Focus On: Real Estate – August 2025

Focus on

REAL ESTATE

August 2025

IN TALKS

BUILDING SERBIA’S FUTURE THROUGH STRATEGIC INFRASTRUCTURE

Aleksandra Sofronijević Ministry of Construction, Transport and Infrastructure

REAL ESTATE REPORT

BELGRADE’S RESIDENTIAL MARKET REPORT

+ Highlights Key Construction Sites and New Trends

BUILDING SERBIA’S FUTURE THROUGH STRATEGIC INFRASTRUCTURE

The first 100 days bring new roads, corridors, and projects aimed at balanced growth and stronger connectivity

In its first 100 days, Serbia’s Ministry of Construction, Transport and Infrastructure has achieved significant progress in infrastructure development, through the construction of new roads and the implementation of key projects across the country. According to Minister Aleksandra Sofronijević, these works not only change the face of the country but also ensure balanced regional development and stimulate economic growth.

“The ‘Miloš Veliki’ motorway section from Pakovraće to Požega, 19.56 kilometres long, has been opened. We have added new kilometres of expressways, reconstructed local roads, built and renovated railway lines, opened a new runway at ‘Nikola Tesla’ Airport, and introduced new flight routes from Belgrade and Niš,” the minister said, adding that these are only part of the results of her team’s dedicated work.

Construction continues on the Morava Corridor, which, she noted, will significantly improve living conditions for 500,000 people in Kraljevo, Kruševac, Vrnjačka Banja, Trstenik and surrounding areas. At the same time, work is underway on the Danube Corridor, with the aim of developing both the western and eastern parts of the country equally. Final works are being carried out on the Sremska Rača – Kuzmin

OPENED KEY MOTORWAY SECTIONS, LAUNCHED MAJOR CORRIDOR PROJECTS, AND IMPROVED AIRPORT AND RAIL INFRASTRUCTURE ACROSS SERBIA

motorway, 18 kilometres in length, and the 1,320-metre bridge over the Sava River.

Sofronijević also pointed to the construction of the Fruška Gora Corridor, with the longest tunnel in Serbia, the “Smile of Serbia” expressway, and the Belgrade – Zrenjanin – Novi Sad motorway, which will significantly improve Vojvodina’s connectivity.

Beyond road infrastructure, attention is being given to the reconstruction of the Port of Prahovo, the third phase of the Niš – Dimitrovgrad railway reconstruction on the Sukovo – Dimitrovgrad section, which will be electrified and capable of speeds up to 120 km/h once the 86-kilometre stretch is completed.

Among other major initiatives, the minister highlighted the Integrated Development and LIID projects, implemented in cooperation with international partners. These include the reconstruction and construction of local roads and streets, the arrangement of parks, the construction of pedestrian and cycling paths, the improvement of energy efficiency, and the enhancement of traffic safety — all based on priorities identified by local governments to improve quality of life.

FOCUS ON BALANCED REGIONAL DEVELOPMENT TO BOOST ECONOMIC GROWTH AND ATTRACT NEW INVESTMENTS

“All these projects, whether major state undertakings or those that directly impact everyday life, will allow every part of Serbia to develop evenly. Every city will be able to attract new investment, and every town and village will have safe and quality roads — meaning more jobs and greater chances for young people to stay in their communities,” Sofronijević stressed.

She concluded by saying she is satisfied with the results so far, but there is still much work ahead.

“There are still places in Serbia where sewer systems, railways and asphalt roads are needed. There are rivers that we must bridge so that the whole country is connected, and every citizen has equal development opportunities,” the minister said.

DELTA DISTRICT

– A UNIQUE OPPORTUNITY PLACING BELGRADE ON THE GLOBAL INVESTMENT MAP

Delta District blends luxury, sustainability, and investment potential in Belgrade’s prime location

In recent years, Belgrade has positioned itself as one of the most dynamic real estate markets in Southeast Europe, attracting a growing number of international investors. Its strategic location, rapid development, and potential for urban infrastructure transformation make it a city worthy of long-term investment.

