Serbia real estate and migration trends show rising costs and urban shifts

Serbia is experiencing significant shifts in migration and real estate markets. According to data from the Republic Statistical Office, approximately 135,000 citizens changed their residence within the country last year. Belgrade remains the primary destination, with municipalities such as Zvezdara, Palilula, Voždovac, and Novi Beograd attracting the most new residents. Other cities seeing notable growth include Novi Sad, Niš, Novi Pazar, and Kragujevac.

Real estate prices are rising sharply, particularly in the capital. Belgrade recorded the fastest growth in new apartment prices in Europe, with a 20.4% increase in 2025, bringing the average price per square meter to approximately 2,923 euros. In some Belgrade locations, prices have reached as high as 12,000 euros per square meter. While Belgrade sees rapid appreciation, other cities like Novi Sad, Niš, and Kragujevac maintain lower average prices, ranging from roughly 1,685 to 2,760 euros per square meter.

In addition to domestic movement, Serbian citizens' spending on international travel has increased significantly. Data from the National Bank of Serbia indicates that in the first eight months of the year, citizens spent approximately 3.632 billion euros on foreign travel, an increase of about 500 million euros compared to the same period in 2025. This has contributed to a widening deficit in tourism services.