Russia has invested more than 180 million euros in real estate in Serbia.

Russian citizens invested more than 180 million euros in real estate in Serbia in 2023, which is equivalent to the real estate market of the city of Niš, said Ivana Strbac, head of the department of valuation and accounting of immobility value of the Republican Geodetic Office, in an interview with Bloomberg Adria.

She noted that a certain number of Russian citizens who moved to Serbia invested in buying apartments instead of renting them, and the share of foreigners among real estate buyers increased from about three percent in 2022 to five percent last year.

According to the WGZ report, Belgrade had a dominant share of the apartment market in 2023, accounting for 61 percent of the total value of all transactions, with 2.1 billion euros spent on buying apartments in the capital. "The price index shows that they increased by 5.7 percent in Serbia as a whole in the fourth quarter of 2023 compared to the same quarter of 2022," Strbac added.

According to her, there was a double-digit increase in apartment prices in Serbia at the beginning of last year, but now it is back to single digits, which may indicate a trend of market stabilization.

"There are two forces influencing the apartment market and the real estate market, and there are a lot of factors influencing this.