In this context, Delta District, a project by Delta Real Estate, stands out as a game-changing development. With a value of €450 million and more than 100,000 m² of carefully designed space, the complex blends luxury residences, Class A business facilities, and the return of the InterContinental Hotel to the Serbian capital. This combination of a prestigious brand, prime location, and world-class amenities has never before been seen in Serbia, offering investors a rare opportunity to be part of a project already defining a new standard for Belgrade’s urban development.

“Our capital has the potential to position itself as a key destination for premium real estate in the region. Our goal is for the Delta District to become synonymous with top-quality, innovative concepts and sustainable development – a project that offers investors and owners security, prestige, and long-term value. With investments like this, we are building not only properties but also a new map of luxury living in the capital. This complex is our

answer to the question of what Belgrade could look like in 10, 20, or 30 years – a city standing shoulder to shoulder with the world’s greatest metropolises,” said Angelina Nekić, Vice President of Delta Holding and CEO of Delta Real Estate Group, in a statement for Diplomacy&Commerce

INVESTMENT OPPORTUNITY WITH ASSURED VALUE GROWTH

With its architecture and construction concept, Delta District aspires to become Belgrade’s new landmark and a defining symbol of the capital’s modern identity.

LEED & WELL

CERTIFIED FOR LASTING VALUE GROWTH

Located at a prestigious address within the city’s business district, the complex brings together two luxury residential towers, a Class A office tower, and the InterContinental Hotel, returning to Belgrade after more than two decades. Residents and tenants will enjoy services and amenities never before seen on the domestic market – from an exclusive concierge service and professional complex maintenance to access to the hotel pool, room service, spa and wellness centre, fitness facilities,

and fine-dining restaurants, all in line with five-star hotel standards.

Of particular appeal to investors are the fully furnished one- and two-bedroom serviced apartments, ready for immediate use or rental. Designed to the highest sustainable building standards, they ensure energy efficiency and long-term investment profitability.

“These apartments combine prestige with secure investment value. The connection to the InterContinental Hotel brings not only an additional level of service but also the global credibility of a brand that, in leading world capitals, has proven to be a guarantee of stable value growth. Investors here are acquiring a market-ready product capable of generating immediate income, as well as an asset that becomes increasingly desirable over time,” said Angelina Nekić.

An additional advantage for legal entities is the possibility of reclaiming 20% VAT, significantly impacting the speed of return on investment.

“Our strategy is clear – we are creating a space that will retain its value for decades, adapt to market changes, and remain equally attractive to both domestic and foreign buyers. The interest we have already seen at this early stage of construction shows that the market recognises this standard. People want security but also inspiration – and Delta District offers precisely that combination,” Nekić emphasised.

ANGELINA NEKIĆ Vice President of Delta Holding and CEO of Delta Real Estate Group

€450M

MIXED-USE LANDMARK REDEFINING THE CITY’S SKYLINE

Construction work is progressing as planned – the opening of the InterContinental Hotel is scheduled for the end of 2026, while the first residents are expected to move in during 2027.

The combination of a world-class brand, prime location, and uncompromising quality makes Delta District an investment that delivers both prestige and value growth.

WORLD-CLASS MIXED-USE DEVELOPMENT

The global real estate market is increasingly seeking projects that integrate residential, business, and hotel services into a single, unified space – the mixed-use development concept. Delta District is the first project of its kind in the region, offering a rare opportunity to invest in a destination that combines prestige with value growth.

“In markets across Europe and around the world, mixed-use concepts are becoming the dominant model of urban development. They combine the functionality and quality of living with business and hotel amenities. Our vision for Delta District is to be a complex that thrives 24 hours a day – where people work, live, create, relax, and socialise, all in one location. That is the essence of the modern city,” explained our interviewee.

Analyses show that such projects with integrated hotel amenities can command up to 50% higher market prices compared to standard luxury complexes, further underlining Delta District’s investment potential.

Within the residential section of the complex, plans include a private gym, cinema, children’s playroom, adults’ lounge with a bar, billiard room, and a carefully landscaped private park exclusively for residents. The location’s appeal is further enhanced by its proximity to the motorway, city centre, rivers, and green spaces, as well as its direct connection to Sava Centar – the most modern congress and cultural centre in the region.

