Hungarian Foreign Minister Peter Szijjarto and Serbian Energy Minister Dubravka Jedovic-Handanovic agreed on Wednesday to intensify investment policy in the energy security sector and speed up the construction of the first oil pipeline between the two countries, the Hungarian foreign minister said.
“We have agreed to expand joint investments in energy and energy security, including the construction of the first interconnecting oil pipeline,” Szijjarto wrote on Facebook (Meta Platforms Inc.).
In addition, Sijarto and Jedovic-Handanovic agreed to step up funding for “a new power line connecting the networks of the two countries.”
“For our country, Serbia is a strategic partner, without Serbia there will be no energy security for Hungary, and vice versa,” the Hungarian Foreign Minister added.
As reported, the construction of the oil pipeline between Hungary and Serbia is expected to be completed by 2026. The new branch will be connected to the Druzhba pipeline and will allow Serbia to diversify its oil supplies and not depend on Croatia.
At the end of 2024, the Serbian labor market showed stability with a gradual increase in employment. The unemployment rate decreased to 9.2%, down from 10.1% in 2023. Economic recovery from the pandemic and the inflow of investments in key sectors are contributing to job creation, but the country still faces a shortage of skilled labor.
The key characteristics of the labor market in Serbia are:
1) The employed population is about 2.9 million.
2) The main employment sectors are:
3)Average salary level:
4) The most demanded professions are:
IT specialists;
Engineers;
Medical personnel;
Workers in the construction and agricultural sectors.
The role of migrants in the Serbian labor market
Migrants play an important role in the Serbian economy, especially in sectors where there is a labor shortage. In 2024, the number of registered foreign workers exceeded 120,000, including citizens of Ukraine, Bosnia and Herzegovina, North Macedonia, Russia and China.
Main migrant groups and their roles:
Regularities:
Challenges of the labor market with regard to migration
Experts predict that Serbia will maintain a high share of migrant workers in the labor market, especially in construction, agriculture, and IT. Key factors:
Serbia’s labor market in 2024 is developing against the backdrop of an influx of foreign workers, including a significant share of Ukrainians. This allows the country to address the problem of staff shortages in key sectors. However, Serbia’s further growth will require not only attracting migrants, but also improving working conditions and incentivizing local workers.
In 2024, China significantly strengthened its position in Serbia’s economy, becoming its largest trading partner, overtaking the European Union.
As of 2023, the volume of bilateral trade between China and Serbia amounted to USD 4.35 billion, up 23.7% year-on-year. In 2024, after the entry into force of the Free Trade Agreement between the two countries on July 1, further growth in trade accelerated, which led to an increase in trade with China compared to the EU. This is reported by the Serbian Economist TV channel.
One of the growth factors was the increase in imports of high-tech equipment, electronics and raw materials for the metallurgical industry from China. In addition, China is actively investing in key infrastructure projects in Serbia, such as the construction of an industrial park near Novi Sad and the modernization of the Belgrade-Budapest railway line.
For example, the project to build an industrial park near Novi Sad with an investment of 300 million euros will create about 5,000 new jobs.
Modernization of the Belgrade-Budapest railway line and other infrastructure projects aimed at improving the transport network and logistics in the region.
Strengthening ties with China allows Serbia to diversify its trade relations and reduce its dependence on the EU and Russia, which contributes to sustainable economic growth and development of key industries.
Serbian Economist – https://t.me/relocationrs
According to the National Bank of Serbia (NBS), the country’s economy has achieved impressive results in 2024, becoming one of the most stable and fastest growing in Europe. The expected GDP growth is 3.8%, which is significantly higher than the European average. This was made possible by a prudent monetary policy, investment initiatives, and the successful recovery of key sectors of the economy after the global crises of recent years.
One of the most significant events of the year was the assignment of an investment credit rating to Serbia. This status strengthens the confidence of international investors in the country, opening access to more favorable financial conditions and attracting large investments. Experts emphasize that this step is an important incentive for further economic growth.
