Russians Invest Over EUR 180 Million in Purchase of Apartments in Serbia

In 2023, Russian nationals invested over EUR 180 million in real estate in Serbia, which is equal to the real estate market of Nis, as Ivana Strbac, the head of the valuation and registration of real estate value department at the Republic Geodetic Authority (RGA), said for Bloomberg Adria.

She said that a certain number of Russian nationals who had moved to Serbia had invested in the purchase of apartments instead of renting them, and that the share of foreigners among real estate purchasers had gone up from 3% in 2022 to 5% in 2023.

According to the RGA report, in the apartment market in 2023, Belgrade had the dominant share in the total value, 61% of the value of all the transactions, and EUR 2.1 billion was set aside for the purchase of apartments in the capital of Serbia.

– The price index shows that, at the level of Serbia, they increased 5.7 in the fourth quarter of 2023 compared to the same quarter in 2022 – Strbac added.

According to her, in early 2023, a double-digit growth of apartment prices was recorded in Serbia, but is now again at a single-digit value, which might indicate a market stabilization trend.

– Two forces have an impact on the apartment market and the real estate market, and they are affected by several factors. For example, a drop in the supply could in fact be influenced by more expensive credits, that is, high interest rates, for which we have seen that both the Fed and the European Central Bank are announcing a drop relatively soon – Strbac said for Bloomberg Adria TV.

When it comes to new apartments, they make up 45% of the total transactions.

However, Strbac also points out that there has been a drop in the sales in more expensive parts of the city, such as Vracar, Stari Grad and New Belgrade.

– There has been a drop in transactions when it comes to new apartments there, and in the neighboring municipalities like Obrenovac and Mladenovac, there has been an increase in the sale of new apartments – she said.

She also reminded that, in the preceding five weeks, there had been an increase in the number of sales and purchase agreements in Serbia compared to the previous year.

– Things are also uncertain in the sense that the economic and geopolitical conditions are dictating one thing, and the market itself is showing other trends as well. So, compared to the past period, which has constantly recorded a drop in sales, there is now this recovery – said Strbac.

Republički geodetski zavod Beograd

Republic Geodetic Authority

Ivana Štrbac

sale of apartments

purchase of apartments

Russians in Serbia