LUXURY DESIGNED FOR EVERYDAY LIVING

The connection to the InterContinental Hotel grants residents access to exclusive amenities – from a wellness and spa centre and an infinity pool on the 20th floor to an à la carte restaurant with panoramic city views. These

benefits are reserved solely for residents and hotel guests, ensuring complete privacy and a sense of prestige.

“Luxury today is not just about aesthetics – it’s a feeling. It’s waking up knowing that everything you need is within reach – from exceptional service and security to features that make your day easier. We want our residents’ everyday lives to be seamlessly filled with comfort, functionality, and carefully designed details – because true luxury is when you don’t have to worry about a thing,” said Nekić.

The complex is further enhanced by a piazza with carefully selected retail and dining venues, as well as areas for children and informal gatherings, forming a self-contained urban enclave of high comfort.

Apartments are delivered with Veneta Cucine kitchens fitted with Gaggenau appliances, fully finished bathrooms with interior options, and built-in wardrobes in all bedrooms, requiring minimal additional investment before moving in. This approach shortens the return-oninvestment cycle and allows the property to start generating income immediately.

NEXT-GENERATION WORKPLACE

Delta District’s business infrastructure has been designed to the highest standards, offering companies a work environment that combines technological advancement, energy efficiency, and flexibility.

“Today, companies are looking for more than just space – they seek an entire environment that reflects their identity and supports their corporate culture. That’s why we envisioned Delta District’s office tower as a space that goes beyond the role of a traditional workplace – it’s a hub for ideas, collaboration, and innovation. With modern design, smart systems, and high-quality environmental standards, we offer companies the opportunity to grow and thrive in an inspiring setting,” said Nekić.

SUSTAINABILITY AT THE CORE

Delta District has been designed in line with the requirements of prestigious LEED and WELL certifications. The implementation of geothermal probes, solar panels, air recovery systems, and intelligent energy management ensures that luxury does not come at the expense of sustainability.

“Modern investors are increasingly seeking a balance between luxury and responsible resource management. For us, sustainability is not an add-on – it is the starting point of every project. In the Delta District, we use technologies that reduce energy consumption, provide cleaner air, and create a healthier environment, all without compromising comfort or aesthetics. Here, the sustainable concept is directly linked to long-term investment value growth. Our ambition is to set a new regional benchmark – to prove that luxury and sustainability together create greater value,” concluded Nekić.

SHAPING BELGRADE’S FUTURE

Delta District is not just an investment – it is a vision of Belgrade’s future. By combining world-class architecture, sustainable technologies, and carefully curated amenities, this project becomes a new benchmark for quality living and business in the region.

With an uncompromising approach to luxury, functionality, and sustainable development, Delta District is transforming the face of the capital and setting new standards for urban life. This is a project that delivers value today while building capital for generations to come – an opportunity that appears in Belgrade only once in a decade.

BELGRADE’S RESIDENTIAL MARKET

The Return of Smaller Projects and the Rise of Lower Dorćol

The latest overview of Belgrade’s residential construction market paints a diverse picture – from large-scale developments that have already become urban landmarks to smaller but highly sought-after projects in central and peripheral parts of the city. The offer is wide, with price ranges varying depending on location and stage of construction.

According to the presentation, average prices in central Belgrade range between €3,000 and €4,500 per square metre, while in New Belgrade they typically fall between €2,500 and €3,800. In peripheral neighbourhoods such as Mirijevo and Žarkovo, prices are generally between €1,800 and €2,400 per square metre. Premium projects, such as those within Belgrade Waterfront and other luxury complexes in the city centre, continue to attract buyers despite higher prices, while smaller projects are selling at an exceptionally fast pace, mainly due to strong reliance on pre-sales as the key source of financing.

Interestingly, after nearly two years of stagnation, smaller projects are making a comeback. Their launch is interpreted as a sign of renewed confidence among developers, while buyers are increasingly willing to commit early in the process. Still, the market slowed down again a few months ago due to political instability and global economic pressures. Many construction sites have been prepared but remain idle, awaiting more favourable conditions.

