Belgrade housing, read closely
Belgrade apartment prices rose 13.85% in a year, to a €3,080/m² median in the first quarter of 2026. Serbia's cadastre registers every sale contract, so unlike Montenegro this market can be read at area level, per complex, and in euros of turnover.
Updated 24 August 2026 · Data through Q1 2026 · Source: RGZ
Read this first
Every figure here comes from the Republic Geodetic Authority (RGZ), Serbia's cadastre. It records actual sale contracts, not listings or asking prices, which is why per-complex medians, transaction counts and market value all exist for Belgrade and do not exist for Montenegro. The trade-off is that several series are published on different bases. Compare like with like: period, area, segment and statistic all have to match. Where the totals disagree, I show the gap rather than smooth it away.
Apartment prices rose 13.85% in a year
The city median is €3,080/m². Existing and new homes average €3,096 and €3,147/m². These are transaction prices from registered contracts in the published Belgrade sample.
Current median
€3,080/m²
Q1 2026 - published Belgrade sample
Price change
+13.85%
Q1 2026 vs Q1 2025
Existing homes
€3,096/m²
Average - +14.22% YoY
New homes
€3,147/m²
Average - +12.96% YoY
Prices and samples: RGZ Q1 2026 market report.
The centre costs more. Growth is elsewhere.
Across the ten cadastral areas RGZ publishes, medians run from €2,620 to €4,047/m². The strongest year-on-year moves are in Palilula, Novi Beograd and Čukarica, not in the old centre.
Ten cadastral areas only, all apartments, Q1 2026, €/m². Stara Rakovica is not the whole City Municipality of Rakovica. Do not sum the rows into a city total. Prices: RGZ Q1 2026 market report.
The longer view confirms the rise
Transaction prices show what sold. The quality-adjusted index shows how prices actually moved once the mix of what sold is stripped out. Both matter, and they are not the same number.
Average sale prices depend on what sold
Published Belgrade city averages, full years, €/m². RGZ annual reports 2021-2024. H1 2025 is partial, so its averages (€2,545 existing; €2,499 new) stay off the chart.
Prices in euros
+45%
Existing-home average, 2021-24: €1,530 to €2,225/m².
Prices in euros
+21%
New-home average, 2021-24: €2,005 to €2,435/m².
Existing homes rose faster
Belgrade hedonic apartment-price index, Q1 2019 = 100, revised through Q4 2025. Selected quarters shown.
After adjusting for what sold
198.91
Q4 2025 index level; 98.9% above Q1 2019.
Year on year
+6.32%
Index growth versus a year earlier.
No single typical price
In Q4 2025 existing homes ranged from €1,358 at the 10th percentile to €3,931 at the 90th, with a €2,656 median. New homes ran from €1,430 to €3,814, with a €2,530 median. The middle 80% of the market stays wide. Means, medians, percentile bands and records answer different questions - keep them separate.
Sales recovered. The peak did not.
Belgrade recorded 17,807 apartment contracts in 2025, up 2.9% on 2024 but still about 18% below the 2021 peak. One contract may include several properties.
2025 contracts: 18% below the 2021 peak
Belgrade apartment contracts, full years, 2020-2025. RGZ annual reports.
Recovery, not boom
17,807
Apartment contracts in 2025, up 2.9% from 2024.
Share of Serbia
36%
Belgrade's share of Serbian apartment volume in 2025, down from 41% in 2022.
In 2025, resale accounted for 10,286 contracts and developer purchases for 6,899, with 622 other.
Value neared its peak. Credit returned.
Apartment sales reached €2.54bn in 2025, close to the €2.67bn high of 2022. In the first quarter of 2026, 39.8% of sales involved a home loan.
Value of apartment sales neared its 2022 high
Belgrade apartment-market value, full years, € million. RGZ annual reports, 2018-2025.
Home-loan use recovered
Share of Belgrade apartment sales involving a home loan, quarterly, Q1 2020 to Q1 2026. Published rounded observations; selected quarters shown.
2025 value
€2.54bn
Close to the €2.67bn 2022 high.
Share of Serbia
53%
Belgrade's share of national apartment-sales value in 2025.
Bought with credit
39.8%
Q1 2026 share of sales, not of value.
Q1 2026 added €643.1m. It stays outside the full-year series.
New complexes span €2,410 to €5,395/m²
This is what Serbia's cadastre makes possible and Montenegro's does not: published median sale prices per named residential complex, with the number of recorded sales behind each one.
Belgrade Waterfront
Savski Venac
€5,395
Median sale price /m² · 27 sales
Sava Residence
Voždovac
€3,961
Median sale price /m² · 18 sales
SOUL 64
Novi Beograd
€3,895
Median sale price /m² · 85 sales
NEWPORT
Novi Beograd
€3,656
Median sale price /m² · 21 sales
Wellport
Novi Beograd
€3,601
Median sale price /m² · 46 sales
KVART 64
Novi Beograd
€3,494
Median sale price /m² · 14 sales
Airport Garden
Novi Beograd
€3,268
Median sale price /m² · 68 sales
Lux 51
Novi Beograd
€3,188
Median sale price /m² · 14 sales
Victory Gardens
Čukarica
€2,922
Median sale price /m² · 23 sales
Silva Vidikovac
Rakovica
€2,860
Median sale price /m² · 21 sales
Voždov kvart
Voždovac
€2,640
Median sale price /m² · 37 sales
Nemanjin grad
Voždovac
€2,585
Median sale price /m² · 26 sales
Sunnyville
Palilula
€2,410
Median sale price /m² · 57 sales
Thirteen Q1 2026 Belgrade complexes. Median prices and samples: RGZ Q1 2026 market report, Table 12, page 23. The national table includes six complexes outside Belgrade; they are omitted here.
