Market confidence returns—at a cautious pace

One of the notable developments is the reappearance of small and mid-sized projects. This shift is especially meaningful as such projects are typically pre-sale driven, reflecting a growing willingness among developers to take calculated risks. This trend contrasts with the past two years, when uncertainty and political headwinds—including the recent imposition of U.S. tariffs—had discouraged new launches.

Despite these renewed signs of activity, progress remains uneven. The report highlights a number of plots where initial groundwork has begun, only to stall—often with excavation equipment idle on-site. These interruptions underscore the lingering influence of domestic and international political uncertainty, even as many buyers seem to have adjusted their expectations and are moving forward with purchases regardless.

A mismatch between price and quality delays buyer decisions

According to the report, the market continues to struggle with a lack of quality in relation to asking prices, leading to hesitation among buyers. Many find that their preferred unit or price point is no longer available by the time they are ready to commit—a dynamic that perpetuates delays and frustrations on both sides of the transaction.

Discounting is occurring, but mostly as a correction to previously overinflated pricing rather than as a sign of broader deflation. The report suggests that while there are no major shifts in market fundamentals, the delay in purchasing decisions due to perceived value mismatches is a defining feature of the current cycle.

Spotlight on Dorćol: Belgrade’s next development hotspot?

One of the most anticipated transformations is taking place in lower Dorćol, a centrally located neighbourhood that’s attracting developer interest thanks to the long-awaited construction of Linijski Park. Anchoring this area is the Marina Dorćol project, already underway and reporting strong sales. Another key development, Dorćol Residence, recently launched sales, and at least two more large-scale projects are expected before the end of the year.

However, the full potential of this neighbourhood may not be realised until supporting infrastructure investments catch up, delaying a broader wave of construction. The evolution of this area mirrors past patterns seen in New Belgrade two decades ago and more recently along the Sava riverfront, where Belgrade Waterfront has become a benchmark for large-scale urban regeneration.

Navigating an uneven recovery

This latest market snapshot provides a glimpse into the evolving dynamics of Belgrade’s residential sector. While far from a full recovery, the emergence of smaller projects and the gradual normalisation of buyer behaviour suggest that the market is adjusting to a new set of realities—marked by cautious optimism, fragmented growth, and continued price sensitivity.

For investors and homebuyers alike, the message is clear: while the macro picture remains volatile, Belgrade’s residential market is quietly moving forward—project by project, block by block.