For buyers, this situation translates into delayed decision-making. They often end up missing out on the apartments they initially wanted, either due to price increases or because units sell out. Discounts are minimal, resembling corrections of previously inflated prices rather than true buyer incentives, while the gap between asking prices and quality remains a pressing issue.

One of the most important current trends is the development of Lower Dorćol, driven by the construction of the Linear Park. Marina Dorćol is already under construction and recording strong sales, while Dorćol Residence, located at the corner of Dunavska and Knezopoljska streets, has also entered the market. By the end of the year, two more large complexes are expected to begin construction in the same area. Additional attractive projects are planned along the route of the Linear Park, though their start will depend on the pace of infrastructure investment.

In this way, Belgrade is gaining a new development hub, similar to what happened in New Belgrade two decades ago with projects such as Delta City and Airport City, or ten years ago with Belgrade Waterfront. Lower Dorćol is now on the brink of a comparable transformation, set to become one of the city’s most attractive neighbourhoods in the years ahead.

THE REPORT WE ARE PRESENTING WAS PREPARED BY THE CONSULTING COMPANY CORDON FROM BELGRADE, WHICH CONDUCTS MARKET RESEARCH FOR ITS OWN NEEDS AS WELL AS FOR THE NEEDS OF ITS CLIENTS.

PRINCESS PARK

• Location: Senjak

• Number of villas: 12

(1000 – 1200 m2 plots; 660 – 890 m² villas)

• Move in date: 2027 April

• Price: 5.6 – 7.4 millions/villa

• Amenities: Gym, swimming pool

TRUMP TOWER GENERALSTAB

• Location: Vracar

• Number of apartments: 1500

• Move in date: TBD Apartment price: TBD

• Parking price: -

• Amenities: -

DELTA DISTRICT

• Location: Novi Beograd

• Number of apartments: TBD (business apartments)

• Move in date: 2027

• Apartment price: from 7500 €/m²

• Parking price: 42 000 – 60 000 €

• Amenities: Private cinema, 24/7 concierge, service, gym, play & chill lounge, playground, private park, infinity pool, spa & wellness center, piazza, InterContinental hotel services.

DANUBE RIVERSIDE

• Location: Novi Beograd

• Number of apartments: 525

• Move in date: TBD

• Apartment price: from 8000 €/m²

• Parking price: 50 000 €

• Amenities: Gym, Reception, Spa center, golf simulator, private cinema, pet station

PARISKA - KALEMEGDAN

• Location: Dorcol

• Number of apartments: 17

• Move in date: -

• Apartment price: 13 200 – 16 500 €/m²

• Parking price: -

• Amenities: Gym, Reception, Spa center

KATANICEVA 10

• Location: Vracar

• Number of apartments: 27

• Move in date: October 2025

• Apartment price: 5900 – 6600 €/m² (4 apartments remained)

• Parking price: 50 400 – 54 000 €

• Amenities: Heating pumps, alarm system

CENTRAL PLAZA

• Location: Pasterova St.

• Number of apartments: 63

• Move in date: 2025 July

• Apartment price: 5300 – 6300 €/m²

• Parking price: 45 000 – 65 000 €

• Amenities: Heat pumps, Smart home system, reception; without storage space

MERIN DEDINJE

• Location : Dedinje

• Number of apartments: 12

• Move in date: 2025 March

• Apartment price: 6593 €/m²

• Parking price: 20 000 – 40 000 €

• Amenities: -

DEDINJE PARK

• Location: Dedinje

• Number of apartments: 38

• Move in date: TBD

• Apartment price: 5820 – 6720 €/m²

• Parking price: 36 000 - 42 000 €

• Amenities: spa, gym, security 24/7

TERRA

• Location: Dedinje

• Number of apartments: 8

• Move in date: Completed

• Apartment price: 6600 €/m² (1 apartment remained)

• Parking price: 140 000 € (for 3 parking spots)

