Russians prefer apartments in Serbia: the most desirable places

real estateinSerbiaespecially inBelgradeand Novi Sad. Data from the State Geodetic Institution (SGI) indicate that the share of foreign citizens in real estate acquisition in Serbia has almost doubled over the year. Share of foreign citizens buyingreal estatein Serbia, increased from 2.93 percent in 2022 to 4.81 percent in 2023. Although the majority of the market is still accounted for by local buyers, the dynamics of supply and demand are influenced by foreign investors, who mainly prefer to purchaseapartmentsin the Old Town, Vračar, Sava's Venca and New Belgrade.

Russian investors

"In recent years, Russian citizens have become the largest renters of apartments and commercial premises, but now they are increasingly deciding to buy. They are also starting many companies, which then buy real estate. Ukrainians are also among the buyers, with the largest number of investors from the European Union coming from theFranceand Germany," said Nela Pesic of theagencies“Raičević nekretnine”.

According to her, among the buyers there are also citizens of the United States, Canada and Australia, while from the surrounding countries, people from Northern Macedonia are most interested in buying homes. The greatest interest in buying apartments, especially luxury new buildings in Belgrade, is among buyers from countries with a higher standard of living. Behind the oldapartmentsin peripheral areasBelgradebuyers with more modest budgets are interested."

Interests of Russians and Ukrainians

“Russian citizens have different standards, so their interests range from peripheral urban areas and small apartments to modern, luxurious and spacious apartments on central and most expensive locations in Belgrade,” adds Nela Pesic. The interlocutor notes that Russians and Ukrainians are also interested inhousesoutside Belgrade, in villages an hour's drive away from the city. She adds that foreign investors are the mostlooking for apartmentsWith the exception of citizens of Northern Macedonia, who buy houses with the intention of rebuilding. It is noticeable, emphasizes Nela Pesic, that Hungarians who are interested in buying building plots are also entering the local market.