Real Estate in Serbia: How to Rent or Buy Property

The main benefit of owning real estate in Serbia is the possibility of obtaining a residence permit. The permit is granted for one year with the option for renewal, and after five years, one can apply for citizenship.

In this article, we will examine the real estate market in the country and how foreigners can purchase or rent housing in Belgrade or any other city in Serbia for a long term.

Previously, we wrote about the real estate markets in France and Montenegro.

The Cluster Real Estate Association held a “Real Estate Mediation and Rental Forum 2024” in Belgrade. At the event, Minister of Internal and Foreign Trade Tomislav Momirović stated that the real estate market in Serbia records an annual increase in turnover despite the challenges it faces.

The main drivers are large cities — Belgrade, Niš, Novi Sad, and Kragujevac.

There has been a significant increase in prices per square meter for both residential and commercial properties. According to the minister, the demand is a result of both domestic and foreign investments. The housing price index recorded a growth of 4.68% in the second quarter compared to the same period in 2023.

Prices for apartments in older buildings increased by 4.21%, while prices in new developments (when purchased from investors) rose by 5.15%. The demand for apartments is increasing, with contracts signed being 7.5% higher than in 2023.

According to the minister, this increase indicates the stability of the real estate market and serves as a positive signal for the economy and future investors.

It is estimated that there will be significant growth in new construction projects — infrastructure, commercial, and residential — as well as improvements in road and tourist conditions, leading to even greater demand for real estate.

Prices are steadily increasing due to heightened demand not only from foreigners but also from the Serbian diaspora. However, the availability of affordable housing has not decreased, and the chances of finding your dream home or apartment remain high.

Top 5 most expensive regions for purchasing real estate per square meter

Top 5 most affordable cities for purchasing real estate per square meter

According to the property listing aggregator Properstar.

According to the Republic Institute of Statistics, the average price per square meter for new developments in the Republic of Serbia in the first half of 2024 was 215,481 Serbian dinars (approximately 1,841 euros), reflecting an increase of 0.8% compared to the first half of 2023. During the observed period, apartment prices ranged from 61,013 dinars per square meter in Bujanovac (521 euros) to 520,616 dinars (4,448 euros) in the Belgrade municipality of Savski Venac.

The highest price for real estate in new developments in Serbia was recorded in Belgrade at 307,297 dinars per square meter. Novi Sad, Užice, Čajetina, Vrnjačka Banja, and the Niš municipalities of Medijana and Crveni Krst also stood out for their high prices.

To find a suitable apartment or house, one can turn to a real estate agency. This is a fairly effective and low-effort way to acquire housing.

Relocants report that there are no issues finding information directly from property owners in Serbia. Owners are willing to post listings for the sale and rental of real estate on specialized websites, which means an average person can find housing without a realtor.

Popular websites for searching real estate in Serbia:

All of these websites operate in Serbian, so you may want to use an online translator to navigate them or familiarize yourself with a list of useful terms for your search, such as:

In most apartment buildings, the first floor is considered ground zero, pay attention to this fact when searching.

Ads may be duplicated on different sites. Those who already live in Serbia recommend Nekretnine for the convenience and stability of the site.

In addition to websites, you can use local Facebook groups (the social network is banned in Russia) for searching rental housing in Belgrade:

Alternative methods, such as word-of-mouth referrals, Airbnb, and Couchsurfing, can also help you find accommodation in Belgrade or another city in Serbia for a long-term stay. However, the chances of success are much higher if you simply search on a website.

A foreign citizen, as an individual, has the right to acquire real estate in Serbia on the condition that there is reciprocity established between the countries — that is, Serbian citizens are allowed to purchase property in the foreigner’s country of origin.

If the purchase is intended by a legal entity, the rules are more complex — it must have a registered business activity and a business account in Serbia.

Purchasing real estate in the country without visiting it is challenging due to the list of documents required for foreigners to make a purchase. The package includes a beli karton (similar to temporary registration), which can only be obtained on-site. After that, you will need to open an account in a Serbian bank.

What is important to do before entering the country?

1. Prepare a set of documents: national and international passports, birth and marriage certificates, educational documents, and certificates confirming the source of funds. The international passport must be valid throughout your entire visit to the country.

2. Choose a suitable Serbian bank from which the payment for the property will be made. You will have little time to compare conditions once you are there.

3. Compile a list of properties to visit, either on your own or with the help of a real estate agent. It is better to plan visits in advance — by setting a specific date, you can efficiently view the properties you are interested in.

