Novi Sad is called Serbian Athens for a reason, since ancient times it has been the center of historical and cultural events, and all branches of the economy are at an enviable level. In previous years, the number of inhabitants has been increasing, thus the demand for apartments is also increasing, which affects the price of real estate. We have witnessed that inflation has hit the whole world and that prices have risen in all segments, including in the field of real estate.
In recent years, more and more people are choosing Novi Sad, it is particularly interesting that a lot of people are choosing Novi Sad instead of Belgrade. There are many reasons, firstly the overcrowding of Belgrade, data show that a quarter of the population of Serbia lives in Belgrade. Then, the air pollution in Belgrade is high on the scale, which bothers most people, and the traffic congestion and the lack of modern public transportation (metro) is a story in itself.
As for the job offer, Novi Sad offers everything the same as Belgrade, the geographical position of Novi Sad is very good, it is close to the capital, it is connected to all important locations by road, rail and river transport. Tourism in Novi Sad is one of the more developed branches of the economy, and the proximity to the E-75 highway that connects this part of Europe with the European Union is another plus.
What affects the price?
There are several factors that influence the price, first and foremost is the location, then the size of the apartment, the quality of construction, the equipment of the apartment, but also the current ratio of supply and demand. Likewise, trends in urban development and the economy have a significant impact on the price of real estate. For example, in the past 5 years, a trend of rising real estate prices in Novi Sad has been observed. The growth rate varies, but the average is around 5 to 6% per year.Price per square meter per settlement
According to recent research, the average price of a square meter apartment in Novi Sad is around 2,300 euros, it is interesting that a little more than four years ago, a square meter apartment was cheaper by as much as 900 euros. Prices have gone up since the beginning of the Covid pandemic, and the upward trend continued during the energy crisis. We are witnessing that the prices have increased significantly, but at the beginning of 2023. year, the square meter of the apartment became cheaper. Experts explain that this is normal and that after a dizzying rise in prices is followed by a dizzying fall.
However, prices differ significantly depending on the location of the apartment, so the most expensive square meter apartment is in the very center, and the prices are lower in the suburbs and outskirts. The average price of a square meter in Novi Naselje is 2,085 euros, Novo Naselje is a popular location due to its proximity to all important amenities in Novi Sad, in Podbara you have to spend about 2,574 euros for one square meter, it is interesting that in the city center a square meter can be found for 2,555 euros which is a little cheaper than apartments that are not in the strict center.
If we go a little further, to Veternik, the price of apartments per square meter is around 2000 euros, the price depends on the location within the settlement, and the condition of the apartment is an important factor. If you want to get by as cheaply as possible, pay attention to Adice, where you can find an apartment for “only” 1,600 euros per square meter.
Newly built complexes in Sremska Kamenica, Mišeluk and Popovica cost up to 2,500 euros per square meter, older buildings can be found for a few hundred euros less.
The highest prices are still held by Boulevards, in first place is Boulevard Kralja Petar I, where up to 3,000 euros must be allocated for one square meter.
For example, for a two-bedroom apartment in the center of Novi Sad of 45 m2, you need to spend 106,000 euros, in Adice, you need to spend about 93,000 euros for a three-bedroom apartment of 67 m2. If you are looking for a one-and-a-half bedroom apartment of 40 m2 in Liman, it will cost you around 100,000 euros. In Telep, you need about 130,000 euros for a 60 m2 apartment.
Since studios are in high demand, here’s a quick price overview. A 29 m2 studio apartment in Adice costs 43,260 euros, which is slightly less than 1,500 euros per m2. If you are looking for a 28 m2 studio apartment on the Boulevard, its price is 77,000 euros, more precisely 2750 euros per m2. in Detelinara, a studio apartment of 29 m2 is 80,650 euros, that is 2,781.03 euros per m2. in Podbara, for a studio apartment of 32 m2, it is necessary to allocate 85,700 euros, that is 2,678.12 euros per m2.
What do the experts say?
We have witnessed that real estate prices in the big cities of Serbia are really high and unattainable for the majority of the population. The current energy crisis has caused real estate prices to reach a peak and unprecedented growth. Nevertheless, analysts predicted a slight drop in prices at the beginning of the year, and that happened. Although a lot is being built, the purchasing power of the population has weakened and the sale of apartments itself has registered a slight decline because the majority of the population cannot afford real estate at these prices.
The market is listening to the situation on the ground and it has been observed that the demand for housing loans has decreased, which is a clear sign that the purchasing power cannot keep up with the current prices. That is why analysts predict that real estate prices will fall even more in the coming period, unless a new global crisis occurs.
