The residential real estate market in Belgrade is showing signs of renewed activity following a period of stagnation, with a noticeable uptick in the number of smaller-scale projects breaking ground across the city. A new report by Cordon offering a snapshot of pricing in some of the capital’s most popular neighbourhoods reveals both the resilience of investor confidence and the challenges still dampening momentum.

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.  

CA Immo has completed its strategic withdrawal from the Serbian market with the sale of the Sava Business Center in Belgrade for an undisclosed sum.  

GTC has announced the sale of its GTC X office building in Belgrade for €52 million. The transaction, finalized in early February, generated net proceeds of €24 million for GTC after the repayment of a bank loan.

Belgrade's real estate market is showing signs of a mild recovery this year, though significant changes are not expected in the short term, according to a Cordon report.

Industrial developer CTP has signed three new leases with logistics provider Milšped in Serbia, taking the total leased space by the company to 105,000 sqm. 

The real estate market in Southeast Europe has been influenced by various crises in recent years, leading to lower investment levels. However, in 2025, a growth in investment activities is expected as a result of lower interest rates. Investors are particularly interested in the Balkans region, especially in Serbia, with the highest demand anticipated for investments in the hotel and residential sectors, while demand for office space is somewhat lower. These are some of the conclusions drawn by participants at the 8th edition of Balkans Property Forum 2024, organized in Belgrade by Property Forum.

Sirius Offices, the 30,000 sqm office complex based in Belgrade’s business district, has reached 100% occupancy with a mixed roster of tenants from finance, IT & telecoms, and construction. 

The first larger building that is only intended for rental was opened within the Belgrade-based Skyline project in April and is already over 30% rented, which is a good rate of rental for buildings of this type, according to an opinion of Cordon consultants. 

Belgradee’s residential market recorded transactions worth €479.6 million during Q1 2024, down by around 11% compared to the same period of 2023, but the overall amount spent is still high, according to a report by real estate agency Cordon.