Housing Price Index in Serbia Rises 5.25 Percent

The housing price index for Serbia, published by the Republic Geodetic Authority (RGZ), reached 200.98 in the second quarter of 2026, the agency announced on August 14. That is 1.19 percent higher than in the first quarter of this year, and the year on year growth rate for housing prices stands at 5.25 percent.

The index tracks prices of apartments where a sale has actually closed and been registered, not asking prices pulled from listings. It is the only official quarterly snapshot of the market where Serbian citizens buy homes.

RGZ describes the pace of growth in the second quarter as moderate and stable. The quarterly change of 1.19 percent is smaller than the annual rate of 5.25 percent, meaning growth over the last three months moved slower than the average pace of the previous twelve.

Older Apartments Gain Faster Than New Ones

Growth was not even across property types. Newly built apartments cost 3.86 percent more than a year ago, while existing apartments, meaning units from the older housing stock, rose 5.98 percent. The gap is 2.12 percentage points, favoring older apartments already on the market before the most recent construction cycle.

Why Is Transaction Value Rising While the Number of Contracts Falls?

In the second quarter, 11,938 sale contracts for apartments were concluded, 5.8 percent fewer than in the same period of 2025. The total value of those contracts came to 1.3 billion euros, 7.7 percent more than a year earlier.

The answer lies in the average value per contract. Dividing the reported transaction value by the reported number of sales puts the average deal at roughly 109,000 euros. Fewer deals closed, but each one was, on average, larger than in the second quarter of last year.

Southern and Eastern Serbia: Biggest Price Gains, Steepest Drop in Contracts

By region, year on year price growth breaks down as follows:

• Southern and Eastern Serbia: prices up 6.21 percent, transaction value down 0.4 percent, contracts down 11.8 percent
• Belgrade region: prices up 5.65 percent, transaction value up 12.6 percent, contracts down 2.5 percent
• Vojvodina: prices up 4.86 percent, transaction value up 3.2 percent, contracts down 6.8 percent
• Sumadija and Western Serbia: prices up 4.28 percent, transaction value up 1.9 percent, contracts down 6.2 percent

The number of contracts signed fell in all four regions. Belgrade is the only region where transaction value grew by double-digit percentages, and it also posted the smallest drop in the number of sales.

Where Serbia Stands Against the European Union

According to data published on Eurostat’s website, the House Price Index for the European Union shows year on year growth of 5.13 percent in the first quarter of 2026. That is one quarter earlier than the Serbian figure, so the numbers are not directly comparable categories, but they give a sense of scale.

Prices fell in one of the 27 member states, Finland, by 2 percent. At the other end are countries with double-digit annual growth: Portugal at 17.78 percent, Bulgaria at 14.77 percent and Slovakia at 14.44 percent.

The Republic Geodetic Authority states that, unlike the volatile trends seen in some EU countries, its index shows a continuously positive trend and a stable real estate market in Serbia.

The index was developed under international methodological guidelines and is freely available to citizens and businesses. The next reading will cover the third quarter of 2026.