The beautiful country with a population of about seven million people, located in the heart of the Balkans, has long attracted foreign real estate buyers, especially after it received the status of a candidate for EU membership. What is happening in the local market, how do prices change, and is it worth investing here? We are sorting it out.
Serbian Economy. The "Balkan Tiger"
The pandemic has had little impact on the Serbian economy. According to the local statistical office, the country's GDP grew by 7.5% year-on-year in 2021 after declining by 0.9% in 201201.
After a series of economic reforms, Serbia has become one of the most attractive places to do business in Central and Eastern Europe. Since 2007, the country has attracted more than 37 billion foreign direct investments. World-class companies such as Bosch, Michelin, Siemens, Panasonic, Microsoft, Schneider Electric, and others invest here. Due to the rapid growth of the economy, Serbia is sometimes called the "Balkan Tiger" (by analogy with Asian markets).
Salaries and purchasing power of residents are increasing every year. However, they are still relatively low by European standards and earn an average of about $600-700 a month here. The unemployment rate is about 9%.
Real Estate Demand. The Record Quarter of 2021
According to the latest data from the National Geodetic Administration of Serbia, in the fourth quarter of 2021, the total amount of real estate transactions increased by 33.8% compared to the same period last year and amounted to €1.8 billion.
37,500 objects changed the owner, which was a record figure for the quarter, showing an increase of 12.6% compared to the previous year.
The Serbian capital city is dominating the market. Belgrade accounted for 41% of all real estate transactions.
The Serbian market is focused on the local buyer, but there is also demand from Ireland, Sweden, and several other countries. We have a lot of applications from Russia and Ukraine now, about five or six a day, but most of them do not result in transactions, because people have problems with transferring funds. The spring season would already be in full swing, but now the market is frozen due to an uncertain situation. The main demand among buyers is Belgrade and its surroundings, as well as Novi Sad. I must say that the suburban real estate demand traditionally grows in our country with the beginning of the spring season.
Apartment Costs. New Buildings Continues to Rise in Price
According to the Statistical Office of Serbia 6, the average price for new buildings in the first half of 2021 amounted to $1,500 per sq. m.
In the whole country, the cost of housing in new houses ranged from €450 per sq.m in Bujanovac to more than €3,000 in Savski Venac - Belgrade district.
The highest prices for new buildings are in Belgrade, Chaetina (Zlatibor district of Western Serbia), Novi Sad, Vrnjacke Banja, Median, Pancevo, Kragujevac, Zrenjanin, and Užice.
The price map for new buildings in Serbia (per sq.m) by region: white – the number of objects sold <3, yellow - the price is less than $752, orange - the price from $752 to $940, burgundy - the price from $940 to $1,400, brown - the price is more than $1400, dot hatching - no data.
Delta Investment in its market research on the leaders in price growth for 2021, also shows the cities of Belgrade (+31%), Kraljevo (+27%), Vrsac (+21%), Zrenjanin (+21%).
The demographic decline in Serbia has not affected Belgrade: its population is constantly growing, pushing the demand for housing up. Foreign real estate buyers also traditionally focused on the country's business center.
According to analysts at CBRE, the volume of transactions in the capital broke all records over the past four years in the fourth quarter of 2021.
Construction activity in Belgrade also continues to grow. From October to November 2021, the number of issued construction permits jumped by 23% compared to the same period last year.
The most impressive complexes are being built in the Novi Beograd area. In second place in terms of active construction is the Zvezdara district.
Construction in major cities of Serbia is now very active. In Belgrade, the Novi Beograd area is the most active one, as there is a lot of free space there. Construction in other areas takes place point-by-point.
According to the National Geodetic Administration of Serbia, prices in the capital are growing both in the primary and secondary real estate market.
The average cost of an apartment on the secondary market in the fourth quarter of 2021 reached €1,600 per sq.m, an increase of 16% over the year. But the price of a square in new buildings has almost reached the level of €2,000 (+11%).
Prospects for Real Estate Investment in Serbia
Some analysts fear that a bubble has already formed in the Belgrade real estate market. Real estate prices have been growing disproportionately fast in recent years compared to the incomes of the population.
According to a Deloitte study, Serbia became the most inaccessible place in Europe to buy a home in 2021. Taking into account salaries in the country, residents will have to save for a new apartment with an area of 70 squares for 15 years.
But the cost of renting housing in the capital is low. According to Statista - about €8 per sq.m.