1. As soon as possible, obtain a local SIM card. If time allows, do this right at the airport. Even if you don’t need a phone for communication within the country, a Serbian number is required for opening a bank account.

2. The owner of the property where you will be staying during your trip must report this to the police. Keep the Beli karton that is issued at this time; you will need it to open a bank account and it is advisable to carry it with you at all times. It is not mandatory to visit the competent authority in person; you can register online through the portal.

3. Contact the agency or property owners of the selected real estate and confirm the viewing dates.

4. Go to the bank and open a personal account. Foreigners without a residence permit can do this if they request a non-resident account. However, you will not be able to use it for up to five days — that is how long the security service check takes.

A foreigner can reserve a property they like for a specific period (up to a month) by paying a deposit in the amount agreed upon with the seller. Typically, the funds are held not by the owner, but by a real estate agency or lawyer. The average amount for a reservation deposit ranges from €1,000 to €5,000. If the buyer does not wish to reserve the property, they can choose not to do so.

Before signing the contract, another inspection of the property is conducted to ensure that the buyer receives it in the desired condition. Following this, the contract is signed at the notary’s office. It is common practice to invite a court translator (around €50) to this meeting, along with two witnesses who speak Serbian and can confirm to the buyer the accuracy of the contract. The witnesses can be friends of the property purchaser or individuals who offer their services for a fee.

After the signing, the buyer makes the payment at the bank in the presence of the seller and the real estate agent handling the transaction. The transaction receipt is signed at the notary’s office. The specialist then notifies the cadastral and tax authorities about the change of ownership. With this, the purchase procedure is complete.

After the contract has been signed and payments made, the new owner still has several important tasks regarding the property.

Mortgage loan is available to Serbian citizens or foreigners who have obtained a residence permit or work permit. The maximum term is 40 years.

This option is more suitable for those who are already firmly settled in the country.

The most important thing in this matter is to be quick. Despite the extensive housing stock in major cities, apartments at affordable prices are in high demand. An apartment you spotted in the morning may already be rented by the evening.

The best time to search is June, July, and August. Students who study in Serbia return home for their summer break, leaving their housing vacant. Some adults also leave the country for seasonal work. Consequently, finding an apartment in the fall, especially in Belgrade, is much more challenging.

As mentioned earlier, listings are posted by property owners (vlasnik) or agencies (agensija). The difference between landlords is that when dealing directly with the property owner, you won’t have to pay a commission on top of the rent for the first month. In most cases, this commission equals the cost of one month’s rent. There are exceptions — the website cityexpert.com covers the agency’s commission.

Be prepared to leave a deposit equal to one month’s rent, regardless of who posted the listing. The advantage of using listing websites is that they send email notifications with suitable options.

If you decide to use an agency, check the company on the official website of the Ministry of Internal and Foreign Trade by entering the company name or the registration serial number.

Renting property in Serbia can be quite expensive, not only due to the potential requirement to pay three months' rent upfront. When planning your budget for an apartment, consider the following factors:

There are two types of agreements:

1. Notarized agreement

2. Non-notarized agreement (i.e., only signed by the parties involved).

In the latter case, the agreement essentially becomes a mutual understanding between the two parties and has no legal force. Challenging such a contract in court would be difficult.

On the other hand, a notarized agreement has its downsides — the property owner pays a percentage to the government, which may lead to an increase in rent. In practice, it is rare for agreements to be notarized in court in the country, but it can be beneficial for a foreigner.

If you have agreed to rent accommodation only upon your arrival in Serbia, make sure to inform the landlord that you will need a beli karton.

Otherwise, the process of renting in Serbia is no different from what you are used to: you respond to an advertisement, view the apartment, and sign the agreement. A bank account, as in the case of purchasing an apartment, is not necessary since transactions below €10,000 do not need to be conducted through a financial institution.

Stay vigilant and read the agreement carefully. Do not make any payments until you are entirely sure that the lease agreement does not contain suspicious terms. Do not expect the owner to be eager to notarize the contract in the presence of a court translator, so you will likely have to handle the language barrier yourself. If you are not fluent in Serbian, consider involving friends or hiring a qualified professional.

The cost of renting or purchasing property can suddenly increase and exceed your budget. You can send or receive the necessary missing amount using the Korona app.

The app offers fast money transfers to over 50 countries and is available on both the App Store and Google Play.

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