Authored by the expert who managed and guided the team behind the Serbia Property Pack
Yes, the analysis of Belgrade's property market is included in our pack
What will happen in Belgrade’s real estate market? Will prices go up or down? Is Belgrade still a hotspot for foreign investors? How is Serbia’s government impacting real estate policies and taxes in 2025?
We’re constantly asked these questions because we’re deeply involved in this market. Through our work with notaries, real estate agents, and clients who buy properties in Belgrade, we’ve gained firsthand insights.
That’s why we created this article: to provide clear answers, insightful analysis, and a well-rounded perspective on market predictions and forecasts.
Our goal is simple: to ensure you feel informed and confident about the market without needing to look elsewhere. If you think we missed the mark or could do better, we’d love to hear your thoughts. Feel free to message us with your feedback or comments, and we’ll work hard to improve this content for you.
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1) Property prices on Belgrade's outskirts will dip slightly as urban sprawl slows down
In recent years, the outskirts of Belgrade have seen a slowdown in property price growth, and several factors contribute to this trend. One of the main reasons is the decreasing population growth rate in the metro area, which was only 0.14% in 2025 compared to 0.21% in previous years. This slower growth means fewer people are moving to the outskirts, reducing demand for housing there.
Additionally, there has been a noticeable reduction in the number of building permits issued for residential buildings in Belgrade. In the third quarter of 2023, only 14,184 permits were issued, indicating a drop in demand for new housing developments in suburban areas. This reduced demand is partly due to new urban planning policies that focus on densification rather than expansion, discouraging new developments in the outskirts.
Moreover, improved public transportation and amenities in central areas have made living closer to the city center more attractive. This shift in preference is supported by surveys suggesting that more people now prefer to live near the city center, further decreasing the demand for properties in the outskirts. Economic reports also show a stagnation or decline in construction activity in suburban areas, with a decline in turnover and apartment sales in places like Mirijevo and Stari Grad.
Sources: Macrotrends, Belgrade Property Market Report, ISOCARP Case Studies
2) Rental yields in New Belgrade will stay steady as corporate tenants keep coming in
Rental yields in New Belgrade have been consistently stable over the past few years.
One reason for this stability is the high occupancy rates in New Belgrade's commercial properties. With a vacancy rate for grade A office buildings as low as 3%, there's a strong demand, especially from the IT sector and shared service centers.
Multinational companies are also driving this trend. For example, companies like Nordeus are leasing large spaces in the newly built GTC Green Square buildings, showing a continued interest from corporate tenants.
New Belgrade's modern infrastructure and amenities make it a hotspot for businesses. The area is buzzing with construction activity to meet the needs of occupiers, particularly from the IT sector and shared service centers, reinforcing its status as a significant business hub.
Economic reports highlight New Belgrade's role as a major business center, with the strongest demand for office space coming from these sectors. This demand is reflected in the low vacancy rate for rental properties, indicating a stable market.
Sources: Global Property Guide, BNP Paribas Real Estate, Serbian National Bank
We have made this infographic to give you a quick and clear snapshot of the property market in Serbia. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.
3) Rental yields in the outskirts will drop as more properties increase competition among landlords
In recent years, particularly in 2023 and 2024, there has been a noticeable increase in new residential developments in the outskirts of Belgrade. Developments like Cloverleaf Meadows, Bridger Heights, and Cameron Crossing have added a significant number of units to the market, contributing to an oversupply of properties.
This surge in new properties is further evidenced by the rising number of building permits issued for suburban areas, indicating a boom in construction activity. As more properties become available, landlords face increased competition to attract tenants, which can lead to lower rental prices.
Additionally, rental prices in the outskirts have already shown a decline, with asking rents in areas like New Belgrade being lower compared to central locations. This trend is compounded by reports of higher vacancy rates in suburban properties, suggesting that the supply of properties is not being fully absorbed by tenants.
