Existing stock appreciated faster than new build
Belgrade hedonic apartment-price index · Q1 2019 = 100 · latest revised Q4 2025 vintage
RGZ Q4 2025 index report ↗ · Index methodology: RGZ index methodology ↗
Overview
The latest quarter in four measures
Q1 2026 is a current pulse, not an extension of the annual series. Price observations cover ten cadastral municipalities in the narrower urban area.
Urban-area mean
€3,117/m²
Median €3,080 · +13.85% y/y
Apartment-market value
€643.1m
Quarter only · Q1 2026
Credit participation
39.8%
Share of apartment transactions
All-property activity
7,343
Purchase contracts · +9.5% y/y
Current-quarter source: RGZ Q1 2026 market report ↗. The activity count covers all property purchase contracts; the other measures are apartment-market observations.
01 · Prices
Quality-adjusted apartment prices nearly doubled after 2019
The hedonic index is the strongest measure of appreciation because it adjusts for property characteristics. It is dimensionless and must not be read as €/m².
Observed means rose, but the mix of sales matters
Directly published full-year city transaction means · €/m² · 2021–2024
Annual professional reports: RGZ 2021 annual report ↗, RGZ 2022 annual report ↗, RGZ 2023 annual report ↗, RGZ 2024 annual report ↗.
The middle rose while the tails remained wide
Q4 transaction-price distribution · P10–P90 range with median dot · €/m²
Latest index publication: RGZ Q4 2025 index report ↗.
02 · Activity
Sales recovered for two years, but remained below the 2021 peak
Annual professional reports are the canonical source for full-year apartment activity. Exact city apartment-contract counts begin in 2020.
Apartment contracts were still 18% below their 2021 high
Contracts in which apartments participated · full years · 2020–2025
Annual RGZ professional reports, 2020–2025. A contract can contain more than one property.
03 · Value & credit
Market value approached its 2022 high as credit returned
Annual reports provide the best full-year value totals. The quarterly market-report series provides the richer and more current view of credit participation.
Apartment-market value reached €2.54bn in 2025
Belgrade apartment-market value · full years · € millions
Annual RGZ professional reports, 2018–2025.
Credit participation rebounded from the 2023 trough
Share of apartment transactions involving credit · quarterly reports · 2020 Q1–2026 Q1
Quarterly values are reported/rounded publication observations. They are not averaged into a synthetic annual rate.
04 · Areas
Prime central areas led, but the fastest growth was elsewhere
The current view covers ten cadastral municipalities in narrower urban Belgrade. It is not a complete table of all 17 city municipalities, and its samples must not be summed into a city total.
Q1 2026 narrower urban-area table: RGZ Q1 2026 market report ↗. Stable scales are used by measure so selections remain comparable.
| Area | Mean | Median | YoY | n |
|---|
05 · Records
Records describe the edge of the market—not its typical price
These are observed extremes and should never be compared with city means, medians or percentile centers as if they represented the same concept.
€15,298/m²
Highest 2025 apartment unit price · Savski Venac
€1.83m
Largest 2025 apartment purchase · 537m² · Belgrade Waterfront
€3.8m
Highest 2025 house transaction
€66,000
Highest 2025 garage-place transaction · Savski Venac
2025 records: RGZ 2025 annual report ↗. Q1 2026 records remain in the current-quarter normalized download rather than being mixed with the full-year record set.
Data notes
Definitions, revisions and downloads
The public story uses one preferred source per analytical question. Alternative universes and publication vintages remain available here for audit—not as competing headline charts.
Dataset precedence
Annual activity and valueAnnual professional reports are primary. Quarterly sums do not replace them.
Quality-adjusted appreciationLatest revised Q4 2025 hedonic vintage is primary. First-publication values are audit material.
Observed transaction pricesComplete-year city means through 2024 are primary. H1 2025 and Q1 2026 stay separate.
Credit participationQuarterly market reports are primary because they provide the complete 2020 Q1–2026 Q1 path.
Current local comparisonQ1 2026 ten-area table is primary and explicitly narrower than all of Belgrade.
DistributionsQ4 P10–P90 ranges and medians are primary; records remain separate extremes.
Comparability boundaries
- Annual professional reports ≠ quarterly index corpus ≠ quarterly market reports.
- Apartment-only contracts ≠ all-property purchase contracts.
- Full year ≠ half year ≠ quarter.
- Mean/median €/m² ≠ hedonic index level or growth.
- Latest revised vintage ≠ first-publication vintage.
- City aggregate ≠ Q1 2026 narrower urban-area sample.
