Buying real estate in Serbia?

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Buying a property in Belgrade: a complete guide

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property investment Belgrade

Yes, the analysis of Belgrade's property market is included in our pack

Considering buying real estate in Belgrade? You're not alone!

Many people are intrigued by Belgrade's history and cultural diversity, fantasizing about owning a modern apartment or a historic home.

Does it make sense, though? Are property prices increasing in Belgrade? How much does it cost? Should you consider investing in Dorćol or Vračar? What are the taxes? Where can you get a yield above 7%?

We have the answers.

The Investropa team has done their homework and know this market well. Actually, we've put all our findings together in a pack. Get it now.

In this article, get ready to receive valuable insights from us.

How's the property market in Belgrade?

Is the property market in a good shape or a challenging one? Data will tell us the story.

Types of properties

In Belgrade, you can find various types of properties for sale, including apartments, houses, commercial spaces, and land.

Apartments offer options for both compact city living and larger family spaces, while houses provide more room and often come with yards.

Commercial properties include shops, offices, and warehouses, suitable for business ventures.

Additionally, there's available land for those interested in building their own homes or investing in development projects.

Better to buy or rent?

(In case you want it for yourself, not for rental purposes)

If you're planning to settle in Belgrade, you might be thinking about the advantages of buying versus renting.

Without a doubt, it's better to buy if you want to invest in a long-term asset that will appreciate in value while providing security and stability.

One data can help us make a decision - the price-to-rent ratio. It's a way to understand how many years of rental income you need to cover the property's current price.

According to Numbeo, the property price-to-rent ratio in Belgrade is around 21.62, which is around the world average.

To put it simply, it usually takes around 22 years of rental payments to buy a property in Belgrade.

Property prices in Belgrade

On average, according to the last data from Statistical Office of the Republic of Serbia, purchasing a property in Belgrade would cost you around $3,730 per square meter.

Naturally, property prices are quite spread out. A city-center apartment in Belgrade may have a different price per square meter than a suburban house in Dedinje. We actually give you a more detailed breakdown in our pack for buying property in Belgrade and in Serbia.

To give you a sense of scale, it means that, instead of buying an apartment in Paris or London, you can afford 4 properties in Belgrade.

Also, housing prices in Belgrade are cheaper (-23%) than in Budapest.

The most expensive neighbourhoods in Belgrade are probably Vracar, Dedinje, and Senjak, while the cheapest are Zemun, Zvezdara, and Cukarica.

Belgrade Property Price per Square Meter


First, let's acknowledge that Serbia is, today, a relatively stable country. The last Fragile State Index that has been reported for this place is 67.8.

Don't forget this when considering the advantages and disadvantages of buying a property in Belgrade.

Besides that, if we look at the IMF's GDP forecasts, Serbia's economy is expected to soar by 15.3% in the coming 5 years, resulting in an average GDP growth rate of 3.1%.

If you're about to invest in real estate in Belgrade it's a good thing because a growing economy (usually) leads to higher incomes for citizens, enabling them to invest in real estate, which boosts demand and prices for properties.

Also, in Serbia, the average GDP per capita has changed by 17.4% over the last 5 years. Almost no country has done better.

According to this data point, property prices in Belgrade might go higher in 2024 and also later on.

Looking for more updated data? We've done a big-picture study to find out if it's a good idea to purchase property in Serbia right now.

Buying property in Belgrade

Buying real estate in Belgrade can be difficult due to the lack of reliable and up-to-date information. That's why we have created the pack to buy property in Belgrade and in Serbia.

Buying process

In our pack, we've laid out all the steps involved in the buying process, including the required documents, taxes to be paid, and guidance on finding properties.

Now, we're giving you a more straightforward version to help you grasp the information more easily.