Sources: Global Property Guide, Bozeman Real Estate Group, Welcome to Serbia
4) Yields in older buildings will drop as tenants choose modern, energy-efficient properties
In recent years, there's been a noticeable shift in tenant preferences towards modern amenities and energy-efficient properties. This change is largely driven by the rising demand for sustainable housing, as more people become aware of environmental issues and seek homes that align with their values. In Belgrade, for instance, tenants are increasingly looking for properties that offer green technologies and energy-saving features.
Another factor contributing to this trend is the increasing government incentives for energy-efficient renovations. The Serbian government has been actively promoting energy efficiency through various initiatives, such as the Integrated National Energy and Climate Plan, which supports energy upgrades in buildings. These incentives make it more appealing for property developers to invest in modern, energy-efficient constructions.
Older buildings, on the other hand, often come with higher utility costs due to outdated heating solutions and poor thermal characteristics. This leads to tenant dissatisfaction, as they face higher bills and less comfort. In Belgrade, where a significant portion of the building stock is over 50 years old, this issue is particularly pronounced. As a result, tenants are more inclined to choose newer properties that promise lower utility costs and better living conditions.
Sources: EU and EBRD for Energy Efficiency in Belgrade, Energy Community, EBRD
5) Property price growth in New Belgrade will slow as supply meets demand
New Belgrade has been buzzing with construction, with projects like Soul 64 and Belmondo adding a lot of new homes to the market.
As these new homes pop up, the market is starting to feel a bit crowded. For example, the vacancy rate for top-tier office spaces in Belgrade is now just 3%, hinting that while demand is still there, the market might be getting full. Developers are even offering perks to lure in buyers, showing a shift in how things are playing out.
In 2023, the number of home sales in Belgrade dropped by 25% compared to the previous year. This slowdown means homes are taking longer to sell, suggesting that supply is catching up with demand. Property prices are expected to rise slowly, with a modest increase of 3% to 7% in 2024, which is slower than before.
Experts think the situation for buyers using credit will get better as interest rates for home loans are expected to drop. This could help balance supply and demand, further slowing down the growth in property prices. Meanwhile, media reports show that buyers are looking elsewhere, with sales rising in other areas, hinting at possible market saturation in Belgrade.
Sources: Serbia Business, BNP Paribas Real Estate, Cushman & Wakefield CBS
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6) Tech-savvy buyers will be drawn to new developments featuring standard smart home technology
Smart home technology is becoming a standard feature in new developments, especially in places like Belgrade, due to several compelling reasons. First, the market for smart home devices in Serbia is on the rise, with projections showing a growth of over 10% annually from 2025 to 2029. This growth is fueled by consumer demand for convenience, energy efficiency, and enhanced security.
Globally, more than half of US consumers are expected to adopt smart home technology by 2025, reflecting a worldwide trend towards tech-integrated living spaces. In Serbia, a significant number of potential home buyers are willing to pay extra for smart homes, with 70% actively seeking such features. This is largely because of the convenience, time savings, and security that smart homes offer.
Moreover, younger buyers, particularly those under 55, show a strong preference for smart home features. This demographic trend is crucial as it indicates a sustained demand for smart technology in homes. Additionally, the presence of tech companies like HDL Automation in Belgrade, which has successfully integrated smart systems in large projects like the Novi Dorćol Complex, highlights the growing focus on smart home solutions in the region.
The Serbian government's push for digital infrastructure, including smart energy and 5G connectivity, further supports the integration of smart technology in housing. This governmental support, combined with media coverage on the benefits of smart homes, helps raise awareness and drive demand among potential buyers.
Sources: Statista, HDL Automation, Exploding Topics, Trade.gov
7) Middle Eastern investors will increasingly target Belgrade’s residential market because of favorable investment conditions
Investors from the Middle East are likely to show growing interest in Belgrade's residential market due to several favorable investment conditions.
Firstly, the rising property prices in Belgrade indicate strong market potential. The average price per square meter has been increasing, making it an attractive destination for investors. This trend is supported by Serbia's economic growth, with GDP expected to rise from 2.5% in 2023 to 4% by 2025.