- Municipality ≠ cadastral municipality or cadastral area.
- Credit share by transaction count ≠ financing share of value.
- Partially regulated registration status ≠ building quality.
Vintage and annual reconciliation
The table demonstrates why annual contracts/value and latest-vintage quarterly index-corpus sums are not interchangeable. Differences are preserved rather than “fixed.”
| Year | Annual contracts | Quarterly sum | Difference | Annual value | Quarterly sum |
|---|---|---|---|---|---|
| 2020 | 16,604 | 16,069 | -535 | €1,400.0m | €1,407.0m |
| 2021 | 21,833 | 20,268 | -1,565 | €2,069.3m | €2,048.0m |
| 2022 | 21,585 | 21,252 | -333 | €2,672.3m | €2,632.0m |
| 2023 | 16,087 | 15,898 | -189 | €2,076.5m | €2,058.0m |
| 2024 | 17,303 | 17,075 | -228 | €2,230.6m | €2,228.0m |
| 2025 | 17,807 | 17,671 | -136 | €2,542.8m | €2,542.0m |
Audit downloads
Specialist and historical datasets
Broader all-property activity, rounded quarterly apartment-market values, quarterly transaction means, legal-registration attributes and 2017–2024 mixed-geography spatial history are retained as downloads. They are not co-equal public views because they duplicate stronger measures or answer specialist questions.
All 86 official RGZ sources
| Cite | Collection | Report | Pages | Source |
|---|---|---|---|---|
| [2] | Professional report | Годишњи извештај 2025 за професионалне кориснике са прилозима n.pdf | 55 | Open at RGZ ↗ |
| [3] | Professional report | Полугодишњи извештај 2025. за професионалне кориснике са прилозима.pdf | 66 | Open at RGZ ↗ |
| [4] | Professional report | Годишњи извештај 2024. за професионалне кориснике са прилозима.pdf | 66 | Open at RGZ ↗ |
| [204] | Professional report | Полугодишњи извештај 2024. за професионалне кориснике са прилозима.pdf | 64 | Open at RGZ ↗ |
| [6] | Professional report | Годишњи извештај 2023. за професионалне кориснике.pdf | 65 | Open at RGZ ↗ |
| [206] | Professional report | Полугодишњи извештај 2023. за професионалне кориснике.pdf | 65 | Open at RGZ ↗ |
| [8] | Professional report | godisnji izvestaj za profesionalce + prilozi.pdf | 67 | Open at RGZ ↗ |
| [208] | Professional report | ilovepdf_merged.pdf | 65 | Open at RGZ ↗ |
| [10] | Professional report | ProfGodisnji2021.pdf | 66 | Open at RGZ ↗ |
| [210] | Professional report | 20210904 Polugodišnji izveštaj.pdf | 57 | Open at RGZ ↗ |
| [12] | Professional report | GODIŠNJI IZVEŠTAJ.PDF | 66 | Open at RGZ ↗ |
| [212] | Professional report | Polugodisnji_2020_za profesionalne korisnike.pdf | 53 | Open at RGZ ↗ |
| [14] | Professional report | Izvestaj o stanju na trzistu nepokretnosti za 2019.pdf | 48 | Open at RGZ ↗ |
| [214] | Professional report | Izvestaj sa trzista za I-2019.pdf | 44 | Open at RGZ ↗ |
| [16] | Professional report | Godisnji_Izvestaj_trziste_nepokretnosti2018.pdf | 47 | Open at RGZ ↗ |
| [216] | Professional report | Polugodisnji izveštaj - tržište nepokretnosti 2018.pdf | 47 | Open at RGZ ↗ |
| [217] | Professional report | Godisnji_fin3.pdf | 38 | Open at RGZ ↗ |
| [218] | Professional report | 02 Polugodisnji_fin2.pdf | 41 | Open at RGZ ↗ |
| [219] | Professional report | GodisnjiIzvestaj_StanjeTrzistaNepokretnosti_2016_2.pdf | 30 | Open at RGZ ↗ |
| [220] | Professional report | 2Polugodisnji izvestaj - Trziste nepokretnosti 2016 -20170421.pdf | 21 | Open at RGZ ↗ |
