Serbia real estate and migration trends

The Serbian real estate market continues to experience rapid price growth and significant demographic shifts. Belgrade remains the primary driver of this trend, having recorded a 20.4 percent increase in new apartment prices in 2025, with average prices for new builds reaching 2,923 euros per square meter. In certain Belgrade locations, prices have surged as high as 12,000 euros per square meter.

Internal migration remains a key factor in market demand. Data from the Republic Statistical Office shows approximately 135,000 citizens changed their residence within the country in a single year, with Belgrade municipalities such as Zvezdara, Palilula, Voždovac, and Novi Beograd attracting the highest influx. Other cities experiencing notable growth include Novi Sad, Niš, Novi Pazar, and Kragujevac. While Belgrade sees rapid appreciation, cities like Novi Sad, Niš, and Kragujevac maintain lower average prices, ranging from roughly 1,685 to 2,760 euros per square meter.

Beyond housing, there are shifting patterns in consumer spending. According to the National Bank of Serbia, citizens spent approximately 3.632 billion euros on foreign travel during the first eight months of the year, an increase of about 500 million euros compared to the same period in 2025. This rise in international travel spending has contributed to a widening deficit in tourism services.