Novi Sad: 2,762 euros per square metre, gap to Belgrade narrows to 22 per cent

The average price per square metre of older-stock housing in Novi Sad in May 2026 stands at 2,762 euros, while the average price per square metre in Belgrade across all municipalities is 3,541 euros, according to figures the portals 4zida.rs and CityExpert published on 25 May as part of their own monthly market analyses. The 779 euro per square metre gap, or 22 per cent in Novi Sad’s favour, is the narrowest between the two cities since 2021, when it stood at 31 per cent.

The convergence in prices partly reflects transport policy: the E-75 motorway corridor and the planned launch of the high-speed Belgrade-Novi Sad-Subotica rail line in the first half of 2027, according to figures from the Directorate for Infrastructure, will bring the journey time between the two cities down to 36 minutes, with a direct impact on the hypothetical location choice of Belgrade buyers who work hybrid.

Stari Grad, Petrovaradin and Liman

The most expensive part of Novi Sad for older housing is the central Stari Grad, where the average price per square metre in May reached 3,610 euros, very close to the Belgrade average. The Petrovaradin Limani follow as the second priciest district at an average 2,890 euros, while Telep, Klisa and Adice occupy the bottom of the ladder at 2,110 to 2,340 euros per square metre. The Junakovicka Banja, a premium location on the Danube bank, recorded individual transactions above 4,500 euros, a historic record for the city.

Goran Rodic, regional director of 4zida.rs for Vojvodina, told the daily Dnevnik that “over the past twelve months the transaction market has grown 14 per cent by volume, double the Belgrade growth of 7 per cent, while the rental market has been flat”. The gap between sales and rental volumes reveals a structural trend: buyers are increasingly turning to Novi Sad as a base for ownership, while employees from Belgrade keep renting in the capital.

New builds at a premium of 25 to 35 per cent

New-build housing in Novi Sad sells for 3,450 to 4,200 euros per square metre, a premium of 25 to 35 per cent over older stock of the same size. The largest projects, Aleksandar Group’s Riverside Park, MK Holding’s K-Distrikt and Bekament d.o.o.’s Galenika complex, currently account for 38 per cent of new builds on the market. CityExpert estimates that 11,420 flats are under construction in Novi Sad in May 2026, against 24,610 flats in Belgrade at the same time.

Vladica Tomovic, director of the Engineering Chamber of Vojvodina, told a panel discussion at the Vojvodina Chamber of Commerce in March that “the new-build market in Novi Sad is showing signs of saturation in the middle segment, while the premium segment remains liquid thanks to inflows from Belgrade and the region”. Standard housing-loan amounts for new builds at Banca Intesa and AIK Banka run between 80,000 and 145,000 euros per case.

Mortgage market and upward pressure on rates

The statutory 5 per cent cap on the maximum rate for new variable-rate housing loans expires on 1 June 2026, replaced by the formula of the weighted average rate plus one fifth. The current weighted average rate for the period May 2025 to April 2026 stands at 5.1 per cent, meaning the new maximum from 1 June could be 6.12 per cent. On a housing loan of 80,000 euros over 30 years, this works out to a monthly difference of around 7,250 dinars (about 62 euros) compared with the position before 1 June.

What comes next in the second half of 2026

The next half-yearly revision of the weighted rate, which the NBS will publish in October, will set the maximum rate for new contracts in the period November 2026 to April 2027. The Mortgage Supervision Directorate of the National Bank of Serbia announced that the revised residential property price indices for Belgrade, Novi Sad, Nis and Kragujevac will be published within the same window, the first official Statistical Office series using the new ECOICOP classification for the property sector.