Published on and written by Cyril Jarnias
Finding a good partner to buy, sell, or rent property in Serbia is no small matter. The market is dynamic, prices change quickly, regulations are less strict than in many Western European countries, and a portion of the rental market remains informal. In this context, choosing the right agency becomes almost as important as choosing the right apartment.
This article identifies the best local agencies, particularly in Belgrade and Novi Sad, based on their expertise, specialization, or innovation. It also covers the regulatory framework, typical fees, and methods for working effectively with an agent, offering a detailed analysis rather than just a simple directory.
A Booming Serbian Market Attracting Agencies
The context helps to understand why the supply of agencies is exploding. In 2024, the total value of registered real estate transactions in Serbia reached €7.4 billion, a 15% increase from 2023. The number of signed contracts rose to over 126,000 for the year, following a historic peak in 2022 when more than 140,000 contracts were concluded for €7.5 billion.
Share of the real estate market value coming from apartments and houses in 2024, approximately €4.1 billion.
This sustained activity has logically given rise to a multitude of intermediaries. In just a few years, 107 new agencies were created in a single reference year, bringing the total to 1,526 active companies and entrepreneurs in real estate sales. This represents a 38% increase compared to 2019. Over the past five years, about 770 agencies have emerged, though not all have survived.
Many of them are micro-enterprises employing one or two people, often highly specialized (sales, rentals, luxury, expatriates, etc.). In this proliferation, some firms stand out for the quality of their services, their size, or a genuine capacity for innovation.
Legal Framework: What a Good Agency in Serbia Must (at Minimum) Do
For about a decade, brokerage activity has been regulated by the “Law on Real Estate Brokerage for Sale and Lease”. To be listed in the Public Broker Registry maintained by the competent ministry, an agency must meet several conditions: at least one person who has passed the professional exam, liability insurance, a suitable office, and no convictions for certain offenses, particularly related to money laundering.
A registered real estate agency is legally required to establish a written brokerage contract with its client. This contract must specify its registration number, the scope of the assignment, the commission amount, the agreement’s duration, and the obligations of each party. Furthermore, the agency has a duty to verify property titles, inform the client of potential risks (such as mortgages, disputes, or pre-emption rights), guarantee data confidentiality, and maintain an archived record of all its operations.
The law explicitly prohibits brokerage without registration in the registry: offenders face significant fines, or even a temporary ban from practicing. On paper, this framework protects individuals. In practice, the market remains less rigid than in countries like France or the United Kingdom, and there are still agents who are poorly trained or not trained at all.
This is precisely what gives added value to organized and visible agencies, which rely on licensed teams, robust internal procedures, and insurance with minimum coverage of €50,000 – a policy which, according to a Real Estate Cluster expert, has not had to be activated in ten years, a sign that no major scandal has led to compensation.
Belgrade: The Heart of the Market and Showcase for the Best Agencies
Belgrade alone accounts for nearly 37% of the apartments sold in Serbia in the first nine months of 2024, but more than half of the total transaction value (around 55%). Prices there are the highest in the country: around €2,180/m² for new initial sales in Q3 2024, and €2,130/m² for resales, with a higher median price per square meter than in other major cities.
It is also home to the country’s most structured agencies, particularly for corporate real estate and high-end residential property.
CBS International / Cushman & Wakefield: The Commercial Heavyweight
Among the big names, CBS International holds a unique position. The exclusive affiliate of Cushman & Wakefield for Serbia, Croatia, and Montenegro, the company has been, for twelve consecutive years (including 2021), the leading commercial real estate services firm in Serbia by revenue.
Its Belgrade office relies on more than 130 professionals, including 48 licensed agents and 9 valuation experts (some of whom are RICS certified). The agency claims more than 750,000 m² of offices leased or sold, more than 3,000 clients served, 37 exclusive projects managed, and over 200,000 m² managed via its facilities management division.
CBS International’s strength is covering almost the entire spectrum of professional real estate, with dedicated departments for offices, retail, industrial and land, as well as residential sales and rentals, valuation, market research, capital markets, project management, and real estate marketing.