| [221] | Professional report | 3Godisnji izvestaj - Trziste nepokretnosti 2015.pdf | 28 | Open at RGZ ↗ |
| [222] | Professional report | 4IzvestajIpolugodiste-2015.pdf | 16 | Open at RGZ ↗ |
| [223] | Professional report | 5Godisnji izvestaj – Trziste nepokretnosti 2014.pdf | 16 | Open at RGZ ↗ |
| [224] | Professional report | 6IzvestajIVkvartal-2014-20150317.pdf | 15 | Open at RGZ ↗ |
| [225] | Professional report | 7IzvestajIIIkvartal-2014-20141202.pdf | 14 | Open at RGZ ↗ |
| [226] | Professional report | 8Izvestaj za II kvartal - 2014.pdf | 15 | Open at RGZ ↗ |
| [227] | Professional report | 9TrzisteNepokretnosti_I_Kvaratal_2014.pdf | 16 | Open at RGZ ↗ |
| [29] | Professional report | 1Uvodne napomene o RPN i pracenju trzista nepokretnosti.pdf | 7 | Open at RGZ ↗ |
| [32] | Housing-price index | Методологија израде РГЗ индекса цена станова (1).docx | DOCX | Open at RGZ ↗ |
| [30] | Housing-price index | РГЗ - Индекс цена станова T4 2025 ФИНАЛНО.pdf | 15 | Open at RGZ ↗ |
| [100] | Housing-price index | РГЗ - Индекс цена станова T3 2025.pdf | 16 | Open at RGZ ↗ |
| [101] | Housing-price index | РГЗ - Индекс цена станова T2 2025.pdf | 15 | Open at RGZ ↗ |
| [102] | Housing-price index | РГЗ - Индекс цена станова T1 2025 КОНАЧНА.pdf | 15 | Open at RGZ ↗ |
| [103] | Housing-price index | RGZ - Izvestaj indeksi cena T4 2024.pdf | 15 | Open at RGZ ↗ |
| [104] | Housing-price index | RGZ - Izvestaj indeksi cena T3 2024.pdf | 15 | Open at RGZ ↗ |
| [105] | Housing-price index | Izvestaj_o_indeksu_T2_2024 фин(002).pdf | 15 | Open at RGZ ↗ |
| [106] | Housing-price index | РГЗ ИНДЕКС први квартал 2024.pdf | 15 | Open at RGZ ↗ |
| [107] | Housing-price index | RGZ - Izvestaj indeksi cena T4 2023Final.pdf | 15 | Open at RGZ ↗ |
| [108] | Housing-price index | RGZ - Izvestaj indeksi cena T3 2023 Konacna.pdf | 14 | Open at RGZ ↗ |
| [109] | Housing-price index | RGZ indeks cena - prvi kvartal 2023.pdf | 14 | Open at RGZ ↗ |
| [110] | Housing-price index | RGZ index cena stanova IV kvartal 2022. godine.pdf | 14 | Open at RGZ ↗ |
| [111] | Housing-price index | RGZ - Izvestaj indeksi cena.pdf | 11 | Open at RGZ ↗ |
| [31] | Market report | Квартални извештај I 2026n.pdf | 26 | Open at RGZ ↗ |
| [112] | Market report | ispravljeno.pdf | 8 | Open at RGZ ↗ |
| [113] | Market report | Годишњи извештај 2025.pdf | 21 | Open at RGZ ↗ |
| [114] | Market report | Статистика цена непокретности за 2025.годину.pdf | 19 | Open at RGZ ↗ |
| [115] | Market report | Квартални извештај IV 2025.pdf | 26 | Open at RGZ ↗ |
| [116] | Market report | Квартални извештај III 2025.pdf | 25 | Open at RGZ ↗ |
| [117] | Market report | Прво полугодиште 2025 ФИН pdf.pdf | 34 | Open at RGZ ↗ |
| [118] | Market report | Квартални извештај II 2025.pdf | 24 | Open at RGZ ↗ |
| [119] | Market report | КВАРТАЛНИ ИЗВЕШТАЈ I 2025.pdf | 24 | Open at RGZ ↗ |
| [120] | Market report | Годишњи извештај 2024 финални.pdf | 33 | Open at RGZ ↗ |
| [121] | Market report | Kvartalni izveštaj IV 2024.pdf | 24 | Open at RGZ ↗ |
| [122] | Market report | Izvestaj o stanju na trzistu nepokretnosti u III kvartalu 2024. godine.pdf | 25 | Open at RGZ ↗ |
| [123] | Market report | Извештај о стању на тржишту непокретности за прво полугодиште 2024. године.pdf | 32 | Open at RGZ ↗ |
| [124] | Market report | Извештај о стању на тржишту непокретности у II кварталу 2024. године.pdf | 25 | Open at RGZ ↗ |