This is the step-by-step process to purchase a property in Belgrade:

  1. Research the market and budget, considering factors like location and property type.
  2. Find a reputable Belgrade-based real estate agent familiar with local laws and regulations.
  3. Select potential properties and view them in person, if possible.
  4. Conduct due diligence, including obtaining a property report (List nepokretnosti) from the Cadaster and verifying the property's ownership status.
  5. Negotiate the price and terms of the purchase, considering factors like payment method and timeframe.
  6. Hire a Serbian lawyer experienced in property transactions to review the contract and ensure legal compliance.
  7. Sign the preliminary sales agreement (Predugovor) and pay a deposit (usually 10% of the property's value).
  8. Apply for a tax identification number (PIB) at the Serbian Tax Administration.
  9. If you are a foreign buyer, obtain approval from the National Bank of Serbia (NBS) for the purchase.
  10. Transfer the purchase funds to a Serbian bank account, ensuring proper documentation of the transaction.
  11. Finalize the purchase contract (Ugovor o kupoprodaji) in the presence of a public notary, and pay the remaining balance.
  12. Register the property at the Cadaster (Agencija za katastar nepokretnosti) to officially transfer ownership and receive the title deed (Vlasnički list).

Also, if you're not from the country, you might want to check our article on how to buy property as a foreigner in Serbia.

Make a profitable investment in Belgrade

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buying property in Belgrade

Where to find a property

Explore these websites to find properties in Belgrade.

  • Srbija nekretnine - Offers a comprehensive real estate portal for homes and apartments in Serbia, featuring sale and rental listings.
  • Indomio - Provides a user-friendly platform to search for properties in Serbia, with advanced filters, mobile compatibility, and access to real estate professionals.
  • City expert - The first Serbian online real estate agency, offering properties for sale and rent with no commission, providing transparent and efficient services to buyers and tenants.
  • Coral Real Estate Serbia - A real estate agency offering luxury properties for sale in Croatia, Serbia, Bosnia and Herzegovina, and Montenegro.
  • Nadjidom - One of the leading portals for real estate advertising in Serbia, offering property listings for sale and rent in various cities.

Also, know that we have included contacts of real estate agencies, property lawyers, moving companies, expats communities and more in our pack for buying property in Serbia.

Which properties for which budget?

As mentioned before, the average price per sqm in Belgrade is $3,730. A 1-bedroom property with an area of 60 square meters would cost approximately $224,000, while a 2-bedroom property with an area of 85 square meters would cost approximately $317,000.

However, property prices can vary because of their qualities and where they're located.

Property prices in the top areas of Belgrade are commonly at a premium. An apartment in Dedinje could be around $430,000, and a residence in Vracar might be priced at $840,000.

On the other hand, some areas are more budget-friendly. You may find a condominium in Karaburma for $120,000, or one in Voždovac priced only at $100,000.

We give more details about property types and areas in our full pack for buying property in Serbia.

Common mistakes

Here are the main pitfalls specific to buying a property in Belgrade, Serbia:

  • Unclear property restitution laws related to past nationalization, leading to ownership disputes.
  • Non-resident buyers facing additional bureaucratic hurdles and limitations.
  • Potential difficulties in obtaining financing from local banks as a foreign buyer.
  • Age restrictions on purchasing certain types of properties, like agricultural land.
  • Limited availability of comprehensive property history records, risking hidden issues.
  • Challenges in navigating complex local tax laws and regulations.
  • Risk of property claims from potential heirs due to inheritance laws.
  • Difficulty in communicating and negotiating without knowledge of the Serbian language and customs.

We don't want this to happen to you, so we have included a full checklist for your property investment in our pack of documents. Avoid these mistakes and save a lot of money.

real estate Serbia

Everything you need to know is included in our Serbia Property Pack

Living in Belgrade

Living in Belgrade is an exciting and vibrant experience, with plenty of opportunities for business, culture, and entertainment.

Cost of living

The cost of living in Belgrade is generally considered to be quite affordable compared to other European cities. It is possible to find good quality accommodation, transportation, food, and entertainment at reasonable prices.

