economy
March 24, 2026
How will the crisis in the Middle East affect real estate prices in Serbia?
Four years ago, when the war in Ukraine began, which caused an energy and then an economic crisis through global inflation, real estate prices in Serbia did not fall, on the contrary, they even rose.
TL;DR
- Serbia's real estate market saw a significant increase in 2022, driven by migration from Russia and Ukraine, coinciding with Serbia's non-sanctioning of Russia.
- Prices in Belgrade and Novi Sad rose sharply, contrasting with declines in other European countries.
- A mild slowdown occurred in 2023 due to market stabilization, high inflation, and persistent high property prices.
- Despite ongoing conflicts, significant impacts on the Serbian real estate market from the Middle East crisis are not currently expected.
- Recent data for Q4 2025 indicates a strong market performance, with a record number of contracts and transaction value, surpassing even Q4 2022 levels.
- A shortage of smaller, affordable apartments is a major issue, with available properties being larger and more expensive.
- Experts predict a potential slight price correction if conflicts escalate into a global economic crisis.
- The market is facing a 'dramatic' situation due to a lack of smaller, affordable apartments.
- Commercial spaces (lokali) are experiencing poor demand due to potential economic instability.
- The Republic Geodetic Authority data for Q4 2025 shows a decline in transactions in Novi Sad and Niš, attributed to citizen impoverishment.