Additionally, Serbia has been attracting significant foreign direct investment, with $4.5 billion in FDI in 2023. This influx of capital often leads to new development projects and better infrastructure, enhancing the appeal of the real estate market. The Serbian government also offers tax incentives and investment grants, which can significantly reduce the financial burden for foreign investors.
Moreover, the growing infrastructure development in Belgrade, including large-scale projects like the Silva project and the Marina Dorcol project, indicates a focus on improving the city's infrastructure. This development, combined with the increasing number of direct flights between Middle Eastern countries and Belgrade, makes it more convenient for investors to explore opportunities.
Sources: Cene Nekretnina, EBRD, Roncucci & Partners
8) More Chinese buyers will enter Belgrade’s real estate market looking for investment opportunities
In Serbia, over 14,500 Chinese nationals have made it their home by March 2023.
This surge is fueled by substantial Chinese investments and partnerships, especially in infrastructure. Chinese investors are keen on European real estate, seeking diversification and strategic opportunities. The 2016 acquisition of the Smederevo steel mill by a Chinese company was a game-changer, sparking a wave of Chinese businesses setting up shop in Serbia.
Serbia and China have bolstered their ties through government agreements, paving the way for economic cooperation and investment. Chinese companies are particularly interested in Serbian infrastructure projects, including industrial real estate and data centers. This interest is evident in media reports highlighting these developments.
In New Belgrade's Blok 70, a quasi-Chinatown has emerged, signaling a growing Chinese community. This often leads to increased real estate investment as expatriates seek homes and business opportunities. The presence of this community is a testament to the deepening ties between the two nations.
Chinese buyers are becoming more prominent in the Belgrade real estate market, drawn by investment opportunities. The trend is clear: as more Chinese nationals settle in Serbia, the demand for property is likely to rise, making it a hotspot for real estate activity.
With the ongoing influx of Chinese nationals and businesses, Belgrade's real estate market is poised for growth. This dynamic is reshaping the landscape, offering new opportunities for both local and international investors.
Sources: Statt.rs, China Observers, Property Forum
We made this infographic to show you how property prices in Serbia compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
9) Demand for modern apartments in Belgrade will rise as young professionals move to vibrant neighborhoods
Young professionals are increasingly moving to Belgrade, driven by a promising startup ecosystem. In 2023, the employment to population ratio for ages 15-24 in Serbia was 25.02%, showing more young people entering the workforce. The tech and startup sectors in Belgrade and Novi Sad are thriving, with companies like Nordeus and 3Lateral attracting talent in gaming and blockchain technology.
The demand for modern apartments in Belgrade is on the rise. Despite a drop in sales transactions, there is still significant demand for residential units, especially in central areas like New Belgrade and Zvezdara. Rental prices have increased by about 7% compared to the previous year, with studio apartments averaging around 300 EUR, indicating a strong demand for housing.
Young professionals prefer vibrant neighborhoods such as New Belgrade, where new mixed-use projects like Soul 64 and Belmondo are being developed. These projects offer modern, well-equipped living spaces that appeal to the lifestyle preferences of young people. Additionally, the city's investment in infrastructure and public transport enhances the quality of life, making Belgrade an attractive urban destination.
Sources: Trading Economics, Belgrade Property Market Report, Startup Genome, Welcome to Serbia
10) Western European buyers will target Belgrade's historic areas due to its rich cultural heritage
Western European buyers are increasingly drawn to Belgrade's historic districts due to the city's rich cultural heritage. In recent years, the Belgrade property market has experienced significant growth, particularly in historic areas like Stari Grad, Savski Venac, and Vracar. These districts have seen strong demand for residential properties, with a projected annual demand of 16,000 to 18,000 sold units, indicating a robust investment market.
Foreign buyers, including those from Western Europe, are attracted by Belgrade's strategic location, economic growth, and cultural appeal. The affordability of properties in Belgrade compared to Western European cities is a major draw, with city center apartments costing around 2,000 euros per square meter, significantly cheaper than in major Western European capitals. This comparative affordability makes Belgrade an attractive option for foreign buyers.
