Strategic Analysis of Market Factors Affecting Investments in the Real Estate Sector in the Republic of Serbia

This paper analyses the investment environment and market dynamics of the real estate sector in the Republic of Serbia, focusing on Belgrade as the main urban and economic center. Based on domestic and international literature, it highlights the limitations of traditional financial models under increased uncertainty and complex interdependencies. PESTEL and SWOT frameworks are applied to holistically assess political, economic, social, technological, environmental, and legal factors. The aim of the study is to examine past and current trends and predict future developments, supporting competitive strategy selection at the micro level. The empirical analysis relies on official data from the Republic Geodetic Authority and the Statistical Office of the Republic of Serbia (2014–2024), examining transaction volumes and structure, land distribution, overall market value, and housing price trends in Belgrade. Results show long-term growth, dominance of the residential segment, and the influence of institutional and infrastructure projects on the market.