KADENA Market Report № 2 — Belgrade Waterfront (August 2026)
Belgrade Waterfront is two markets: a completed apartment in a finished building asks 6,314 €/m² on average, while contract resales in phases under construction ask 5,218 €/m² — a completed-building premium of 21%. The overall average for the development (5,834 €/m²) is about 22% above New Belgrade’s premium new builds. This is the first public report to measure Belgrade Waterfront building by building, split into completed buildings and phases under construction, with a comparative quarterly trend.
Data snapshot: 28 August 2026 · 296 properties analysed for sale · 148 for rent · more than 40 buildings
Key findings
- A completed apartment (6,314 €/m²) carries a 21% premium over contract resales in phases under construction (5,218 €/m²).
- Median prices by building differ 2.4×: from 3,930 €/m² (BW Lumia) to 9,447 €/m² (BW St. Regis).
- The waterfront front line is rising: in two and a half months the median in BW St. Regis rose 8.8% and in BW Riviera 6.6% — while the middle of the development stands still.
- Almost every second listing is a duplicate (45.7%): of 549 active listings, 298 are unique properties.
- Three-room apartments are the largest segment (108 of 296) — BW is a market of family and investment purchases.
- Gross rental yield: 3.9–6.1% — highest in BW St. Regis (~6.1%), where the branded residence commands rents of up to 48 €/m².
- More than four fifths of supply in completed buildings is agency-listed: 83.2% of sales and 80.3% of rentals, with 43 active agencies — the most competitive agency market in Serbia.
What are prices per square metre by building in Belgrade Waterfront?
Table A — completed buildings (existing apartments, ready to move in)
| Building | Listings | Median €/m² | Range €/m² | Median apartment price |
|---|---|---|---|---|
| BW St. Regis | 11 | 9,447 | 8,110 – 11,486 | 850,000 € |
| BW Terraces | 6 | 8,356 | — | — |
| BW Residences | 9 | 8,100 | 5,032 – 10,870 | 950,000 € |
| BW Riviera | 15 | 7,967 | 6,536 – 10,435 | 1,123,000 € |
| BW Libera | 4 | 6,472 | — | — |
| BW Perla | 14 | 6,400 | 5,643 – 8,007 | 771,000 € |
| BW Quartet 4 | 3 | 5,625 | — | — |
| BW Verde | 3 | 5,556 | — | — |
| BW Metropolitan | 8 | 5,399 | 4,367 – 7,064 | 414,000 € |
| BW Simfonija 1 | 4 | 5,316 | — | — |
| BW Magnolia | 3 | 5,227 | — | — |
| BW King’s Park | 5 | 5,131 | — | — |
| BW Aria | 6 | 4,934 | — | — |
| BW Arcadia | 3 | 4,916 | — | — |
| BW Parkview | 3 | 4,910 | — | — |
| BW Sensa | 5 | 4,900 | — | — |
| BW Aurora | 3 | 4,866 | — | — |
| BW Quartet 3 | 6 | 4,847 | — | — |
| BW Quartet 1 | 4 | 4,782 | — | — |
| BW Vista | 5 | 4,614 | — | — |
| BW Lumia | 4 | 3,930 | — | — |
Completed buildings: 137 properties, average 6,314 €/m², median 5,868 €/m². Completed buildings with fewer than 3 active listings (Quartet 2, Aqua, Simfonija 2, Queen’s Park, Terra, Scala, Sole, Eterna) are not shown individually.
