierarchy of gross yields emerges:
| City | Category | Average Rent (2-bed or similar) | Approx. Price per m² | Indicative Gross Yield |
|---|---|---|---|---|
| Belgrade | 2-bed ~60 m² | ~€1,000/month | ~€2,990/m² | Around 4–5% depending on neighborhood |
| Novi Sad | 2-bed ~60 m² | ~€600/month | ~€2,483/m² | About 4.5–5% |
| Niš | 2-bed ~50–60 m² | ~€320/month | ~€1,661/m² | More like 3–4% |
| Kragujevac | 2-bed ~50–60 m² | ~€272/month | ~€1,478/m² | 4% and more in good locations |
Belgrade remains the most liquid market, but not necessarily the one offering the best gross yield, especially for investors who do not need the “capital city” brand effect. Intermediate cities like Novi Sad and Kragujevac often offer more balanced price-to-rent ratios, at the cost of less market depth.
Regions and “Secondary” Cities: The Outsiders to Watch
Beyond the four major cities, several regional markets deserve attention, either for their very low prices or for high-value tourist niches.
Zrenjanin, Paraćin, Vranje: The Most Affordable Markets
Some cities remain well below the €1,500/m² threshold, even below €1,000/m² for the cheapest segments:
| City | Price Range (€/m²) | Commentary |
|---|---|---|
| Zrenjanin | 798 – 1,464 €/m² | Very affordable market, good illustration of the regional “price floor” |
| Paraćin | 685 – 1,255 €/m² | Among the lowest price levels observed |
| Vranje | ~€995/m² | South of the country, accessible market |
For local buyers, these levels remain compatible with provincial incomes. For an investor, these are markets with potential yield but more exposed to vacancy risk and lower liquidity.
Tourist Resorts: Zlatibor, Kopaonik, Sokobanja, Vrnjačka Banja
Another world: that of spa towns and mountain resorts, where prices per m² can rival those of major urban centers, due to tourist demand.
| Tourist Locality | Average Price (€/m²) | Segment |
|---|---|---|
| Zlatibor | ~€2,000/m² (old) | Mountain apartments, strong demand for second homes |
| Kopaonik | ~€2,190/m² | Listings increasing, many properties sold in less than 2 months |
| Sokobanja | ~€1,680/m² | Spa town on the rise |
| Vrnjačka Banja | n.a. (sustained growth) | Growing investor interest |
For a Serbian buyer, these destinations are often seen as seasonal rental investments or vacation homes. Gross yields can be very attractive in high season but rely on strong volatility in tourist demand.
Cost of Living and Purchasing Power: Niš vs. Kragujevac, a Case Study
The simple level of real estate prices is not enough to judge affordability. It must be related to local salaries and the cost of living.
A detailed comparison between Niš and Kragujevac illustrates this point.
Cost of Living: Kragujevac Slightly More Expensive, but Salaries Similar
Several datasets show that Kragujevac is 7 to 10% more expensive than Niš in overall cost of living (with or without rent). Yet, average salaries there are very close:
| City | Average Monthly Net Salary | Difference |
|---|---|---|
| Niš | ~85,500 RSD | Reference |
| Kragujevac | ~83,700 RSD | Slightly lower (~‑2%) |
In detail, Kragujevac has higher prices for many items (restaurants, mobile phone, internet, urban transport, leisure), even though some basic products (bread, some services) may be more affordable in Niš. Rent included, the overall gap is around 7 to 10% depending on sources.
Real Estate: Slightly Higher Rents in Kragujevac, but Lower Purchase Prices
In strictly real estate terms, the picture is mixed:
Maximum percentage difference observed between average rents in Kragujevac and Niš for comparable sizes.
For example, a one-bedroom apartment in the city center costs on average a bit more to rent in Kragujevac than in Niš, but the purchase price per m² in the center is about 24% lower in Kragujevac according to some databases.
For a resident, this means that Niš is slightly more pleasant in terms of purchasing power (slightly lower cost of living, but rapidly rising real estate), whereas Kragujevac positions itself more as a city where it is easier to become a homeowner while accepting a slightly higher cost of living on a daily basis.
Comparison of Cost of Living and Real Estate
Credit, Cash, and Stability: Why Prices Aren’t Collapsing
A key element to understanding the relative stability of Serbian real estate prices lies in the financing structure:
– approximately 70% of apartment purchases are paid for in cash;
– in Q3 2024, only 25% of apartment acquisitions are made via credit, even though this share is rising again after a low of 17% in 2023;
– interest rates for new housing loans were around 5.05% at the end of 2024, with subsidized offers for first-time buyers under 35, sometimes around 3.5%.
