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How Many Average Salaries Are Needed for One Square Meter of an Apartment in Seven Serbian Cities?
๐Ÿ‡ท๐Ÿ‡ธ Serbia /Economy & Trade

How Many Average Salaries Are Needed for One Square Meter of an Apartment in Seven Serbian Cities?

From N1 Serbia · () Serbian

Translated from Serbian, summarized and contextualized by DistantNews.

At a glance

News Documents & data Context piece
  • Buying an apartment square meter in Serbia requires a significant portion of the average monthly salary, with no city allowing a full square meter to be purchased with a single average salary.
  • Belgrade has the highest average price per square meter at 3,117 euros, while Kikinda is the most affordable at 981 euros per square meter.
  • Despite lower prices in some cities, the ratio of average salary to apartment cost means residents in all seven analyzed cities cannot afford a full square meter with their monthly earnings.

In Serbia, the dream of owning an apartment remains distant, as even a single square meter costs significantly more than an average monthly salary in all analyzed cities. Belgrade, the capital, stands out with the highest average price per square meter at 3,117 euros. Even with the highest average salary in the country, a Belgrade resident earning 153,000 dinars (approximately 1,303 euros) can only afford 42% of a square meter. This stark reality highlights the affordability crisis gripping the Serbian real estate market.

Almost two and a half "average Belgrade salaries" are needed to buy just one square meter of an apartment in the capital.

This quote sets the stage for the article by highlighting the extreme unaffordability of housing in Belgrade.

The affordability gap is a nationwide issue. In Novi Sad, the second-largest city, an average salary of 141,484 dinars (around 1,205 euros) allows a resident to purchase just over half a square meter. Niลก and Kragujevac present similar challenges, with average salaries of 115,862 dinars (987 euros) and 114,460 dinars (975 euros) respectively, where a square meter costs 1.77 and 1.5 times the average monthly income. Even in the most affordable cities, the situation is dire.

Even though this ratio is somewhat more favorable in other places, no average salary is enough to buy a whole square meter of an apartment in the city where it was earned.

This statement emphasizes that the housing affordability problem is widespread across Serbia, not limited to the capital.

Kikinda, with the lowest average square meter price at 981 euros, still demands more than an average monthly salary. Residents there earn an average of 103,691 dinars (around 883 euros), meaning a full square meter remains out of reach. The data, based on official statistics for average salaries in March and property sales data from the first quarter, paints a consistent picture: a significant portion of an average salary is needed for even a fraction of an apartment, underscoring the economic challenges faced by citizens aspiring to homeownership across Serbia.

The calculation of the official consumer basket indicates that in March, we needed one year and seven months of effective work at an hourly rate of 691.19 dinars to buy a Skoda Fabia.

This provides context on the general cost of living and the time required to afford other goods, illustrating broader economic pressures.
DistantNews Editorial

Originally published by N1 Serbia in Serbian. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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