Increase in the number of foreign property owners in Serbia, the largest percentage from the Russian Federation.

Photo: Gradske info.

Data from the State Geodetic Authority (RGZ) shows that the share of foreign citizens has nearly doubled over the year. Of the total number of buyers, the proportion of those living outside Serbia was 4.81 percent last year, compared to 2.93 percent in 2022.

Recently, most foreign buyers are coming from the Russian Federation. It is a fact that the majority of buyers in the market are still citizens of Serbia, but the dynamics of supply and demand significantly depend on foreign buyers, who mainly purchase apartments in the Old Town, Vračar, Sava Waterfront, and New Belgrade.

“In recent years, Russian citizens have mainly taken on the role of renters of apartments and commercial spaces, but now they are increasingly deciding to buy. They are also creating numerous companies that then act as real estate buyers. Among the buyers, there are also Ukrainians, and the largest number from the European Union comes from France and Germany. There are also citizens from America, Canada, and Australia, and from neighboring countries, the most come from North Macedonia. Of course, there are also many of our citizens living and working abroad who traditionally buyreal estate in the domestic market as a form of safe investment,” says Nela Pešić from the agency "Raičević nekretnine" for 4zida.

What interests the citizens of North Macedonia, Russians, and Hungarians? The most interest is generated by the purchase of apartments, mainly luxury new builds in Belgrade among buyers coming from countries with a medium standard of living, while apartments in older buildings in the outskirts of Belgrade attract buyers with smaller budgets.

“Fewer houses and commercial properties are being purchased, but when it comes to land for construction, we are seeing an increase in interest, mainly from foreign companies looking for new locations to build large residential complexes.

The interlocutor 4zida notes that Russians and Ukrainians are also interested in houses outside of Belgrade, in villages that are about an hour's drive from the city. She adds that foreigners mainly look for apartments, but an exception is made for citizens of North Macedonia, who buy houses with the intention of further construction. She observes that Hungarians are also entering the domestic market, primarily interested in purchasing land plots.

The most popular luxury complexes

When it comes to the most interesting places for foreigners, Upper Dorcol, Belgrade Waterfront, the new K-District and New Dorcol complexes, as well as Terazije and the central areas of Vracar and New Belgrade stand out.

“Modern condominiums, which are becoming increasingly popular worldwide, especially attract foreign buyers here. This contemporary construction concept combines the privacy and comfort of a home with appealing, interesting, and easily accessible amenities available to all residents of the complex. In fact, condominium residents have access to a well-maintained courtyard, parks, video surveillance and security, spas, swimming pools, gyms, cafes, shops, and other enclosed facilities that allow them to meet all their needs without leaving the complex,” explains Nela Pesic.

Under what conditions can a foreigner become a property owner? Lawyer Brane Krunic states that bilateral agreements have been established with several countries, regulating the issues of property acquisition by citizens of one country in another country, which represents the so-called reciprocity between the Republic of Serbia and the country from which the foreign buyer comes. This is the first and primary condition necessary for a foreigner to become a property owner in our country.

“When a foreigner purchases real estate, if they cannot read or write in Serbian, they need to hire a translator (a certified court translator) who is fluent in the buyer's language, as well as two additional witnesses who are fully capable adults and fluent not only in Serbian but also in the buyer's foreign language. As for the costs of notarizing the contract, they are the same as if the contract were being notarized by Serbian citizens, except that an additional fee of 1,800 dinars is charged for each signature of the translator and the two witnesses,” explains lawyer Brane Krunic.