• Amenities: Gym, Reception, Spa center, Swimming pool

DIATRETA

• Location: Vracar

• Number of apartments: 35

• Move in date: -

• Apartment price: 5000 - 6000 €/m²

• Parking price: 45 000 €

SUMATOVACKA 22

• Location: Vracar

• Number of apartments: 7

• Move in date: Completed

• Apartment price: 6000 €/m² (one apartment remained)

• Parking price: 36 000 €

EDEN XIIA

• Location: Dedinje

• Number of apartments: 21

• Move in date: Completed

• Apartment price: 5500 €/m² (one apartment remained)

• Parking price: 32 640 – 37 740 €

HADZI MELENTIJEVA 72

• Location: Vracar

• Number of apartments: 12

• Move in date: 2026 September

• Apartment price: 4900 – 5300 €/m²

• Parking price: 45 000 €

MORAVSKA 10

• Location: Vracar

• Number of apartments: 10

• Move in date: 2026 September

• Apartment price: 4900 - 5300 €/m²

• Parking price: 45 000 €

LOZNICKA 7 – 9 - 11

• Location: Vracar

• Number of apartments: 8

• Move in date: August 2025

• Apartment price: 4500 - 4600 €/m²

• Parking price: 40 000 €

• Amenities: -

CUBURSKA 18

• Location: Vracar

• Number of apartments: 11

• Move in date: fall 2025

• Apartment price: 4800 €/m²

• Parking price: 33 000 €

BELMONDO

• Location: Blok 40

• Number of apartments: 244

• Move in date: December 2026

• Apartment price: 3800 – 4700 €/m²

• Parking space: 29 200 - 37 000 €

• Amenities: -

KALMAN

• Location: Dedinje

• Number of apartments: 57

• Move in date: 2026 March

• Apartment price: 4180 – 4950 €/m²

• Parking price: 36 000 €

• Amenities: fitness center, smart home system, children playground, solar charging benches

NIKOLAJA HARTVIGA

• Location: Vracar

• Number of apartments: 17

• Move in date: End of 2025, beginning of 2026

• Apartment Price: 4400 – 4600 €/m²

• Parking space: 36 000 €

• Amenities: -

SUMATOVACKA 103

• Location: Vracar

• Number of apartments: -

• Move in date: 2027

• Apartment price: 4200 – 4560 €/m²

• Parking price: 23 100 €

DALMATINSKA 53

• Location: Palilula

• Number of apartments: 15

• Move in date: 2026 March

• Apartment Price: 4180 - 4400 €/m² (one apartment remained)

• Parking space: 42 000, 48 000, 54 000 €

• Amenities: -

WELLPORT

• Location: Tadije Sondermajera St.

• Number of apartments: 375 Move in date: 2025 July

• Apartment price: 3600 – 4150 €/m²

• Parking price: 27 000 – 31 000 €

• Amenities: Smart Home system, 24/7 reception, card access, video surveillance, private park

BUL. KRALJA ALEKSANDRA 135

• Location: Zvezdara

• Move in date: -

• Apartment price: 4200 - 4500 €/m²

• Parking price: 36 000 € Amenities: -

D’ HOME

• Location: Dedinje

• Number of apartments: 5

• Move in date: 2024 April

• Apartment price: 4500 €/m² (1 115 000 – 1 386 000 €)

• Parking price: Included in the total price of the apartment

• Amenities: -

Price Range: 4000 –

DORCOL RESIDENCE

• Location: Dorcol

• Number of apartments: 459

• Move in date: 2028

• Apartment price: 4320 €/m²

• Parking price: 33 000 €

AD RESIDENCE

• Location: Zemun

• Number of apartments: 19

• Move in date: August/September 2025

• Apartment price: 3300 – 4180 €/m²

• Parking price: 21 600 – 26 400 €

• Amenities: Swimming pool, Spa center, Gym

CENTRAL PALACE

• Location: Dimitrija Tucovica St.

• Number of apartments: 62

• Move in date: 2025

• Apartment price: 4300 – 4350 €/m²

• Parking price: 36 000 – 39 600 €

• Amenities: Intercom with video surveillance, alarm system, built-in split system air conditioner

THE ONE

• Location: Djordja Stanojevica St.