| [125] | Market report | RGZ - Izvestaj I kvartalni 2024fin.pdf | 25 | Open at RGZ ↗ |
| [126] | Market report | ГОДИШЊИ_ИЗВЕШТАЈ-ЗА_МЕДИЈЕ_2023.pdf | 33 | Open at RGZ ↗ |
| [127] | Market report | Izvestaj o stanju na trzistu nepokretnosti u IV kvartalu 2023. godine.pdf | 25 | Open at RGZ ↗ |
| [128] | Market report | Извештај о стању на тржишту непокретности у III кварталу 2023. године.pdf | 22 | Open at RGZ ↗ |
| [129] | Market report | Izvestaj o stanju na trzistu nepokretnosti za prvo polugodiste 2023. godine.pdf | 26 | Open at RGZ ↗ |
| [130] | Market report | kvartalni izveštaj o tržištu nepokretnosti-03.08.2023.pdf | 25 | Open at RGZ ↗ |
| [131] | Market report | Kvartalni izveštaj BI- I kvartal 23 (1).pdf | 20 | Open at RGZ ↗ |
| [132] | Market report | Izvestaj o kretanjima na trzistu nepokretnosti za 2022. godinu.pdf | 36 | Open at RGZ ↗ |
| [133] | Market report | Izvestaj o stanju na trzistu nepokretnosti IV kvartal 2022. godine (2).pdf | 21 | Open at RGZ ↗ |
| [134] | Market report | Kvartalnii izveštaj o tržištu nepokretnosti.pdf | 20 | Open at RGZ ↗ |
| [135] | Market report | ИЗВЕШТАЈ О СТАЊУ НА ТРЖИШТУ НЕПОКРЕТНОСТИ ЗА ПРВО ПОЛУГОДИШТЕ 2022..pdf | 33 | Open at RGZ ↗ |
| [136] | Market report | Kvartalni izveštaj o tržištu nepokretnosti2.2022.финално.pdf | 20 | Open at RGZ ↗ |
| [137] | Market report | Kvartalni izveštaj o tržištu nepokretnosti_ I 2022fin.pdf | 19 | Open at RGZ ↗ |
| [138] | Market report | Godišnji izveštaj o stanju na tržištu nepokretnosti za 2021. godinu.pdf | 36 | Open at RGZ ↗ |
| [139] | Market report | Kvartalni izveštaj o tržištu nepokretnosti_ VI 2021фин.pdf | 17 | Open at RGZ ↗ |
| [140] | Market report | 20211023 Kvartalni izveštaj o tržištu nepokretnosti_ III 2021-5.pdf | 17 | Open at RGZ ↗ |
| [141] | Market report | Kvartalni izveštaj o tržištu nepokretnosti_ II 2021.pdf | 14 | Open at RGZ ↗ |
| [142] | Market report | Kvartalni izveštaj o tržištu nepokretnosti_ I 2021.pdf | 26 | Open at RGZ ↗ |
| [143] | Market report | Godisnji izvestaj 2020.pdf | 28 | Open at RGZ ↗ |
| [144] | Market report | Kvartalni izveštaj o tržištu nepokretnosti_ IV 2020.pdf | 24 | Open at RGZ ↗ |
| [145] | Market report | 20201015 Kvartalni izveštaj o tržištu nepokretnosti_ III 2020.pdf | 23 | Open at RGZ ↗ |
| [146] | Market report | IzvestajSaTrzistaNepokretnostiZaPrvuPolovinu2020godine.pdf | 37 | Open at RGZ ↗ |
| [147] | Market report | Izveštaj o kretanju tržišta u vanrednom stanju.pdf | 33 | Open at RGZ ↗ |
| [148] | Market report | Извештај са тржишта непокретности за 2019. годину.pdf | 23 | Open at RGZ ↗ |
| [149] | Market report | PolugodisnjiIzvestajZaMedije1-2019.pdf | 7 | Open at RGZ ↗ |
| [150] | Market report | 2018_GodisnjiIzvestaj.pdf | 4 | Open at RGZ ↗ |
| [151] | Market report | Polugodišnji_Izveštaj_Za_Medije_I_2018_Objavljeno.pdf | 5 | Open at RGZ ↗ |
| [152] | Market report | 201802_GodisnjiIzvestajMediji.pdf | 7 | Open at RGZ ↗ |
| [153] | Market report | Polugodisnji izvestaj sa trzista nepokretnosti od 1.1.2017 do 30.6.2017.pdf | 5 | Open at RGZ ↗ |
| [154] | Market report | 201702_GodisnjiIzvestajMediji.pdf | 2 | Open at RGZ ↗ |
Official RGZ transaction evidence only · no listings, asking prices, interpolation or synthetic city totals.Generated from normalized, downloadable source data.