Belgrade's historic and cultural sites are also attracting more tourists, contributing to the increased demand for properties in these areas. The city's unique blend of old-world charm and modern living, coupled with its vibrant culture and history, makes it an appealing destination. Additionally, media coverage often highlights Belgrade's cultural attractions, further enhancing its appeal to Western European buyers.
Sources: Places Journal, ICOMOS, Belgrade Property Market Report
11) Luxury apartment demand will rise in Savamala as it revives culturally and is close to the riverfront
The Savamala district is becoming a hotspot for luxury apartments, and there are several reasons for this trend. First, property prices in Savamala have seen a significant rise, with the average price per square meter increasing from €2,000 in 2018 to €3,500 by 2024. This indicates a growing demand for real estate in the area.
The cultural revival in Savamala has played a crucial role in its transformation. Local artists and entrepreneurs have revitalized the district by turning old warehouses into vibrant bars, music venues, and art centers. This cultural buzz has made Savamala an attractive place for people who want to live near creative and artistic hotspots.
Additionally, the development of new infrastructure along the riverfront, such as the Belgrade Waterfront project, has brought modern amenities and upscale dining options to the area. The Sava Promenada offers bike rentals, public transport, and entertainment options, making it a desirable location for affluent residents.
Sources: Business Serbia, Commoning City, Evendo
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12) Demand for homes with office spaces will grow as remote work becomes more common
The rise of remote work has significantly influenced housing preferences, especially in cities like Belgrade. In 2023 and 2024, there was a noticeable increase in remote job postings, with over 10,000 listings in Belgrade alone. This surge in remote work opportunities naturally led to a higher demand for homes that could accommodate dedicated office spaces.
Surveys from 2023 showed that a large majority of employees in Serbia preferred working remotely at least part of the time. This preference has played a crucial role in shaping the real estate market, as more people sought homes that could support their work-from-home needs. By 2024, nearly 60% of the workforce was engaged in remote work, further driving the demand for homes with adaptable layouts and dedicated office spaces.
Additionally, the home office furniture market in Serbia saw growth, projected to increase by 3.10% from 2024 to 2029. This growth reflects the need for ergonomic and functional furniture, which is essential for creating productive home office environments. The architectural trends also shifted, with more new homes being built with dedicated office spaces, catering to the evolving needs of remote workers.
Sources: The Muse, Remote People, Statista, The McLemore Group
13) Demand for smaller, accessible homes in Belgrade will grow as the population ages
Belgrade is home to one of the highest proportions of older adults globally, with over 17% of its residents aged 65 and above.
As the population ages, the demand for smaller, more accessible homes is rising. Many older adults prefer these types of homes because they offer more control over their environment, including security and maintenance, which is easier to handle in smaller spaces.
Currently, there's a shortage of affordable housing options that meet these needs. The real estate market is struggling to keep up with the demand for private houses, highlighting a gap between what's available and what's needed.
In Belgrade, the trend is clear: smaller, private houses are in high demand as they offer the comfort and accessibility that older adults are looking for.
Real estate reports indicate that affordable apartments are scarce, pushing many to seek private houses instead. This shift is creating a noticeable gap in the market.
As the aging population continues to grow, the need for more suitable housing options will only increase, making it a critical area for potential investment.
Sources: Statistical Office of the Republic of Serbia, Real Estate Magazine
14) Suburban property prices will rise gradually as families look for more space and greenery
Families are increasingly drawn to suburban areas for more space and greenery.
With remote work becoming the norm, people are rethinking their living spaces. Families now prefer larger homes where they can both live and work comfortably, making suburban areas more attractive. These areas often offer the extra space that families crave.
There's also a growing interest in outdoor activities and green spaces. Take Belgrade, for instance, where suburban areas are popular due to their proximity to parks and recreational spots. Families are looking for a better quality of life, which includes easy access to green spaces.
The population in suburban areas is on the rise. Between 2002 and 2011, the outer zones of Belgrade experienced a significant increase in both inhabitants and urbanized areas. This growth shows that more people are moving to these areas, which in turn drives up property demand.
