Experts note Serbia needs to reconsider its approach to real estate development, which has largely focused on expanding new construction, increasing sales prices and attracting investment, particularly in Belgrade and Novi Sad. Sustainable market growth cannot rely solely on rising prices and construction activity, but should instead prioritise quality, long-term urban planning and the creation of genuine economic value. Stronger legal protections and greater transparency are also needed in order to achieve more reliable information on property prices, transactions and ownership.
Data from the Republic Geodetic Authority (RGZ) for the first half of 2026 indicate that the total value of the real estate market grew faster than the number of completed transactions. The figures suggest an increase in average transaction values and continued price growth, although developments have varied across different property categories. In the second quarter, the number of transactions was lower than in the same period last year, while the overall market value continued to rise.
Projects whose prices are based primarily on expectations of further increases could face greater challenges, while higher-quality developments may prove more resilient. The importance of improving housing affordability, particularly for households with average and lower incomes has also been stressed as one of the priorities.
Political and economic changes could also influence the sector, although their effects would not necessarily be immediate or uniform. The market is likely to undergo gradual adjustments, with transparency, legal certainty and construction quality playing an increasingly important role.
