Belgrade's apartment market recorded €768.5 million in sales during the fourth quarter of 2025, marking an 18% increase compared to €651.9 million in the same period the previous year, according to data from the Republic Geodetic Authority, analysed by real estate consultancy Cordon.
This represents the highest fourth-quarter amount since 2022, when a quarterly record of over €800 million was reached. Following Q4 2022, the market experienced stagnation until recovery began in 2025.
Cash purchases accounted for 60% of all transactions, while 40% were financed through mortgages. "Mortgage buyers continue to be significant participants in the market; however, the average remaining housing loan amount is slightly above €40,000," Cordon noted. "Therefore, the increase in the number of buyers using mortgages should not be confused with an increase in the share of mortgage financing in total property value."
The market clearly recovered in 2025, with total transaction volume for apartments in Belgrade reaching €2.5 billion, representing a 13% increase compared to €2.2 billion in 2024. Despite various challenges throughout the year, including student protests, tariff conflicts, and a 12-day conflict between the United States and Iran, the market demonstrated resilience.
Cordon cautioned that data related to specific projects should be interpreted carefully, as the Republic Geodetic Authority does not register preliminary contracts, but only final agreements signed prior to occupancy. "The use of preliminary contracts means that buyers and sellers reached agreements much earlier than indicated by the official contracts," the consultancy explained.