Thus, given the current prices for the purchase of apartments, investors in Belgrade cannot expect a high return on rent. The average profitability of housing is about 3%.
On the other hand, the Serbian economy feels confident, which means that local real estate can be considered a tool for saving capital. Price growth is likely to slow down, but there is nothing to say that apartments in the capital city will start to get cheaper.
In addition, Serbia has an advantage for foreigners who want to change their country of residence. Owning real estate here gives you the right to obtain a residence permit, and the price does not matter. Digital nomads can also apply for a residence permit and a work permit.
What you can buy in Serbia now:
1 100 000 €
Villa in Beograd, Serbia
420 sq.m1095
ResidenceRental property
Villa for sale, 420 sqm, GF+2. New construction, built in 2019. Fantastic investment for rental business with yearly income of 100.000 euro. Possibility to buy off the business, too (Instagram, FB, website, booking engine and broker business). Fully furnished, 9 bedrooms, 5 bathrooms, detached unit by the pool - guest house of 40 sqm. Large yard...
Agencija Plus
490 000 €
Apartment in Beograd, Serbia
88 sq.m322
Residence
An apartment for hedonists and a smart investment. Quality materials and top-quality equipment from imports, as well as furniture. Two large bedrooms, 2 bathrooms, living room of 25sqm, terrace of 13sqm and useful living area of 88m2. The apartment has 2 entrances, inverter AC and TV in each room. Turnkey - price includes furniture. In the...
Agencija Plus
73 000 €
Cottage in Zlatibor, Serbia
52 sq.m211
ResidenceRental property
In an idyllic, wooded environment with a view of Tornik, a fully furnished lux apartment is for sale. To enjoy peace and quiet, just 2 km from the center of Zlatibor, in the Zova settlement, which has 120 apartments, in the immediate vicinity of the hotel that is being completed and which will provide health and relaxation facilities with a spa...
Agencija Plus
74 000 €
House in Beograd, Serbia
200 sq.m822
Residence
7161. Serbia. Lukovo.
4.5 km from the famous Lukovska bath (healing thermal waters) and 55 km from the ski resort of Kopaonik, a household consisting of a three-storey house on a plot of 6.415 sq m (almost 0.65 ha).
The house has an area of 220 sq. m. It was built for the use of two brothers. Ground floor (side entrances) - two garages. The...
Real Estate & Building Company «ADRIATIC SEA EXPERT»
145 000 €
Flat in Beograd, Serbia
48 sq.m211
ResidenceOnline ViewingCryptocurrency payment
A great opportunity to successfully invest money and get a residence permit of a European country!!!
An excellent multifunctional residential complex is being built in the capital of Serbia, in the Bezhetskaya Spit area. It will become an island of tranquility and a comfortable life for a large number of people!.
Invest wisely, get passive...
VRC Idrisova
202 200 €
Flat in Beograd, Serbia
72 sq.m322
ResidenceOnline Viewing
A great opportunity to successfully invest money and get a residence permit of a European country!
In the capital of Serbia, in the Bezhetskaya Spit area, an excellent multifunctional residential complex is being built.
It will become an island of tranquility and a comfortable life for a large number of people.
Invest wisely, get passive...
VRC Idrisova
68 000 €
Flat in Nis, Serbia
43 sq.m211
ResidenceOnline Viewing
Do you want to be able to move to a European country, buy a comfortable apartment and get a residence permit in this country?
Don't wait, come and get such a cool opportunity!
Serbia has recently become a very popular country and a stream of migrants from CIS countries has rushed there. The construction boom continues in the country and a...
VRC Idrisova
70 000 €
Flat in Nis, Serbia
47 sq.m211
ResidenceOnline ViewingCryptocurrency payment
Do you want to get the opportunity to move to a European country, buy a comfortable apartment and get a residence permit in this country!
Don't wait, come and get such a cool opportunity.
Recently, Serbia has become a very popular country and the flow of migrants from the CIS countries has rushed there.
The construction boom continues in...
VRC Idrisova
60 000 €
House in Loznica, Serbia
160 sq.m422
ResidenceOnline ViewingCryptocurrency payment
For sale: legalized family 4-room house with designer renovation, located 7km from Loznitsa. It features a kitchen, 2 living rooms, 2 bedrooms, 2 bathrooms, a garage, and a balcony. No additional investment required. Fruit trees, cultivated raspberries, and a chicken coop are available. Negotiations can be conducted on-site. Payment in rubles is...