Table B — buildings under construction (contract resale)
Prices in phases under construction refer to the resale of rights under a contract with the developer — the buyer takes on the delivery deadline and risk, and there is no rent until handover. It is a different product from a completed apartment and should not be compared one-to-one.
| Building | Listings | Median €/m² | Range €/m² | Median apartment price |
|---|---|---|---|---|
| BW Bristol | 4 | 6,085 | — | — |
| BW Victoria | 11 | 6,047 | 5,737 – 6,927 | 585,000 € |
| BW Topaz | 7 | 5,868 | 4,368 – 6,748 | 632,900 € |
| BW Emerald | 6 | 5,828 | — | — |
| BW Dolce | 3 | 5,807 | — | — |
| BW Riva | 6 | 5,726 | — | — |
| BW Lena | 5 | 5,592 | — | — |
| BW Hudson | 6 | 5,498 | — | — |
| BW Bonaca | 3 | 5,281 | — | — |
| BW Thalia | 4 | 5,235 | — | — |
| BW Bella | 7 | 5,208 | 4,641 – 6,700 | 299,000 € |
| BW Nota | 4 | 4,956 | — | — |
| BW Sava | 6 | 4,831 | — | — |
| BW Eden | 6 | 4,799 | — | — |
| BW Iris | 6 | 4,746 | — | — |
| BW Nika | 4 | 4,721 | — | — |
| BW Sena | 8 | 4,613 | 4,171 – 5,256 | 464,400 € |
| BW Garden Plaza | 5 | 4,454 | — | — |
| BW Rima | 5 | 4,400 | — | — |
| BW Iskra | 4 | 4,097 | — | — |
Buildings under construction: 120 properties, average 5,218 €/m², median 5,179 €/m². All prices are asking (listed) prices, before negotiation.
How much do apartments cost by layout?
| Layout | Listings | m² | Price (€) | Average €/m² |
|---|---|---|---|---|
| One-room | 21 | 27–62 | 167,900 – 495,000 | ~6,145 |
| One-and-a-half-room | 6 | 49–107 | 219,900 – 856,000 | ~6,272 |
| Two-room | 64 | 48–120 | 202,600 – 961,800 | ~5,832 |
| Two-and-a-half-room | 8 | 68–93 | 269,000 – 472,900 | ~4,740 |
| Three-room | 108 | 62–174 | 283,900 – 1,250,000 | ~5,615 |
| Four-room | 74 | 67–237 | 409,900 – 2,400,000 | ~6,214 |
Unlike New Belgrade, in BW the price per square metre does not fall steadily with size: four-room apartments (~6,214 €/m²) are more expensive per square metre than three-room ones — the largest units are concentrated in the best positions, on the front line to the river.
How are BW prices moving? The quarterly trend
| Building | Median June | Median August | Change |
|---|---|---|---|
| BW St. Regis | 8,684 | 9,447 | +8.8% |
| BW Riviera | 7,473 | 7,967 | +6.6% |
| BW Perla | 6,375 | 6,400 | +0.4% |
| BW Victoria | 6,091 | 6,047 | –0.7% |
| BW Sena | 4,615 | 4,613 | 0.0% |
| Active supply average | 5,976 | 5,834 | –2.4% |
The trend refers to median prices of active listed supply, not contracted prices — the change partly reflects a change in the composition of supply (new phases, sold apartments).
What are rents and rental yields in Belgrade Waterfront?
For completed buildings with enough listings in both databases (148 unique rental listings). Rents and yields by their nature exist only for completed, move-in-ready buildings.
| Building | Median rent | Rent €/m² | Gross yield (p.a.) |
|---|---|---|---|
| BW St. Regis | 4,000 € | 48.0 | 6.1% |
| BW Perla | 3,300 € | 30.1 | 5.6% |
| BW Riviera | 4,500 € | 28.5 | 4.3% |
| BW Terraces | 3,000 € | 27.0 | 3.9% |
| BW Residences | 2,750 € | 27.0 | 4.0% |
| BW Vista | 2,090 € | 22.0 | 5.7% |
BW St. Regis is a phenomenon of its own: rents of 48 €/m² — the highest in Serbia — carry a gross yield of ~6.1% despite the highest purchase prices. The branded residence clearly charges for the brand through rent as well.
Who is selling: owners or agencies?