The high proportion of cash real estate purchases, financed by local savings, the diaspora, and sometimes less transparent capital, limits the risk of a sharp market correction. Unlike heavily bank-financed markets, this structure reduces credit leverage and its potential destabilizing effect.
At the same time, the National Bank of Serbia introduced a temporary cap on real estate rates, and a draft law plans to cap rates at 5% for loans taken out until the end of 2025. Result: even if rates remain relatively high by Eurozone standards, real estate debt remains contained relative to GDP (the share of housing loans went from 7.9% of GDP in 2021 to 6.4% in 2023).
What are the Prospects City by City?
By cross-referencing price, growth, and economic fundamentals data, the following broad lines emerge.
Belgrade: Slower Rise, but Still Higher
– Experts anticipate annual growth of 3 to 7% for the capital until 2026, then a moderate pace until 2030.
– The market remains very liquid, with an expected sale time of around 45 days for a well-positioned property.
– The risk of a marked decline is considered limited, barring a major macroeconomic shock, but many observers believe the market is “expensive” relative to local incomes, particularly in central districts.
For an owner-occupier buyer, Belgrade offers the richest ecosystem (employment, culture, EXPO 2027, infrastructure), but at the price of a maximum financial effort. For an investor, it is more of a safe-haven asset than a very high-yield market.
Novi Sad: A Second Hub Poised to Catch Up with the Capital
– The rise in new build prices (+17% year-on-year in Q3 2024) shows the city attracts developers and upper-middle classes.
– Central neighborhoods (Liman, center, Grbavica) are gradually approaching Belgrade levels for comparable products.
– The presence of a strong IT sector, the university, and major events (EXIT) ensures robust rental demand.
The city of Novi Sad represents a balanced choice, being more financially accessible than Belgrade while offering good capital gain prospects, particularly in neighborhoods undergoing urban redevelopment.
Niš: The Catch-up Phase is Probably Not Over
– Increases exceeding 20% for new builds and over 9% for existing stock in one year signal a market still in transition, where prices are adjusting to growing demand.
– The creation of scientific and technological parks and its role as a crossroads in the south of the country fuel this dynamic.
– With prices still far below those of Belgrade and Novi Sad, room for further growth remains, even though rental yields are softening slightly.
For the buyer, Niš offers a good size/price ratio, provided the neighborhood is carefully selected, as some like Medijana and sections of Bulevar Nemanjića are already very expensive.
Kragujevac: Betting on Industry and Rising Rents
– The rise of electric vehicles (Stellantis) and university development place the city on a trajectory of demographic and economic growth.
– Prices per m² remain moderate but are progressing steadily, especially for existing stock.
– Rents are increasing faster than in other major cities (+10% year-on-year), which improves the yield profile.
For an investor seeking a market less exposed to speculation, with a decent yield and potential for moderate capital gain, Kragujevac is one of the names to watch.
Conclusion: Which City for Which Buyer Profile?
The comparison of real estate prices between cities in Serbia reveals four distinct leagues:
An analysis of the different price leagues and dynamics in the Serbian real estate market, from the capital to secondary cities.
Prices flirting with or exceeding €3,000/m². Flagship segments: Savski Venac, Stari Grad, Vračar, Belgrade Waterfront, comparable to Central European capitals.
Prices around €2,500/m². Rapid catch-up, driven by local, student, tech, and tourist demand.
Prices still compatible with local incomes. Double-digit increases for new builds, signaling the end of easy bargains.
Zrenjanin, Paraćin, Vranje, Zlatibor, Kopaonik… Offer very low prices or profitable but volatile seasonal niches.
In most scenarios, the trajectory remains oriented upward, supported by:
Projected economic growth rate, accompanied by falling unemployment and supported by massive investments.
The challenge for the buyer or investor is therefore less about whether prices will rise, and more about choosing the city and segment that match their time horizon and risk tolerance: safety and prestige in Belgrade, balanced growth in Novi Sad, catch-up in Niš, yield in Kragujevac, or targeted bets in secondary and tourist cities.
In any case, Serbia remains, on a European scale, a market where a million dollars still “buys” a lot of square meters – especially outside the capital. For those who can read the gaps between cities, this relative advantage has not yet been fully absorbed by the growth of recent years.
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Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.
On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.
Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.
