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August 2026

REAL ESTATE SPECIAL

OVERVIEW

BELGRADE BUILDS UP: MORE PROJECTS, HIGHER PRICES by Cordon Real Estate Consultancy

LUXURY

MOVE IN TODAY TO AN OASIS OF PEACE AND LUXURY AFI Skyline Residence

INTERVIEW

MORE THAN A PLACE TO LIVE Tamara Radan BDS Properties

INTERVIEW

BUILDING ON 45 YEARS OF EXCELLENCE

Mirko Urošević IMEL

OVERVIEW

by Cordon Real Estate Consultancy

BELGRADE BUILDS UP: More Projects, Higher Prices

The overview does not include every residential project currently available. Both the selection and the stated price ranges are therefore intended for informational purposes only and should not be interpreted as a comprehensive representation of the market.

number of cases, move well into five figures. A substantial part of the premium and upper-middle segment is positioned between €4,000 and €6,000 per square metre, while projects in the €3,000–€4,000 range remain available across several parts of the city. More affordable new developments can still be found at around €2,500–€3,500 per square metre, predominantly outside the most expensive central and prestigious residential zones. Location remains one of the strongest determinants of price. The highest levels are generally associated with central neighbourhoods, prestigious traditional residential areas and major new developments along the rivers. At the same time, New Belgrade has established itself as another important focus of contemporary residential construction. At the same time, a considerable pipeline of projects in Zemun, Voždovac, Zvezdara, Palilula, Čukarica and other parts of the city is broadening the geographical scope of new construction. Price, however, increasingly reflects more than location and

square metres. Many new developments are competing through features that were once reserved almost exclusively for the luxury segment. Depending on the project, buyers may find heat pumps and underfloor heating, smarthome systems, reception and concierge services, 24/7 security, private parks and landscaped areas, gyms, swimming pools, spa and wellness facilities, EV chargers and dedicated amenities for families and pets. This increasingly sophisticated offer is becoming an important point of differentiation from older housing stock. This is particularly relevant because prices of existing apartments have risen substantially over the past several years, in some segments reaching levels that are difficult to justify on the basis of the properties’ quality, age, and characteristics. Against this background, new developments are increasingly able to compete not only on the appeal of newly built properties but also on energy efficiency, modern technical solutions, security, and additional services.

Another trend worth watching is the sale of fully furnished apartments in some luxury developments. For investors, this represents an additional commitment of capital and a calculated assumption about buyers’ tastes in a segment where individual preferences can be highly specific. Other developers are taking a more flexible approach by offering furnishing packages as an optional extra. It will therefore be interesting to see whether turnkey, fully furnished residences become an established feature of Belgrade’s luxury market or remain a niche proposition. In the coming period, the newbuild market can be expected to seek a new equilibrium gradually. Developers will continue to balance asking prices against the pace of sales, particularly as more projects compete for buyers. Current trends nevertheless suggest that the Belgrade market still has the capacity to absorb new supply, even as buyers gain a wider choice and become increasingly attentive to what they receive beyond location alone for the price they pay.

Photo: Shutterstock

elgrade’s residential property market continues to expand, with more new developments entering the market and an increasingly diverse range of offerings across the city. The following overview presents a selection of the most prominent current projects, alongside smaller developments in attractive locations, providing an indicative snapshot of new-build apartment prices across Belgrade. With annual residential property transactions in Belgrade worth approximately €2.5 billion, the market is both large and relatively inert, meaning that significant shifts are rarely visible over short periods. However, compared with the same period last year, more newly launched residential projects are observed. At the same time, asking prices for new-build properties have continued to rise, while discounts offered by developers remain limited. The projects included in our overview illustrate just how broad the price spectrum has become. At the upper end of the market, asking prices exceed €6,000 per square metre and, in a small

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PRICE RANGE OVER 6000 €/m2

ALTURA RESIDENCE • • • •

Location: Dedinje Number of apartments: 6 Move in date: 2026 June Apartment price: 9.450 – 10.479 €/sqm (two remained) • Parking price: 25.000 – 30.000 €