Private person
90 000 €
House in Beograd, Serbia
93 sq.m652
Residence
The house is located in the immediate vicinity of the center of Grocka, easily accessible, on a flat plot of 10 ares. Registered at 93sqm as a weekend house, but it actually has 200sqm, ground floor, first floor and attic. 2 large terraces. The house is for rent, it has conditions for living in it, it has city water and sewerage, but it needs...
Agencija Plus
60 000 €
House in Loznica, Serbia
124 sq.m542
Residence
Very nice and well maintained house, ground floor and first floor with 2 terraces. The plot is ideally flat and regularly maintained, with many conifers and various flowers. Direct access from the asphalt. The house is suitable for permanent residence as well as for a holiday home, 73 km from Belgrade, 14 km from Šabac. It can be reached...
Agencija Plus
96 600 €
Flat in Zlatibor, Serbia
43 sq.m322
ResidenceOnline Viewing
dear friends!
We offer to draw your attention to the investment offer in Serbia!
Real estate in the best climatic resort of Serbia - Zlatibor!
This is the most visited regional tourist center of the district, which includes a variety of offers for health tourism: skiing, horse riding, hiking. The area has a unique climate, clean mountain...
VRC Idrisova
115 500 €
Flat in Beograd, Serbia
52 sq.m321
Residence
Luxurious new building, registered in the cadastre! On the central city boulevard! Excellent transport links, many public transport lines. Possibility of purchasing a parking space for 9,000 euros. Open plan (living room-kitchen-dining room). Built-in kitchen included in the price! Built-in air conditioning included in the price! Heating -...
Agencija Plus
141 904 €
Flat in Beograd, Serbia
44 sq.m1
DescriptionNew residential complex Zemun Vista on Tsara Dusana.
Price from 2450 euro/m2
Underground parking, central heating, air conditioning.
Number of storeys 2P0+P+4+Ps
Construction period
To school - 800 meters
To the kindergarten - 190 meters
To the clinic - 1300 meters
Park - 250 meters
Tradegoria Global Estate
81 061 €
Flat in Beograd, Serbia
41 sq.m211
Residence
The complex is located on a quiet street in the immediate vicinity of the trolleybus highway.
The complex consists of 8 houses (4-storey, 1 floor-ground floor)
Commercial area -180 sq.m
There are 8 blocks in the sale
Developed infrastructure:
A Maxi store and a post office are 200 metres away.
Nearby there is a kindergarten, several...
IP Kotlyarova E.I.
125 928 €
Flat in Beograd, Serbia
64 sq.m431
Residence
The complex is located on a quiet street in the immediate vicinity of the trolleybus highway.
The complex consists of 8 houses (4-storey, 1 floor-ground floor)
Commercial area -180 sq.m
Developed infrastructure:
A Maxi store and a post office are 200 metres away.
Nearby there is a kindergarten, several private kindergartens, a shopping...
IP Kotlyarova E.I.
50 000 €
House in Arandelovac, Serbia
80 sq.m21
Online Viewing
A house for sale in the settlement of Banya near Arangelovac. The house area is 80 square meters.meters. The plot area is 11.8 acres. The lower floor is 50 sq.m., the second floor is 30 sq.m. On the ground floor there is a kitchen, a room, a bathroom with toilet and an exit to the terrace. There is a free layout on the second floor. House...
Private person
161 888 €
Apartment in Beograd, Serbia
32 sq.m
ResidenceRemote Transaction
A landmark project for Belgrade is its new center of gravity, in the structure of which 5 hotels 5*, shopping centre, The building area is about 100 hectares its own promenade and promenade more than 2 km exceptionally located in close proximity to the historical center - just a few minutes walk from Republic Square and Slavia Square, just a...
Rentsale
25 000 €
Flat in Subotica, Serbia
70 sq.m
An apartment of 70m2 is for sale in the beautiful village of Panonia near the town of Bachka Topola. The apartment consists of two large rooms, an entrance hall, a large kitchen, a pantry and a bathroom. It is located in a house consisting of 3 such courtyard apartments. She also owns a small plot of land and a walled barn. It is located in a...
Private person
16 000 €
House in Subotica, Serbia
100 sq.m
House for sale with an area of 100m2 on a plot of 5 acres in the village of Stara Moravica in northern Serbia. The house consists of 3 rooms, one of which is a walk-through, a corridor, a kitchen, a bath, Recently renovated and does not need large additional investments, urban water, septic tank sewerage, heating optional, furniture can be...
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