RGA index shows 5.31% year-on-year increase in apartment prices

The RGA apartment price index for the Republic of Serbia in the first quarter of 2025 is 176.28, which is a 5.31% increase in apartment prices compared to the same period last year. This moderate price increase compared to last year shows that the real estate market remains stable and without major fluctuations, announced the Republic Geodetic Authority.

The prices of apartments in old buildings, at the level of Serbia, grew 5.17%, whereas those in new buildings, that is, purchase from investors, recorded a higher year-on-year growth, at 5.55%.

During the first quarter, the number of apartment transaction agreements amounted to 11,293 (that is, 7.2% more than in the same period last year), with a total value of EUR 1.028 billion (21.8% more than last year).

Observed by regions in Serbia, in the first quarter of this year, all the regions recorded a year-on-year growth of the number of sales and transaction values in the apartment market. The biggest apartment sale growth, of 41.4%, was realized by the region of south and east Serbia, with a transaction value growth of 87.8% in the first quarter of 2025. In Vojvodina, the number of apartment sales grew 10.9%, and the sales and purchase value is higher by 34.5% compared to the same period last year. The region of the city of Belgrade is also recording a growth, with an increase in apartment sales of 0.3% and of sales and purchase value of 10.3%. In the region of Sumadija and western Serbia, a decrease in the sale of apartments of 0.4% was recorded, whereas the value of sales and purchases grew 22.9%.

When it comes to apartment prices, compared to the first quarter of 2024, the prices in the region of Vojvodina grew 4.84%, in south and east Serbia 6.14%, in Sumadija and western Serbia 3.54%, and the strongest price growth was recorded in the region of Belgrade, amounting to 6.20%.

According to the available Eurostat data for the first quarter of 2025, the prices of housing real estate in the European Union grew 5.72% year-on-year, however there is a variety in the dynamics of the European market. While in one of a total of 27 countries a decrease in prices of housing real estate was recorded, namely, in Finland (-1.91%), in other countries, such as Portugal (+16.29%), Bulgaria (+15.08%) and Croatia (+13.08), a remarkably high, double-digit growth was recorded.

The RGA index was developed in line with international methodology guidelines and it enables for the citizens and the economy a simple, up-to-date and free following of the trends in the real estate market, the institution says.

If you have bought an apartment since 2019, you can use the apartment price index to easily evaluate how much your apartment is worth now and whether its price has increased or decreased, the RGA says.

What you need:

• The price at which the apartment was bought
• The index from the quarter and the year when the apartment was bought
• The most recent index from the report of the Republic Geodetic Authority

The formula for calculating the value:

(Apartment purchase price × Latest index) ÷ Index from purchase period = Today’s value

* The indexes for all quarters since 2019 are available in the table on the website of the Republic Geodetic Authority

For example, if somebody bought an apartment in a new building for EUR 150,000 in Q1 2020, when the index was 109.33, whereas the current index for Q1 2025 in new buildings is 168.04, today’s apartment value is calculated as follows:

(150,000 × 168.04) ÷ 109.33 = EUR 230,534.26. The result is that the value of that apartment grew close to 53.7%.

Republički geodetski zavod Beograd

Republic Geodetic Authority

RGA

RGA apartment price index Serbia