In Belgrade Waterfront’s completed buildings the agency share of listings is among the highest in Serbia: of 137 unique properties for sale, 114 (83.2%) are listed through agencies and 23 directly; for rentals the agency share is 80.3%, with 43 active agencies. Phases under construction are not covered by this statistic: there, apartments are sold mostly directly by the developer, and listed contract resales are a small and unrepresentative part of turnover. That is in line with global practice: in developed markets the vast majority of sellers engage an agent — in the US, according to the National Association of Realtors (NAR), around 90% of sellers sell through an agent, and in the UK selling without an agent is the exception.
The agency share is calculated on unique properties (snapshot of 31.08.2026); a property is counted as listed directly when the listing names no agency.
Resale vs. buying from a developer
The Republic Geodetic Authority (RGZ) tracks prices of newly built apartments bought from developers (off-plan contracts, often notarised a year or more after the preliminary agreement). In Belgrade Waterfront, KADENA Market Report separates two products: existing apartments in completed buildings and contract resales in phases under construction.
| Indicator | RGZ — purchase from developer (€/m²) | KADENA — resale (€/m²) | Difference |
|---|---|---|---|
| Completed buildings — resale of existing apartments (average) | 6,274 | 6,314 | +1% |
| Buildings under construction — contract resale (average) | 6,274 | 5,218 | –17% |
| Most expensive m² (Savski venac / BW St. Regis) | ~9,300 | 9,447 | +2% |
Resale prices in completed buildings (6,314 €/m²) practically match primary sales per RGZ (6,274): a completed apartment in BW carries no off-plan discount — in that sense the development is a mature market. Contract resales in phases under construction (5,218 €/m²) sit 17% below, because those phases are more affordably positioned and carry delivery risk and a delivery deadline.
Note: the difference also reflects the time gap between contract signing and our data snapshot, and the fact that our prices are asking prices while RGZ records contracted prices. The order of magnitude is nevertheless consistent and clear. Source of comparison data: Republic Geodetic Authority — Real Estate Market Report for Q2 2026 (Table 12: prices of newly built apartments in residential complexes, purchases from developers).
What this means for you
For buyers: you are choosing between a completed apartment in a finished building (average 6,314 €/m², ready to move in) and a contract resale in a phase under construction (5,218 €/m², with a delivery deadline and risk). The 21% premium is the price of certainty — and within each segment, the building and the position towards the river determine the price more than anything else.
For sellers: the market rewards position and the building’s brand — realistic positioning against your own building, not the “BW average”.
For investors: BW rents are the highest in Serbia (up to 48 €/m²), with yields of 3.9–6.1%.
How Belgrade Waterfront compares with New Belgrade — in Market Report № 1; more on the neighbourhoods in our Belgrade neighbourhoods guide, and on commission in the FAQ.
Methodology
The report is based on publicly listed apartment supply (resale of privately owned apartments; in RGZ and EU statistics terminology: existing homes) in the Belgrade Waterfront development — more than 40 buildings and phases, split into completed (move-in-ready) buildings and phases under construction according to KADENA’s records on the snapshot date; prices in phases under construction refer to the resale of rights under a contract with the developer.
The same property listed by several agencies is counted once (of 549 active listings at the snapshot, 298 are unique properties, 45.7% duplicates); listings with obviously incorrect floor areas are excluded from the analysis, leaving 296 properties. Listings that do not name a specific building (39) are included in the aggregates but not in the table by building. Prices shown are asking (listed) prices, before negotiation; contracted prices are as a rule lower. The median is the price of the apartment exactly in the middle of the market — half of listed apartments are cheaper and half more expensive.
Data snapshot: 28 August 2026; trend against the snapshot of 16 June 2026.
Data from this report may be cited with attribution: “KADENA Sotheby’s Market Report, August 2026.” Media enquiries: info@kadenasothebysrealty.com
Note: This content is for information purposes only and is based on publicly available, listed data at the time of the snapshot. It does not constitute investment, legal or tax advice, nor an offer or invitation to buy or sell real estate. KADENA Sotheby’s International Realty does not guarantee the completeness or accuracy of third-party data and accepts no liability for decisions made on the basis of this content. For decisions on buying, selling or investing, consult professional advisers.