An important economic achievement was the successful reduction of inflation to the target range of 3% ± 1.5%, which was achieved in May 2024. Since then, the inflation rate has remained stable, which demonstrates the high efficiency of the measures taken by the National Bank.
Throughout the year , Serbia demonstrated the stability of the dinar against the euro. This not only strengthens the confidence of the population and business, but also attracts the attention of foreign companies that view Serbia as a reliable economic partner.
The Serbian government continues to actively support small and medium-sized businesses by introducing preferential lending terms and subsidy programs. In 2024, significant funds were also allocated for the development of infrastructure, agriculture, and the IT sector, which created new jobs and improved the business environment.
The economic achievements of 2024 have strengthened Serbia’s position as one of the leaders among Europe’s emerging economies. New challenges and goals lie ahead, including further reducing inflation, developing export potential, and improving the quality of life. The country’s leadership is confident that the increased pace of reforms will allow the country to maintain its positive momentum in the coming years.
These results are proof of the resilience of the Serbian economy and its ability to adapt to modern challenges, which strengthens the country’s position in the international arena.
President of Ukraine Volodymyr Zelenskyy announced talks with President of Serbia Aleksandar Vucic, during which the parties discussed issues of cooperation between the two countries.
“I spoke with the President of Serbia, thanked Aleksandar for supporting our country and our people. We discussed our cooperation – bilateral and also with other partners,” Zelenskyy said in a Thursday evening video address.
He noted that he greatly appreciates the Ukrainian-Serbian dialogue. “Maximum constructive relations for Ukraine and joint security with partners,” the Ukrainian president added.
Serbia continues to attract both local and foreign investors due to its stable real estate market and attractive living conditions. In 2024, housing prices remain one of the most discussed topics due to high demand and limited supply, especially in the capital city of Belgrade.
Housing prices in Belgrade continue to rise. In popular central areas such as Vračar, the Old Town and New Belgrade, the cost per square meter ranges from 3,000 to 5,000 euros. In the less prestigious and more remote areas, prices range from 1,500 to 2,800 euros per square meter, making them more affordable for young families and those looking for budget options.
In Novi Sad and Nis, other major cities in Serbia, the cost of housing remains stable: a square meter costs an average of 1,400-1,800 euros, and in some suburbs prices can drop to 900-1,000 euros.
Serbia remains an attractive destination for citizens of many countries. Convenient location, a simplified process of obtaining a residence permit and an affordable cost of living – all this attracts new buyers to the real estate market. There is a shortage of housing in Belgrade, especially in prestigious areas. This stimulates the growth of prices for secondary housing and increases the cost of apartments under construction. Improved transport accessibility, construction of new schools and shopping centers make certain areas more popular, which also contributes to price growth.
Vera Egorova-Tolstaja, an expert at the Belgrade real estate agency Vidovstan, notes that in 2025 the real estate market in Serbia will continue to show growth, although the pace may slow down. According to her, the main forecasts include moderate price growth, an increase in new construction and continued high interest in Serbian real estate from foreign buyers. According to the expert, increased competition between construction companies will lead to more affordable options in the economy class segment.
For those planning to buy a home in 2025, it is important to consider the following recommendations. First, set a budget and take into account all additional costs: taxes, notary services, and agent commissions. Second, research the market and compare prices in different neighborhoods. Third, seek professional help: the services of realtors or legal advisors will help you avoid mistakes. Finally, consider new buildings, as buying a home under construction can be a profitable investment.
The real estate market in Serbia in 2025 is showing steady growth, remaining attractive to investors and new residents of the country. Despite rising prices, Serbia offers a variety of housing options suitable for different categories of buyers. If you are planning a relocation or investment, now is a good time to choose a property while the market is still in the process of forming new opportunities.
Source: https://news.relocation.rs/tseny-na-kvartiry-v-serbii-v-2025-godu-novye/