ST. REGIS • • • • • •

Location: Belgrade Waterfront Number of apartments: 220 Move in date: Completed Apartment price: 9.200 - 10.650 €/m2 Parking price: 64.000 € Amenities: Gym, Reception, Spa center, Pool, Restaurant

DANUBE RIVERSIDE

DELTA DISTRICT

KINGS CIRCLE RESIDENCE

• • • • • •

• Location: Novi Beograd • Number of apartments: TBD (business apartments) • Move in date: 2027 July • Apartment price: 6.790 – 7.550 €/m2 • Parking price: 44.000 – 60.000 € • Amenities: Gym, Reception, Spa center

• • • • • •

Location: Novi Beograd Number of apartments: 525 Move in date: TBD Apartment price: 7.500 – 8.500 €/m2 Parking price: 46.000 - 55.000 € Amenities: Gym, Reception, Spa center, golf simulator, private cinema, pet station

Location: Slavija Number of apartments: 127 Move in date: 2026 Fall Apartment price: 6.900 – 8.900 €/m2 Parking price: 58.500 – 63.000 € Amenities: Swimming pool, gym

PRICE RANGE 5000-6000 €/m2

DORCOL PARK • • • • • •

Location: Dorcol Number of apartments: 22 Move in date: end of 2027 Apartment price: 5.500 – 5.610 €/m2 Parking price: 48.000 – 54.000 € Amenities: swimming pool, spa, wellness center

HADZI MELENTIJEVA 72 • • • • •

Location: Vracar Number of apartments: 12 Move in date: 2026 September Apartment price: 5.000 – 5.600 €/m2 Parking price: 45.000 €

BW HUDSON

PRIME SQUARE

BW BRISTOL RESIDENCES

• • • • • •

Location: Belgrade Waterfront Number of apartments: 199 Move in date: 2028 Apartment price: 5.500 - 6.000 €/m2 Parking price: 50.000 € Amenities: gym, spa, swimming pool

Location: Palilula Number of apartments: 23 Move in date: 2027 October Apartment price: 5.489 – 5.269 €/m2 Parking price: 30.000 – 48.000 € Amenities: -

Location: Belgrade Waterfront Number of apartments: 196 Move in date: 2027 December Apartment price: 6000 €/m2 Parking price: 50.000 € Amenities: room service, swimming pool, residence club, billiard room, gym

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PRICE RANGE 4000-5000 €/m2

LA RUE 48 • • • • • •

Location: Palilula Number of apartments: 37 Move in date: 2027 June Apartment price: 4350 - 4510 €/m2 Parking price: 33 000 € Amenities: -

OZON RESIDENCE • • • • •

Location: Tosin bunar Number of apartments: 279 Move in date: end of 2026 Apartment price: 4070 – 4400 €/m2 Parking price: 25 000 – 27 000e

BW GARDEN PLAZA

SOUL 64

THE DORCOL RESIDENCE

• • • • • •

• • • • •

Location: Belgrade Waterfront Number of apartments: 210 Move in date: 2028 Apartment price: 4.500 – 4.700 €/m2 Parking price: 29.500 – 32.400 € Amenities: cinema room, bicycle storage, garden on the terrace

Location: Novi Beograd Number of apartments: 332 Move in date: Beginning of 2026 Apartment price: 4.400 – 5.000 €/m2 Parking price: 22.000 – 30.000 €

Location: Dorcol Number of apartments: 459 Move in date: end of 2028 Apartment price: 4.235 - 5.394 €/m2 Parking price: 30.000 €

PRICE RANGE 4000-5000 €/m2

LASTAVICE • • • • • •

Location: Novi Beograd Number of apartments: 424 Move in date: 2027 November Apartment Price: 3.375 – 4.730 €/m2 Parking space: 25.680 – 28.080 € Amenities: On the ground floor, a separate room for baby strollers, video surveillance 24/7

BELMONDO • • • • •

Location: Blok 40 Number of apartments: 244 Move in date: 2026 October Apartment price: 4.200 – 4.400 €/m2 Parking space: 31.600 €

NEWPORT`

NEBESSA KVART

BELGRADE ARBOR

• • • • •

• • • • • •

Location: Tadije Sondermajera St. Number of apartments: 283 Move in date: Q2 2028 Apartment price: 3.900 – 4.600 €/m2 Parking price: 28.600 – 30.600 €

