According to local real estate agency Cordon, the Belgrade residential market recorded a total transaction volume of €650 million in the fourth quarter of 2024. This represents a 32.6% increase compared to €490 million in the fourth quarter of 2023, when the market was still affected by a two-year stagnation period. While the volume is objectively high, Cordon notes that the year-on-year comparison should be viewed with caution, as the 2023 figure reflected an exceptionally weak period.
Cash transactions continued to dominate the market, accounting for 70% of all deals, while 30% were financed through loans. This ratio has remained stable over recent years, with Cordon observing that buyers are no longer avoiding credit financing to the extent seen in previous periods.
The volume of transactions involving properties with incomplete documentation — the so-called partially regulated market — stood at €189 million in the fourth quarter of 2024, down from €210 million a year earlier. This decline highlights the ongoing advantage of properties with full legal documentation. Part of the incomplete transactions still relate to delays in issuing occupancy permits at the time of sale.
Cordon adds that while the data reflects the market situation as of late 2024, current conditions have shifted again towards slight stagnation. Ongoing political uncertainty, both domestically and internationally, along with new tariffs, has introduced additional insecurity. However, unlike previous slowdowns, smaller-scale projects have continued to launch in recent months, offering some level of market activity despite the broader headwinds.
