Russians have invested more than 180 million euros in real estate in Serbia - Economy - Gazeta Danas

Russian citizens invested over 180 million euros in real estate in Serbia in 2023, which is equivalent to the real estate market in the city of Niš, said Ivana Štrbac, head of the property valuation and management department at the State Geodetic Authority of Serbia, in an interview with Bloomberg Adria.

She also noted that a number of Russian citizens who moved to Serbia preferred to invest in purchasing apartments rather than 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 report from the State Geodetic Service, Belgrade held a dominant share of 61 percent of the total apartment market value in 2023, with 2.1 billion euros spent on purchasing apartments in the capital.

“The price index shows that they increased by 5.7 percent in the fourth quarter of 2023 compared to the same period in 2022,” added Štrbac.

According to her, at the beginning of last year, there was a double-digit increase in apartment prices in Serbia, but now the growth has become more straightforward, which may indicate a stabilization of the market.

“The apartment market and the real estate market are influenced by two forces, which in turn are affected by numerous factors. For example, more expensive loans and high interest rates can lead to a decrease in supply, the reduction of which the Fed and the European Central Bank are expected to announce soon,” said Shtrbac in an interview with Bloomberg TV.

As for new buildings, they account for 45 percent of the total volume of apartment transactions.

However, Štrbac noted that sales in more expensive areas of the city, such as Vračar, Stari Grad, and Novi Beograd, have decreased, while sales of new constructions have increased in surrounding areas like Obrenovac and Mladenovac.

She also reminded that over the past five weeks, the number of purchase agreements in Serbia has increased compared to last year.

“Uncertainty and economic and geopolitical conditions are affecting the market, and the market itself is showing various trends.

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