Location: Novi Beograd Number of apartments: 408 Move in date: Q4 2028 Apartment price: 4.000 – 5.000 €/m2 Parking price: 25.000 – 27.000 €

Location: Novi Beograd Number of apartments: 208 Move in date: 2029 Apartment price: 3.960 – 4.580 €/m2 Parking price: 28.800 – 33.600 € Amenities: private roof park, gym

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PRICE RANGE 2.500-4000 €/m2

BANOVO BRDO RESIDENCES • • • • •

Location: Banovo Brdo Number of apartments: 900 Move in date: 2025 December Apartment price: 3.850 €/m2 Parking price: 30.000 – 35.000 €

NEW MINEL • • • • •

Location: Novi Beograd Number of apartments: 521 Move in date: end of 2026 Apartment price: from 3.600+ €/m2 Parking price: 25.200 – 27.600 €

ZE PARK

VICTORY GARDENS

EVOLUTION

• • • • •

• Location: Banovo Brdo • Number of apartments: 1300 Move in date: 2028 December • Apartment price: 3.290 – 3.770 €/m2 • Parking price: from 23.000 – 27.000 € • Amenities: Private gardens, Smart Home System, Central water treatment system, Electric chargers

• • • • •

Location: Zemun Number of apartments: 140 Move in date: end of 2027 Apartment price: 2.585 - 2.860 €/m2 Parking price: 15.600 - 16.800 €

Location: Vozdovac Number of apartments: 384 Move in date: 2027 August Apartment price: 2.959 – 3.256 €/m2 Parking price: TBD

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LUXURY

PREMIUM RESIDENCES AT AFI SKYLINE RESIDENCE

Move In Today to an Oasis of Luxury and Serenity Fully furnished, move-in-ready apartments combine panoramic views, premium amenities and exceptional comfort at one of Belgrade’s most prestigious addresses

n one of Belgrade’s most prestigious locations, on Kneza Miloša Street, AFI Skyline Residence is shaping the city’s contemporary skyline with its distinctive architecture and striking silhouette. Living high above the urban bustle offers a unique sense of privacy and an entirely new residential experience. From spacious terraces and through expansive glass surfaces, Belgrade reveals itself from a completely different perspective. Views stretch from Avala and the Church of Saint Sava across the rivers to Kalemegdan, blending seamlessly with the cityscape. Morning light, the outlines of the city at sunset and the evening panorama become a natural part of the ambience and atmosphere of every home. AFI Skyline Residence comprises 147 apartments across 27 floors, ranging from 52 to 226 square metres. Most apartments

PANORAMIC VIEWS BECOME A NATURAL PART OF EVERYDAY LIFE are fully furnished, superbly equipped and ready for immediate occupancy. The interiors are designed in a refined contemporary style, featuring natural tones, elegant lines and particular

attention to detail, with luxurious materials and finishes that bring warmth and sophistication to each space. For future owners who wish to shape their interiors according to their own taste, a

limited number of unfurnished apartments are also available. A particular advantage of life at AFI Skyline Residence is that everything is located just steps from home. Skyline Piazzetta, with its restaurants, cafés and shops, brings a pleasant urban atmosphere into residents’ everyday lives. The complex also features a landscaped green oasis, the Tri Ključa Park, while a luxury spa and wellness centre provides a dedicated space for rest and relaxation. The location on Kneza Miloša Street puts the capital’s business and social life within easy reach. At the same time, the complex’s height and privacy, together with numerous additional amenities and services, including impeccable 24/7 reception and security, create a peaceful and comfortable living environment. It is precisely this sense of effortless everyday living that gives AFI Skyline Residence its distinctive and unique character. Large terraces further open up the apartments visually and create a sense of spaciousness, with panoramic views becoming a natural part of everyday life. Attention to every detail, from spatial organisation and the quality of fittings to carefully selected amenities, contributes to a high level of comfort and a relaxed rhythm of life at the residence. Behind the project is AFI Serbia, a company with more than two decades of experience in the Serbian real estate market. During this period, AFI Serbia has developed some of Belgrade’s most recognisable commercial and residential projects and made a significant contribution to the city’s contemporary urban identity. Schedule a viewing and discover AFI Skyline Residence for yourself. Experience the space, atmosphere and views that make this address one of the most distinctive locations in contemporary Belgrade.