Real estate market analyses reveal that property prices in suburban areas are climbing. In Palilula, for example, prices have surged by 28%, reflecting the growing demand for suburban living. This trend is bolstered by government infrastructure projects that enhance connectivity, making suburban areas even more appealing.
As families seek more space and greenery, suburban areas are set to see a gradual increase in property prices. This shift is particularly notable as people prioritize a lifestyle that includes both comfort and access to nature.
Sources: Global Property Guide, PubMed, Aparthotel.com
We created this infographic to give you a simple idea of how much it costs to buy property in different parts of Serbia. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.
15) Rental yields in central Belgrade will rise as more tourists and business travelers seek short-term rentals
Belgrade is buzzing with tourists, welcoming 4.2 million visitors in 2023.
This influx is making short-term rentals a hot commodity, especially with platforms like Airbnb gaining traction. Tourists and business travelers love the flexibility these rentals offer, even if we don't have exact Airbnb numbers.
In central Belgrade, rental prices are climbing as more people look for short stays. This means property owners are seeing better returns on their investments.
Belgrade's charm is getting a lot of media love, which only adds to its allure. More media coverage means more visitors, and that keeps the demand for short-term rentals high.
The government is also jumping on the bandwagon, pushing initiatives to boost tourism. This support helps the short-term rental market thrive, making it a great time to invest.
With all these factors in play, rental yields in central Belgrade are set to rise as the city continues to attract tourists and business travelers.
Sources: Global Property Guide, CEIC Data, Serbia Business
16) Belgrade’s property prices will grow moderately as the market stabilizes after the pandemic
Belgrade's residential property market is on a path to moderate growth as the city stabilizes post-pandemic.
One major factor is the rising demand for homes. As Serbia's economy is set to grow from 2.5% in 2023 to 4% by 2025, more jobs and better paychecks are expected, naturally boosting the housing market. This economic upswing creates a favorable environment for real estate.
Foreign investment is also a game-changer. In 2023, Serbia attracted $4.5 billion in foreign direct investment, a trend that continued into 2024. These investments often lead to new development projects and improved infrastructure, making the real estate scene more appealing to both local and foreign investors.
The Serbian government is also playing its part by boosting housing and infrastructure. By focusing on making the private sector more competitive and building sustainable infrastructure, the government is creating a supportive environment for property development.
Projects like the Belgrade Waterfront and the Belgrade Skyline are enhancing the city's infrastructure and attractiveness. These developments not only improve the quality of life but also increase the value of surrounding properties.
Demographic trends show population growth in urban areas of Belgrade. This growth, driven by internal migration and urbanization, further supports the demand for residential properties, ensuring a steady market for real estate.
Sources: Wikipedia, Migrants & Refugees, Nomad Capitalist
17) Property prices in Belgrade's city center will rise significantly due to limited space and high demand
Belgrade's city center is poised for a significant increase in property prices, primarily due to the limited availability of undeveloped land. This scarcity means that there are fewer opportunities for new construction projects, which naturally drives up the demand for existing properties.
In recent years, we've seen a surge in development activity, with 2023 marking a record year for new office space deliveries. This indicates a high demand for properties in the city center, which is a key factor in driving up prices. Additionally, the real estate market is fueled by young professionals and expatriates who prefer urban living, further increasing demand.
Moreover, Belgrade's growing reputation as a cultural and economic hub, along with infrastructure developments like the Belgrade Waterfront project, has made the city center more attractive to both investors and residents. This combination of limited space, high demand, and ongoing development projects creates a perfect storm for rising property prices.
Sources: CBS International, Nomad Capitalist
While this article provides thoughtful analysis and insights based on credible and carefully selected sources, it is not, and should never be considered, financial advice. We put significant effort into researching, aggregating, and analyzing data to present you with an informed perspective. However, every analysis reflects subjective choices, such as the selection of sources and methodologies, and no single piece can encompass the full complexity of the market. Always conduct your own research, seek professional advice, and make decisions based on your own judgment. Any financial risks or losses remain your responsibility. Finally, please note that we are not affiliated to any of the sources provided. Our analysis remains then 100% impartial.