• Number of apartments: 556

• Move in date: Q1 2027

• Apartment price: 4200 – 5000 €/m²

• Parking price: 24 000 - 37 000 €

OZON RESIDENCE

• Location: Tosin bunar

• Number of apartments: 279

• Move in date: 2026 spring

• Apartment price: 4070 – 4510 €/m²

• Parking price: 18 000, 22 000, 24 000 €

• Amenities: Swimming pool, Spa center, Gym

LUX 51

• Location: Partizanske avijacije St.

• Number of apartments: 280

• Move in date: 2025

• Apartment price: 3300 €/m²

• Parking price: 24 000 €

VOJVODA RESIDENCE

• Location: Vojvode Stepe St.

• Number of apartments: 127

• Move in date: 2025 January

• Apartment price: 2970 – 3600 €/m²

• Parking price: 22 000 – 26 000 €

• Amenities: Swimming pool, market in the building, spa, gym

PUPIN’S PALACE

• Location: Airport City

• Number of apartments: 480

• Move in date: 2027

• Apartment price: 3520 – 4070 €/m²

• Parking price: 26 400 – 28 800 €

• Amenities: Renowned hospitality facilities, fitness center, kindergarten, chargers for electric vehicles

DJORDJA STANOJEVICA 45-47

• Location: Novi Beograd

• Number of apartments: 146

• Move in date: 2025 July

• Apartment price: 3410 €/m²

• Parking price: 25 500 – 40 800 €

FIRST URBAN

• Location: Crveni krst

• Number of apartments: 51

• Move in date: 2025 September

• Apartment Price: 3000 – 4000 €/m²

• Parking space: 36 000 - 43 000 €

• Amenities: -

Price Range: 3000 – 3500 €/m2

POZESKA 33

• Location: Banovo Brdo

• Number of apartments: 36

• Move in date: Completed

• Apartment price: 3300 €/m² (one apartment remained)

• Parking price: 16 800 €

• Amenities: -

SIGMADA

• Location: Zemun

• Number of apartments: 27

• Move in date: 2025 May

• Apartment price: 3392 €/m²

• Parking price: 19 800 – 22 000 €

BANOVO BRDO RESIDENCES

• Location: Banovo Brdo

• Number of apartments: 900 Move in date: 2025 May

• Apartment price: 3300 - 3500 €/m²

• Parking price: 25 000 – 28 000 €

DINARSKA 5

• Location: Dedinje

• Number of apartments: 14

• Move in date: Completed

• Apartment prices: 3500 €/m²

• Parking price: 26 000 €

SUMATOVACKA 105

• Location: Vracar

• Number of apartments: 21

• Move in date: end of 2024

• Apartment prices: 4560 €/m² (one apartment remained)

• Parking price: 23 100 €

ZEMUNSKE KAPIJE

• Location: Zemun

• Number of apartments: 1434

• Move in date: August 2023

• Apartment price: 2760 – 3240 €/m²

• Parking price: 14 850 – 15 950 €

ZVEZDANO BRDO

• Location: Zvezdara

• Number of apartments: 317

• Move in date: 2027 May

• Apartment price: 2800 - 2960 €/m²

• Parking price: 19 800 – 28 500 €

EVOLUTION

• Location: Vozdovac

• Number of apartments: 384

• Move in date: 2027

• August Apartment price: 3264 €/m²

• Parking price: 20 000 – 25 000 €

KOSA KVART

• Location: Magelanova St.

• Number of apartments: 168

• Move in date: 2024

• Apartment price: 2266 – 3063 €/m²

• Parking price: 17 000 – 26 000 €

• Amenities: Non-standard ceiling heights up to 2.9 m; apartments with smaller areas have gardens

VISNJICKA 74

• Location: Karaburma

• Number of apartments: 157

• Move in date: December 2026

• Apartment price: 2860 – 3520 €/m²

• Parking price: 15 600 – 28 800 €

Focus on

REAL ESTATE

August 2025