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CORPORATE INTERVIEW

Building on 45 Years of Excellence Green Escape K2 responds to growing demand for flexible office spaces while offering clients a sound long-term investment Owner and CEO, IMEL

ith 45 years of experience, IMEL has built its reputation on quality, expertise and long-term partnerships. Mirko Urošević, Owner and CEO of IMEL, discusses the company’s latest projects, its approach to modern engineering and the further development of the Green Escape business complex in New Belgrade.

QUALITY COMES DOWN TO PEOPLE: OUR EXPERT TEAM, LONG-STANDING PARTNERS AND CLEARLY DEFINED WORK PROCESSES IMEL has been operating since 1981 and is celebrating its 45th anniversary this year. What key values and achievements would you highlight as the most important milestones on this journey?

Our mission, from the very beginning, has been to provide comprehensive engineering services, from planning and preparation to project implementation and ongoing facility operations. Our greatest asset is the recommendations of satisfied clients,

who regard our company name as synonymous with quality and go on to become our long-term partners. Your current portfolio includes several projects in Belgrade, including the Green Escape complex. What are the most significant new projects you are currently working on, and what sets them apart in the market? In addition to several completed and ongoing projects presented on our website, our current focus

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Photo: IMEL

MIRKO UROŠEVIĆ

CORPORATE INTERVIEW

is on developing the K2 building within the Green Escape business complex in Block 51 in Bežanijska Kosa. It is a Class A office building designed in line with modern commercial construction standards, offering future users the option to purchase or lease individual office units, along with comprehensive property management and maintenance services provided by IMEL PROPERTIES. What particularly sets this project apart is that it has been developed in response to actual market needs. We identified growing demand for smaller office units that offer greater flexibility and more accessible investment opportunities. In cooperation with leading banks, we have arranged financing options for our clients that, through a down payment and collateral secured against individual units, facilitate the contracting process and help complete the financing structure.

GREEN ESCAPE K2 REPRESENTS THE NEXT PHASE IN THE DEVELOPMENT OF THE GREEN ESCAPE COMPLEX The Green Escape complex provides a high-quality working environment, a high level of comfort and comprehensive infrastructure for modern business operations. Our goal is to offer clients a space that also represents a sound longterm investment. IMEL is positioned as a leading engineering company in Belgrade. How do you ensure the quality of construction and services, and how do you keep pace with international standards in the design and fitout of office spaces? Quality comes down to people: our expert team, long-standing partners and clearly defined work processes. We believe that the best results are achieved through a

combination of expertise, experience and continuous professional development, which is why we closely follow and implement modern technical solutions tailored to our clients’ needs. We successfully lead a consortium of contractor partners, most of whom we have worked with for more than 35 years. This cooperation, built on trust, accountability and shared quality standards, enables us to deliver projects efficiently while maintaining a high level of reliability and quality. Our goal is to deliver prestigious office buildings that create added value for all our clients. Green Escape K2 represents a new generation of office space, featuring contemporary

architecture, a spacious lobby, underground parking and additional amenities. What does this project mean for IMEL, and how does it contribute to the development of the business environment in New Belgrade? As a continuation of the development of the Bežanijska Kosa neighbourhood, initiated by IMEL experts in the early 1980s, the Green Escape complex contributes to the further development of New Belgrade while expanding IMEL’s portfolio of premium office spaces. Through the development of all three buildings, we are broadening our portfolio by offering contemporary architecture, high functionality, flexibility and a high-quality working environment. For IMEL, the K2 building represents the next phase in the development of the Green Escape complex and a natural continuation of the success of the K3 building, where demand for “an extra square metre to lease” remains strong even today.

