The price of a square meter in Serbia continues to grow. Demand for apartments in large cities, especially in the capital, has further strengthened, which has contributed to further stabilization of the real estate market but also to a new slight rise in prices. The latest data for March show an increase in the price of apartments on the outskirts of Belgrade, but also in other large cities, by as much as 9 percent in a month.

The rule is that the price is mostly influenced by the ratio of supply and demand, and now the situation is such that the supply is less than the purchase request, and that is exactly what maintains and "pushes" the price per square meter in Serbia. For example, a square in the center of Belgrade in March cost an average of 2,500 euros, which is an increase of 1.1 percent compared to February.

In New Belgrade, a square costs an average of 1,934 euros, which is an increase of about half a percent in a month, analyzes of the average prices of old and new apartments advertised on show.

There is a slight increase in the price of a square meter in settlements where the price is more affordable, such as Mirijevo. And Mirijevo is exactly the Belgrade settlement, where the price of a square meter increased by two to three percent in February. The same thing happened in Voždovac.

In Novi Sad, as well as in Kragujevac, the prices of apartments for sale have not changed much in the last 30 days. The only Novi Sad settlement in Novi Sad has a trend of a slight decline in the price of 1.5 percent.

A larger fluctuation in prices in March was noticed in Nis, where parts of the city such as Bulevar Nemanjića, Durlan, Palilula have a price increase of 5 to 9 percent per square meter. Here, too, in February, the prices of square meters in the most sought-after settlements jumped by more than six percent.
In Pancevo, the price per square meter does not stop growing, in March it grew by almost six percent, which is in direct correlation with the increased interest in buying apartments due to the proximity of the capital.

Experts repeat that in the real estate market, as in many other markets, the law of supply and demand rules. It is happening in Serbia that the demand for real estate is very high, especially in larger cities, and it can be said that it is at a record level.

Demand is especially high in new construction, and that is where the potential for price growth lies. At the same time, the new rise in prices may be due to the increase in the price of construction materials.

- Those price increases are not small because the price of iron has increased by 40 percent, the reinforcing mesh by the same amount, and the prices of steel sheets, thermal insulation materials and carpentry have increased by 20 percent. Therefore, in February, some upward corrections were already recorded for apartments under construction in elite settlements, which are on average higher than five to ten percent because investors pass on their costs to buyers - explains one large investor from Belgrade.

Source: Blic business