Here are some examples to better understand the cost of living in Belgrade, Serbia:

  • Rent for a one-bedroom apartment in Dorćol, a trendy neighborhood near Skadarlija: $500 per month.
  • A meal at a local restaurant with "karađorđeva šnicla" (stuffed schnitzel): $8.
  • Monthly public transportation pass for GSP buses and trams: $25.
  • Utilities (electricity, heating, cooling) for a small apartment in Vračar: $90 per month.
  • A bottle of local rakija (plum brandy): $10.
  • Traditional Serbian "kafana" experience with live music and dinner: $20 per person.
  • Monthly fitness pass at a popular gym chain like "FitPass": $40.
  • A cup of "domaća kafa" (Turkish coffee) at a local kafana: $1.50.


We want to show you information in an easy-to-understand way. So, we made a table that explains the different areas of Belgrade. For yields, prices and rents, check our property pack.

Neighborhood Description Strengths Weaknesses


Dorćol is a historic and vibrant neighborhood known for its charming streets, cafes, and cultural landmarks.

Rich cultural scene, lively atmosphere, close to the city center.

Potential traffic congestion, limited green spaces.


Vračar is a residential area with a mix of old and modern architecture, offering easy access to parks and amenities.

Beautiful parks, diverse housing options, good public transport.

Parking difficulties, some areas can be crowded.

Novi Beograd

Novi Beograd is a modern and urban neighborhood with skyscrapers and shopping malls, located by the river.

Modern infrastructure, stunning river views, many entertainment options.

Lack of historical charm, busy traffic during rush hours.


Zemun is a picturesque area with cobbled streets, historical buildings, and a lively Danube riverfront.

Rich history, riverside promenade, cozy restaurants and bars.

Can be distant from the city center, limited public transport.


Voždovac is a green and residential neighborhood with many parks and recreational areas.

Abundance of green spaces, quiet living environment.

Less diverse entertainment options, limited public transport connections.

Stari Grad

Stari Grad is the old town of Belgrade, known for its historic architecture, cobblestone streets, and popular tourist attractions.

Historical landmarks, vibrant nightlife, central location.

Limited parking, high real estate prices.


Palilula is a diverse neighborhood with a mix of residential and industrial areas, providing a range of services and facilities.

Varied housing options, proximity to business centers.

Some industrial areas, traffic congestion during peak hours.


Zvezdara is a large and densely populated neighborhood with numerous parks, cultural venues, and shopping centers.

Plenty of green spaces, many amenities, good public transport links.

High population density, potential noise levels.


Rakovica is a residential area with a mix of new developments and traditional houses, offering a peaceful living environment.

Quiet surroundings, affordable housing options.

Limited entertainment venues, fewer public transport options.


Čukarica is a neighborhood with a combination of urban and suburban characteristics, known for its riverfront and recreational spaces.

Scenic views, plenty of outdoor activities.

Some areas may lack urban amenities, potential traffic congestion.

Life in Belgrade

Belgrade is the economic and financial center of Serbia. Its economy is driven by the service sector and is largely supported by the export of goods and services, as well as foreign investments.

According to the IMF's data, Belgrade's GDP constitutes nearly 27% of Serbia's GDP. Getting property in a wealthy city is a good choice because more jobs, people like living there, and property prices stay reliable.

What expats usually like the most in Belgrade is the vibrant nightlife and the city's rich culture and history. They also appreciate the amazing food, the friendly locals, and the affordable cost of living.

Regarding safety, the crime rate of Belgrade is around 39, which is average. Belgrade has a strong police presence, which helps to deter criminal activity and keep crime levels low.

A good point for a property investor - Belgrade has a mass rapid transit system called the Belgrade Metro.

Finally, access to healthcare in Belgrade is good, with a Healthcare Index of 53. An effective healthcare infrastructure always boost the appeal of a place, which is good for real estate.

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Renting out in Belgrade

This section is for those who are looking to purchase a property not to live in themselves, but to rent it out and make an income from the rental.


Tenant Profiles in Belgrade

According to the data reported by Wikipedia, the home ownership rate in Serbia is 89%, which is rather high.

It is probably a bit less in Belgrade which is quite different from the rest of the country.

