Belgrade: a square metre on Savski Venac costs 4,610 euros in new builds
The latest analysis of property transactions in the capital shows a range from 2,097 euros in Palilula to 4,610 euros on Savski Venac, with average prices up by 3 to 7 per cent year on year.
The average price per square metre of new-build housing in the Savski Venac municipality of Belgrade has reached 4,610 euros, the highest level in the capital’s property market, according to the latest analysis published by the CityExpert portal at the end of April 2026, based on data from the Republic Geodetic Authority. The figure includes Belgrade Waterfront properties, which statistically lift the average for the entire municipality, while older stock in the same area changes hands at 3,268 euros per square metre.
At the other end of the spectrum, Palilula recorded an average price of 2,718 euros per square metre across all flat categories during 2025. Stari Grad shows a new-build price of 3,985 euros and an older-stock price of 3,629 euros. Novi Beograd, which has the largest housing stock in the capital, runs between 2,600 and 3,500 euros per square metre depending on micro-location and the age of the building.
Who loses, who gains in this position
For buyers with a budget of around 100,000 euros, the median cash capacity of Serbian buyers according to the Halifax Belgrade index survey, the choice effectively narrows to Zemun, Vozdovac, Rakovica and the outer rim of Palilula. The professional explanation comes from Vladimir Pavicevic, an agent at the agency Imovina.net, who told the daily Politika: “Investors are pulling back economically from the centre towards municipalities along the future second metro line, because they are pricing in 15 to 20 per cent value growth over the next five years once those works are completed.”
On the developer side, the most significant active players in 2026 are CPI Property Group, which is developing a mixed-use residential and commercial complex in the Slavija area; AFI Europe, with the second phase of AFI City on Mihaila Pupina Boulevard; and the Emirati Eagle Hills Properties consortium, the lead development partner on the Belgrade Waterfront project. Consolidated revenue from new-home sales by these developers in 2025 topped 580 million euros, according to a Belgrade Chamber of Commerce statement.
What the banks make of it
The mortgage market shows pronounced polarisation. In the first quarter of 2026 Banca Intesa, OTP Bank and Komercijalna Banka together approved 7.2 billion dinars (61.3 million euros at the NBS mid-rate) in new housing loans to households, 11 per cent more than in the same period a year earlier. Komercijalna’s retail banking director Marina Petkovic told the portal Biznis.rs that demand growth was “concentrated in the middle segment”, meaning 60 to 80 square metre flats in the Vozdovac, Zvezdara and Mirijevo areas.
Share of foreign buyers
Foreign buyers in Belgrade, according to Republic Geodetic Authority data for 2025, closed 2,317 transactions, 9.7 per cent of total turnover across the city. The largest share is held by citizens of the Russian Federation at 39 per cent, followed by China at 14 per cent, Turkey at 11 per cent and Ukraine at 9 per cent. The average transaction value with a foreign buyer is 224,000 euros, 41 per cent above the average for domestic buyers, because foreign demand concentrates on the luxury segment in Vracar, Savski Venac and Stari Grad. A shift towards dollar-zone purchases has been observed among Russian buyers since 2022.
Falling rentals, rising sales
On the rental side, data from the Halo Oglasi portal show average monthly rent for a one-and-a-half-room flat in Vracar down 4.8 per cent on the same period in 2025, which is explained by a combination of fresh supply from earlier construction cycles and some demand spillover from rental to ownership thanks to favourable mortgage conditions running until 31 May. The average rent for a 45 square metre one-and-a-half-room flat in Vracar in May 2026 is 540 euros, against 567 euros in the same month last year.
Professor Mirjana Devetakovic of the Faculty of Geography at the University of Belgrade told the daily Politika that the current position could change from July onwards, when the new regime of housing loan rates begins to act on potential buyers. Devetakovic added that any fall in purchase demand could redirect some developers towards the build-to-rent model, particularly in Vozdovac and Zvezdara. The Republic Geodetic Authority will publish its next regular report on property transactions for the second quarter of 2026 in the last week of July.