Records are not benchmarks
Records show the ceiling, not the typical market. They are useful for context and useless for pricing your own purchase.
Highest apartment unit price
€15,298/m²
2025 - Savski Venac
Largest apartment purchase
€1.83m
2025 - 537 m² - Belgrade Waterfront
Highest house transaction
€3.8m
2025
Highest garage place
€66,000
2025 - Savski Venac
Records for 2025: RGZ 2025 annual report. Q1 2026 records are not mixed into the 2025 set.
Straight answers on Belgrade apartment prices
The questions buyers and search engines ask most, answered from the RGZ figures on this page.
How much does an apartment cost in Belgrade?
The published Belgrade median was €3,080/m² in the first quarter of 2026. Existing homes averaged €3,096/m² and new homes €3,147/m². These are RGZ transaction prices from registered sale contracts, not asking prices.
How fast are Belgrade apartment prices rising?
Prices rose 13.85% year on year in the first quarter of 2026. On the quality-adjusted hedonic index, which strips out changes in what sold, growth was 6.32% in the fourth quarter of 2025 and the index stood 98.9% above its 2019 base.
Which part of Belgrade is the most expensive?
Of the ten cadastral areas RGZ publishes, Savski Venac leads at a €4,047/m² median, followed by Stari Grad at €4,000 and Vračar at €3,750. Stara Rakovica is the lowest at €2,620. The fastest growth is outside the centre.
How many apartments sell in Belgrade each year?
Belgrade recorded 17,807 apartment contracts in 2025, up 2.9% on 2024 but still about 18% below the 2021 peak of 21,833. Resale accounted for 10,286 of them and developer purchases 6,899.
How big is the Belgrade apartment market in euros?
Apartment sales reached €2.54bn in 2025, close to the €2.67bn high of 2022, and 53% of Serbia's total apartment-sales value. The first quarter of 2026 added a further €643.1m.
How many Belgrade buyers use a mortgage?
39.8% of apartment sales in the first quarter of 2026 involved a home loan, up from a low of 20% in mid-2023. That is a share of transactions, not of value.
Where does this Belgrade data come from?
All of it comes from the Republic Geodetic Authority (RGZ), Serbia's cadastre, which registers sale contracts and publishes quarterly and annual market reports plus a hedonic price index. Unlike Montenegro, Serbia therefore has per-complex prices, transaction counts and market value.
Read before comparing
Compare like with like. Period, area, segment and statistic must match. Where two official series disagree, both are shown.
Which series takes precedence
Annual activity and value come from the annual professional reports; quarterly sums are not substitutes. Quality-adjusted appreciation comes from the revised Q4 2025 hedonic series. Observed transaction prices use full-year city means through 2024, with H1 2025 and Q1 2026 kept separate. Credit share uses the quarterly reports because they give the full Q1 2020 to Q1 2026 path.
What must not be compared
Annual professional reports, the quarterly index corpus and the quarterly market reports are three different families. Apartment-only contracts are not all-property purchase contracts. A full year is not a half year or a quarter. A mean or median €/m² is not a hedonic index level. A latest revised vintage is not a first-publication vintage. The city aggregate is not the narrower Q1 2026 urban-area sample. A city municipality is not a cadastral municipality.
The ten areas are cadastral, not municipal
The Q1 2026 area table covers ten cadastral units only. Stara Rakovica is not the whole City Municipality of Rakovica. The rows do not sum to a city total, and nothing here is aggregated or reassigned to a city municipality. Prices are matched by exact cadastral registry ID.
Means, medians, bands and records answer different questions
In Q4 2025 existing homes ranged from €1,358 at P10 to €3,931 at P90 with a €2,656 median; new homes ran €1,430 to €3,814 with a €2,530 median. There is no single typical price. Records show the ceiling, not the market.
Why the totals differ
Annual totals and sums of the latest quarterly index corpus are not interchangeable. The gaps are shown in the reconciliation table rather than smoothed away, because the two come from different source families and vintages.
Credit share is by transaction count
The 39.8% figure for Q1 2026 is the share of apartment sales involving a home loan, not the share of value financed. Observations are published and rounded; no synthetic annual rate is constructed.
Why the totals differ
Sources
- RGZ, Quarterly real estate market report, Q1 2026 (area prices, complexes, credit share)
- RGZ, Apartment price index report, Q4 2025 (revised hedonic series, P10-P90 bands)
- RGZ, Apartment price index methodology
- RGZ, Annual report for professional users 2025 (contracts, value, records)
- RGZ, Annual report for professional users 2024
- RGZ, Annual report for professional users 2023
- RGZ, Annual report for professional users 2022
- RGZ, Annual report for professional users 2021
RGZ transactions only. No listings, asking prices or invented totals. These are market statistics, not a valuation of any property. Data read from the sources above on 24 August 2026.