For an institutional investor or a company seeking offices in New Belgrade, where the modern stock now exceeds 1.2 million m² and prime office rents hover around €15–17.5/m² per month, this agency is an almost essential partner.
Prime Real Estate: The Belgrade-Based Service-Oriented Expert
Prime Real Estate, the residential and commercial division of Prime International Company, is another strong player in Belgrade. The parent company presents itself as a leading consulting firm for commercial and industrial real estate, offering research, valuation and advisory services, tax optimization, and project management.
Prime Real Estate applies Total Quality Management (TQM) principles to its operations. This translates into the use of standardized procedures, rigorous customer satisfaction tracking, and total transparency on processes. The company highlights its high-quality standards, the clarity of its workflow, and the precise commitments made to its clients.
Testimonials from foreign clients highlight several distinctive points: ability to organize numerous viewings in a short time, management of the language barrier (agents speaking excellent English, document translation), responsiveness before and after lease signing, and assistance with settling in. For example, a client from Dubai mentions systematic responses within 24 hours and invaluable help finding a house matching their budget and preferred area.
For an expatriate arriving in the Serbian capital without local knowledge, this type of structured agency, accustomed to international standards, significantly reduces the risk of unpleasant surprises.
Mentor Real Estate Agency: Seniority and Local Network
Founded in 2000, Mentor Real Estate Agency is one of the pioneers of the modern Belgrade market. It offers properties for rent and sale in the most sought-after areas: New Belgrade, Vračar, downtown, Dedinje, Senjak, and the vicinity of the Saint Sava Temple.
The agency’s typical listings reflect the portfolio’s high-end level: 90 m² apartments in New Belgrade rented for around €1,400 per month, upscale housing in Vračar or right downtown between €1,200 and €1,700 monthly, luxury villas with pools in Dedinje offered for sale or rent for several thousand euros, and even houses valued around €850,000.
The longevity of Mentor in a highly competitive market, where many small entities appear and disappear within a few years, is a significant indicator. It suggests an ability to retain both local and international clientele, as well as a good grasp of the most liquid areas of Belgrade, where properties resell more easily despite a generally less fluid market on the periphery.
R.E.A.L. Consulting Nekretnine: The Partner for Diplomats and Companies
Born from an idea formulated in Belgrade in 2009 and realized in 2010, R.E.A.L. Consulting Nekretnine quickly positioned itself for a demanding international clientele. The agency cooperates with numerous companies, diplomatic missions, and foreign associations, and is an active member of the French-Serbian Chamber of Commerce.
Its agents hold official licenses issued by the Serbian government, and the company offers, through partners, legal services as well as support from a “personal banker.” Their services cover the rental, sale, and purchase of all types of assets: apartments, houses, commercial spaces.
This offering is particularly suited to foreign companies opening an office in Belgrade and to embassies seeking residences for their diplomats. It targets sought-after neighborhoods like Vračar, the historic center, Dedinje, or Senjak.
Best Real Estate and The Best Real Estate Agency: Two Strong Brands in Residential
In Belgrade, the name “Best” appears in two related but distinct entities.
Best Real Estate is a licensed agency founded in 2009, advocating a highly personalized approach: precise listening to needs, long-term trust-based relationships, and regular follow-up. It works with renowned companies, embassies, and diplomatic missions, implying a solid mastery of security, location, and property quality requirements.
The Best Real Estate Agency, also founded in 2009 by Ljiljana and Srdjan Teodosijević, is formally registered under number 058 in the broker registry. It manages a very broad spectrum: apartments, houses, residential and commercial buildings, office spaces, shops, warehouses, and land. The agency also provides advisory, transaction monitoring, valuation, and market research services, relying on interdisciplinary teams (lawyers, financial experts, architects, designers, managers).
This firm has obtained an AAA creditworthiness certificate and claims to be among the top 2% most reliable companies in Serbia. It also boasts an impressive portfolio of institutional clients: embassies (USA, Iran, Iraq, Israel, India, Australia), international organizations (International Committee of the Red Cross, UNOPS, Goethe-Institut, European Commission, United Nations), major banks (Société Générale, Raiffeisen, Erste, NLB…) and industrial or service groups (Holcim Serbia, Nestlé Serbia, Mercedes, Tetrapak, etc.).
