Stabilization of the Serbian real estate market: reduced interest from Russians and Ukrainiansians

The real estate market is slowly stabilizing after the peak of renting and selling properties last year due to the influx of Russian citizens to Serbia. "Prices for apartments and houses have dropped significantly compared to the peak in October-November last year. Depending on Belgrade's districts, prices have fallen by up to 30%," interlocutors from one Belgrade real estate agency told EURACTIV.

Real estate values rose sharply during 2022 due to the arrival of many Russians and some Ukrainians in the country, which increased demand for renting and buying. "Russians are still interested in apartments, but their number has decreased compared to last year. However, they have also become more cautious and are looking for apartments on the outskirts of the city," EURACTIV's interlocutors said.

Homeowners saw that they could not rent out their properties quickly and started to reduce prices. As for real estate sales, prices fell by about 10%, with Russians making up a small proportion of real estate buyers in the country. "Everything in a market economy has periods of growth, stagnation and decline," Ljubodrag Savic, a professor at Belgrade University's Faculty of Economics, told EURACTIV, noting that the decline in real estate prices was expected.