The share of foreign citizens in the Serbian real estate market has almost doubled during the year, according to the data of the Republican Geodetic Institute (RGZ). Of the total number of buyers, the share of those living outside Serbia increased to 4.81% in 2023 compared to 2022, when it was 2.93%. Recently, most foreign buyers come from Russia.
„In recent years, Russians acted mainly as tenants of apartments and commercial premises in Serbia, but now they are increasingly deciding to buy. They founded a large number of companies that continue to act as real estate buyers. Among the buyers there are also Ukrainians, and from the European Union, the most are from France and Germany. There are also citizens of the USA, Canada and Australia. There are also many Serbs who live and work abroad and traditionally buy property on the domestic market as a form of safe investment,” says Nela Pesic from the Rajcevic Nekretnine agency.
Buyers from countries with a higher standard of living are most interested in buying apartments, especially those located in luxury new buildings in Belgrade. Clients with a smaller budget are interested in apartments in older buildings on the outskirts of Belgrade.
„Houses and commercial establishments are bought less often, and in terms of plots of land under regulation, we notice increased interest mainly from foreign companies looking for new land for the construction of large residential complexes. Russians have completely different standards, so their interests vary from the peripheral areas of the city and small apartments to the modern, luxurious and spacious apartments in the central and most expensive areas of Belgrade”, Pesic says.
Russians and Ukrainians are also interested in houses outside the Serbian capital, in areas about an hour's drive from the city. Foreigners usually look for apartments, but the exception is the citizens of North Macedonia, who buy private houses with the aim of further renovation. It is noteworthy that Hungarians are also entering the domestic market, who are mainly interested in buying building plots.
You can see detailed statistics on average property prices in Bulgaria by cities and neighborhoods HERE