Serbia real estate: New construction demand surges in five cities

In Serbia, several cities are experiencing a significant surge in the sale of newly constructed apartments compared to older buildings. During the first six months of this year, Novi Pazar, Prokuplje, Loznica, Užice, and Pančevo emerged as key markets where demand for new builds is outpacing older stock.

In Novi Pazar, 72 percent of sold apartments were in new buildings, with 240 out of 326 total sales coming from investors. The average price per square meter in Novi Pazar reached 1,066 euros, marking a 7.67 percent increase compared to the same period last year. The city has become the fifth-largest construction site in the country.

Factors driving this trend include a lack of quality housing in older structures, the completion of large residential complexes, and significant capital inflows from the diaspora. Real estate is increasingly viewed as a secure investment for funds sent from citizens working in Western Europe.