CORPORATE INTERVIEW

More Than a Place to Live Soul 64 brings the “city within a city” concept to New Belgrade, combining greenery, security, amenities and long-term value in a new generation of residential development What does the second phase, with 255 apartments, bring that is new? The second phase is a natural continuation of what we started in the first phase, while also reflecting how the experience gained during the project’s development has enabled us to improve certain aspects further. Most importantly, buyers will continue to enjoy the same distinctive Soul concept, enhanced by an even better spatial experience, a deeper understanding of future residents’ needs and an even greater focus on detail. This extends from apartment layouts and functionality to shared amenities and the integration of the buildings with the complex’s greenery. What is particularly important to us is that each new phase is not viewed in isolation, but as part of one larger whole. How did you select the tenants for the retail zone? From the outset, the retail zone was conceived differently from a traditional retail offering. Our goal was not simply to fill the commercial units, but to create a mix that genuinely reflects the everyday needs of people living at Soul 64.

QUALITY SHOULD STILL MAKE SENSE TEN OR TWENTY YEARS FROM NOW TAMARA RADAN Sales Director, BDS Properties

oul 64 brings a new approach to residential development in New Belgrade, combining quality housing with greenery, amenities and everyday convenience. Tamara Radan, Sales Director at BDS Properties, discusses the success of the project, its second phase and the vision of creating not just buildings, but a complete living environment.

What do you consider the key reasons behind the success of the first phase and the trust shown by buyers? I believe the most important factor is that, from the very beginning, Soul 64 was conceived not simply as a project offering high-quality apartments, but as an entirely different concept of living. There are many new residential developments on the market. Still, we wanted to offer something with a clear vision: a place where, once residents step outside their

apartments, they have everything they need for a high-quality everyday life. I believe buyers recognised precisely this complete concept: an exceptional location, architecture, greenery, peace and security within the complex, sports facilities, a retail zone and, of course, the quality of construction itself. It is particularly important to us that buyers’ trust was not based solely on visual appeal, but on the fact that we actually delivered what we promised.

We therefore considered several factors: quality, reliability, everyday relevance and how well the different offerings complement one another. We wanted residents to have places where they can enjoy a coffee or a meal, do their everyday shopping, access various services or take care of things they would otherwise have to leave the complex to do. One of the major advantages is that the developer retains ownership of the commercial units and manages the retail zone over the long term.

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CORPORATE INTERVIEW

This allows us not only to consider what is needed today but also to maintain long-term control over the quality and mix of the offering. Construction quality – what specific materials and solutions have you used? With Soul 64, we wanted quality to be not only apparent on the day a buyer enters their apartment, but also to make sense ten or twenty years from now. Every step was carefully overseen by our technical team, taking into account the latest solutions and the highest quality standards. We personally visited manufacturers in various European countries, where we selected product lines and agreed on the details and design of the materials used in the construction of the complex. But for me, quality is not simply a list of manufacturers. It is also reflected in the way the entire complex has been designed: energy efficiency, a traffic-free environment within the development, 24/7 security, and the quality of shared spaces and landscaping. All these elements together determine how pleasant a development will truly be to live in.

WE CREATE SPACES WHERE PEOPLE GENUINELY WANT TO LIVE How does Soul 64 fit into BDS Properties’ broader strategy? Soul 64 is perhaps the best example of what we aim to achieve through BDS Properties: not simply to build square metres, but to create spaces where people genuinely want to live. BDS Group has experience across a range of business sectors, which enables us to approach real estate development from a somewhat different perspective. We do not think only about how a building will look once completed, but also about how it will function when several hundred families begin living there. That is why amenities, services, everyday functionality, maintenance, quality and longterm value are so important to us. Soul 64 was conceived as a place that enhances the

everyday lives of its residents, rather than simply another residential complex. What aspects of BDS Group’s international experience have you applied to Soul 64? One of BDS Group’s major strengths is our international experience and our ability to operate in markets with different standards and customer expectations. I believe that, above all, we have brought a particular mindset from that experience: putting residents’ needs at the heart of everything we do. Rather than creating what happens to be popular at the moment, we focus on what will continue to deliver value for years to come. Another key principle we have applied is team spirit and respect for everyone involved. We see our residents as part of one large team, working together to maintain and enhance the complex’s quality. This approach is evident throughout Soul 64, from the “city within a city” concept and the amenities integrated into the complex to the way we have approached landscaping, security,