If you decide to buy and rent out to long-term tenants, you should target young professionals, students, and expats looking for high-end apartments in the city center, as well as families looking for more affordable rentals in the outer districts.

Here is a little summary table we've made for you.

Property type and area Profiles of potential tenants What they are looking for Expected monthly rent in $

Apartment in Stari Grad

Professionals, expats

Historic center, cultural attractions

$400 - $800

Flat in Vračar

Families, students

Central location, parks

$300 - $600

Studio in Novi Beograd

Youth, professionals

Modern area, business centers

$250 - $500

House in Senjak

Affluent families, diplomats

Luxurious living, embassies

$1000 - $3000

Apartment in Voždovac

Students, young professionals

Close to universities, affordable options

$200 - $400

Loft in Dorćol

Artists, creatives

Trendy area, artistic scene

$350 - $700

Condo in Zemun

Young professionals, families

Riverside living, cafes

$300 - $600

Rental yields

Nowadays, rental yields in Belgrade are usually below 5%. It's not much. A good rental yield is usually around 7% or higher. Maybe, you knew it already.

Belgrade properties in close proximity to the city centre and public transport links, such as student accommodation, offer the best rental yields as they are in high demand due to their convenience. Properties in the suburbs and outside the city centre tend to have lower rental yields due to the lower demand.

For further explanation and a more detailed breakdown, you can check the reports and analyses we have made.

Finally, be aware that rental incomes in Belgrade are taxed at 15%, which is not much.


You could also decide to rent short-term to tourists, business travelers, and students studying abroad. Additionally, Belgrade is a popular destination for conferences and conventions, so you could rent to attendees of those events.

If you decide to go with that option, look for properties in Vracar, Dorcol, and Zvezdara. These areas are popular among tourists due to their proximity to the city center and abundance of public transportation.

Currently, there are approximately 4,000 active Airbnb listings in Belgrade, reflecting a highly dynamic and bustling short-term rental market. The average daily rate stands around $58.

You have the opportunity to generate a nice additional income stream then. Based on feedback from online testimonials and data analytics platforms such as AirDNA, Guesty, and Inside Airbnb, people who offer short-term rentals in Belgrade can make around $700 per month. Also, the average occupancy rate is estimated at 70%.

Is it worth buying real estate in Belgrade then?

Buying property in Belgrade can be a smart move if you're planning to settle in the city for the long term, thanks to its reasonable price-to-rent ratio and the potential for property appreciation driven by a growing economy.

The diverse range of property types, from apartments to houses and commercial spaces, allows you to tailor your investment to your needs. Belgrade's relatively affordable property prices, with an average cost of around $3,730 per square meter, make it an attractive option, especially when compared to many other European cities.

If you're looking for a stable and potentially profitable investment in a city with cultural richness and a promising economic future, Belgrade could be a worthwhile destination.

On the other hand, buying property in Belgrade might not be the best choice if you're planning a short-term stay or uncertain about your long-term plans. Renting can offer greater flexibility and cost-effectiveness in such situations.

Additionally, the Serbian property market can be complex due to unclear restitution laws and potential language and cultural barriers. Non-resident buyers may face bureaucratic hurdles and limitations, and achieving high rental yields in Belgrade can be challenging. To succeed, it's crucial to choose properties strategically, navigate the legal landscape, and understand the local customs and practices.

Ultimately, whether buying property in Belgrade is worth it depends on your specific circumstances and goals, so careful consideration is essential before making this investment decision.

Make sure you understand the real estate market in Belgrade

Don't rush into buying the wrong property in Serbia. Sit, relax and read our guide to avoid costly mistakes and make the best investment possible.

real estate market Belgrade

The content provided here is for informational purposes only and does not imply endorsement or advice. While we strive for accuracy, we do not guarantee the completeness or reliability of the information, including text, images, links, or other elements in this material. Following the content and analyses presented here does not assure specific outcomes. For guidance tailored to your individual circumstances, it is recommended to consult with a professional, such as a lawyer, accountant, or business advisor.