"We do not have the final results yet, and many people will be surprised. Based on a stratified sample, it is clear that we have lost these elections. The student-led protest list has won," Vucic said in an address to the nation Sunday night.

The Student List victory brings an end to 14 years of Vucic and his Serbian Progressive Party rule, in what many are saying is the biggest political shake-up in the Balkans since the toppling of Yugoslav dictator Slobodan Milosevic in 2000.

Observers say the Student List party's policies remain vague, which has some worried about Serbia's future.

Ana Brnabic, vice president of the main Board of the Serbian Progressive Party, told Fox News Digital that, "The election victory of the Student List recalls similar electoral triumphs in other countries. The Student List represents a classical anti-establishment movement: it had neither a program nor a coherent political ideology. In an essentially anarchic fashion, it opposed everything, claiming to fight for justice and against corruption."

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She added, "After 14 years of Serbian Progressive Party (SNS) rule, people may have wanted change. That is understandable and logical. But the grim consequences of this movement in power will soon become apparent."

Turnout reached 69 %, the highest this century, with more than 4.4 million people casting their ballots, according to Rasa Nedeljkov, head of the CRTA Election Observation Mission.

"This is by all means a historic victory and indeed a surprise to many. While it was clear from the beginning that the students will have an impressive result, very few expected a landslide," Helena Ivanov, associate fellow at the Henry Jackson Society, told Fox News Digital.

The Election Observation Mission reported that the Student List won 52.45 % of the vote and is projected to hold 138 of 250 seats in the National Assembly, an absolute majority, allowing it to form a government on its own.

Vucic won 39.2 % and is projected to hold 103 seats.

Supporters celebrated throughout Belgrade and across Serbia as it became clear the Student List won by a larger margin that caught many experts and observers by surprise.

Many claimed they were concerned about the possibility of violence escalating as polls began to close. Almost two hours after polling stations closed, Vucic addressed the nation, confirming his defeat and announcing the peaceful transfer of power.

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"The path to an electoral victory with such a decisive margin will undoubtedly earn its own chapter in the handbooks on how to topple an autocrat. Two years of unprecedented grassroots mobilization, creative organization and impeccable campaigning kept the student list two steps ahead of the regime. Vučić was left playing catch-up, and all his attempts to co-opt, demoralize and fragment the movement failed," Sinisa Vukovic, director of the Global Policy Program at the School of Advanced International Studies at Johns Hopkins University, told Fox News Digital.

The CRTA Election Observation Mission reported that the campaign was marked by the abuse of state resources, pressure on candidates and voters, attempts to bring the media under total government control, and attacks on independent election observers.

Tens of thousands of Serbians volunteered to run and monitor polling stations across the country, and the vote was mostly peaceful.

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Student led protests marched in the streets for two years after the deaths of 16 people following the collapse of a railway station in the town of Novi Sad in November 2024. People had taken to the streets, demanding justice for those killed and accountability for anyone responsible for the disaster.

The momentum of nearly two years of street demonstrations culminated in a nationwide movement ready for change. The political novices were able to rally the nation behind a simple message against corruption and state capture.

Serbs across the country embraced the Student List, who are viewed as fresh faces in politics and are not tied to Serbia’s traditional political opposition, which is perceived as ineffective and corrupt by a lot of the voters.

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Milos Jevtic, a 48-year-old professor with the Faculty of Organizational Sciences at the University of Belgrade, was among the many Student List candidates who won a seat in parliament.

Jevtic told Fox News Digital that their victory came from the values that the students have stood for from the very beginning: expertise, professionalism, responsibility, solidarity and unity.

"What is particularly important is that the students have never compromised on these values and principles. Of course, widespread public dissatisfaction also played a major role, along with a lack of trust in both the current regime and the opposition parties," Jevtic explained.

Jevtic said he believes the priorities for the new Student List-run government should be economic stability, fighting corruption, establishing the rule of law and strengthening institutions, much of what carried the student-led protests since 2024.

"The ultimate goal is to build a system in which institutions function in the interests of all citizens," Jevtic said.

On foreign policy, there is an expectation that there will be a certain degree of continuity with the Vucic administration in international relations, including maintaining good relations with neighboring European countries and all major international partners.

But Brnabic warned that "Serbia has lost meaningful political pluralism. After 35 years of a multiparty system, the country is effectively left with one established political party, SNS, while the rest of the political scene is dominated by largely unknown movements without a clear ideology. This is catastrophic for any parliamentary democracy."

She added, "Secondly, nobody in Serbia knows where the country is heading. Are we firmly pro-EU? Will we maintain our ties with Russia? What about China? Will we continue to enhance our relations with the United States — which was a priority of Aleksandar Vucic? Will economic policy be more left-liberal or conservative? Are we heading towards a woke liberal society, or will we preserve our traditional Orthodox Christian values? There are no clear answers to any of these questions."

She concluded by noting, "We have also called for Parliament and all state institutions to be constituted as soon as possible, so that the country has functioning institutions on which people can rely. We will be a strong but constructive opposition. We call on the Student List’s representatives to end the intimidation and assume the responsibility entrusted to them by the voters."