sports facilities, retail and everyday comfort. What will be Soul 64’s greatest contribution to New Belgrade and contemporary living? I believe its greatest contribution is demonstrating that contemporary living need not mean giving up space, greenery, tranquillity, or a sense of community. New Belgrade has its own distinctive urban planning tradition, extensive green spaces and a very clear vision of planned urban living. Soul 64 is our attempt to translate that idea into a contemporary lifestyle, allowing residents to be close to everything they need, including the river, motorway, airport, and business districts, while at the same time enjoying a sense of peace and separation from the bustle of the city as soon as they enter the complex. That is why I would like Soul 64 to be seen not only as a successful project, but as an example of what a new generation of residential developments in Serbia could look like: less like a collection of buildings and more like a thoughtfully designed place to live.

by Dragan Nikolić

MEDIA INTERVIEW

Solidarity Is Not Charity, but a Sustainable Social Model Independent journalism, social entrepreneurship and community support come together` in a model that proves solidarity can be both transformative and sustainable

something that would prove that topics others tend to avoid can be interesting and, above all, widely read. We wanted to bring the focus back to text and reading. Our first marketing message was, and remains: “By buying Liceulice, you help many people; by reading Liceulice, you help yourself.” In addition to becoming a voice for those who have none in the public sphere, we have focused on the public interest, environmental issues, human rights and anti-discrimination. We do not address these topics through fleeting commentary on daily events, but approach them phenomenologically, in a serious, analytical and engaging way. We have attracted readers looking for texts longer than a social media post, texts from which they can actually learn and discover something new. We have demonstrated that even in difficult circumstances it is possible to maintain a progressive stance and offer a media outlet that combines serious content with social solidarity. And let me conclude with Pulitzer: “There is no society that can progress if its media serve the powerful instead of giving a voice to those without power.”

REAL ESTATE Photo: Private Archive

SPECIAL

MILOSAV MARINOVIĆ Liceulice

or more than a decade, Liceulice has combined independent journalism, social entrepreneurship and solidarity. Milosav Marinović, the magazine’s editor, talks about media freedom, community support and why solidarity can become a sustainable social model. Liceulice began as a social project, but today it is also a wellestablished independent media outlet. How difficult is it in today’s Serbia to preserve editorial independence while remaining financially sustainable? Liceulice was launched in 2009, following the street paper model (INSP), of which there are more than 120 worldwide. The concept is based on

MEDIA FREEDOM HAS TO BE WON THROUGH BOTH FINANCIAL INDEPENDENCE AND EDITORIAL COURAGE selling the magazine on the street through a network of vendors from marginalised and vulnerable groups, who keep half of the proceeds from every copy they sell. This social dimension, together with economic and social empowerment through work, has been at the heart of what we do from the very beginning. Since we give up 50% of our revenue in favour of our vendors, our market consists not only of traditional consumers of media content, but also of socially conscious citizens, the business community, and domestic and international funds supporting independent media and

social programmes. Alongside offline sales, we have also developed a strong online presence, including mechanisms for online donations and subscriptions, an online shop, and, more recently, a new Englishlanguage magazine, City Less Ordinary (CLO). Social impact was our first competitive advantage and our first connection with our audience. However, when it comes to our editorial concept, we have had high ambitions from day one and a desire to create a product that is authentic and unique in every respect. We wanted something new and educational,

When discussing media freedom in Serbia, is the greater challenge today direct pressure on the media or economic dependence that influences editorial decisions? The primary and most dangerous challenge is always economic dependence. It operates quietly and almost imperceptibly, leading to selfcensorship and shaping editorial decisions long before there is any need for overt pressure. A financially vulnerable media outlet is more likely to accept compromises. Direct pressure, on the other hand, is generally “reserved” for those who somehow manage to build and preserve both editorial independence and economic sustainability despite the environment in which they operate. This is precisely why Liceulice avoids relying on state funding or politically aligned advertisers. We safeguard our independence through a diverse network of support comprising numerous individual donors, citizens, international funds and socially responsible companies. When you have a community behind you, you are far more resilient to both financial and political pressure. In this sense, media freedom is not something that is simply handed to you. It has to be won through both financial independence and editorial courage. George Orwell famously observed that journalism is publishing