For an individual, such a client base does not automatically guarantee the best service, but it demonstrates a level of seriousness and compliance that is reassuring, especially on complex legal issues or large portfolio management.
VOS MEDIATOR: The Luxury Specialist
VOS MEDIATOR occupies a very clear niche: mediation in high-end real estate in Belgrade and the Serbian market, for rental, purchase, sale, and investment. For over ten years, the company has targeted demanding client profiles: business owners, embassies, large companies, international banks, international organizations.
Discover the evolution and full range of services offered by our real estate agency, from luxury rentals to investment.
Our original activity and core business, specialized in high-end rentals.
Purchase and sale of apartments, houses, villas, offices, and investment land.
Expertise and personalized support for your acquisition and placement projects.
Complete rental management and maintenance service for investor-owners.
Assistance and advocacy for your interests throughout your search and tenancy.
VOS MEDIATOR stands out through several elements: team of degreed agents, provision of a translator, team of specialized lawyers for administrative and legal procedures, regularly updated online database, free luxury print magazine in English distributed to partners and clients, and a strong presence on major real estate portals.
Its client list is impressive: embassies of the Netherlands, United Kingdom, Canada, Spain, Hungary, Slovenia, Germany, France, Switzerland, Croatia, Argentina, Korea; banks like the World Bank, IFC, EBRD; organizations such as UNHCR, UNDP, USAID; and companies like DM, Legrand, Casino Austria, MPC Properties, or the oil company NIS (controlled by Gazpromneft).
For a wealthy investor or a company seeking a villa in Dedinje, a premium office building in New Belgrade, or land for a retail park, this agency is a choice interlocutor.
City Expert: The First 100% Online Agency
City Expert shook up the Serbian real estate landscape by positioning itself as the country’s first fully online agency. Initially present in Belgrade, it quickly expanded to Novi Sad and Niš.
Its model is based on several technological innovations: exhaustive property presentations with professional photos, video, 360° virtual tours, interactive floor plans, advanced filtering system, and direct booking of viewings on the website. The agency also removed the systematic presence of an agent during physical viewings, allowing direct contact between owner and visitor, and integrated “contactless” viewings via video call.
City Expert claims that more than half of viewings are now booked via its online interface, that it charges no commissions to buyers or tenants, and that it applies fees to owners that are on average 25% lower than those of traditional agencies. It also claims a 15% gain in the number of finalized transactions thanks to this digital model.
The Covid-19 pandemic reinforced the relevance of this positioning: at a time when social distancing was recommended by Belgrade health authorities, offering remote viewings and limiting physical intermediaries constituted a clear competitive advantage.
Novi Sad: A Rapidly Accelerating Market and Local Agencies
As the country’s second city, Novi Sad is experiencing price and transaction growth even faster than Belgrade in some segments. In Q3 2024, new apartments sold for an average of around €1,960/m², up more than 17% year-on-year, while resale properties were around €2,000/m² (+8.7%).
Apartment sales jumped 30% in volume and over 50% in value, driven by the combined effect of local economic dynamism (especially in tech), demand from students and young professionals, and growing interest from investors seeking solid returns.
In this context, several local agencies stand out.
Real House doo: The Family Serving the Novi Sad Market
Real House doo is a family-owned company founded and co-managed by Sanja and Vladimir Rafajlović. Licensed for brokerage, it specializes in transactions in Novi Sad and its surroundings. Its strength lies in an integrated offering: it handles purchase, sale, rental, and property management, while also providing legal support.
For an investor looking to buy a 100 m² apartment in a sought-after area of Novi Sad — for example, properties listed around €245,000 or duplexes with terraces at similar price points — being able to rely on a local firm that knows the neighborhoods, actual transaction prices, and the peculiarities of the land registry is a significant plus.
Advice for a real estate investor in Novi Sad
The fact that it is a family business is often seen as a guarantee of proximity and personalized follow-up, in a market where many agencies have only one or two employees and rely heavily on word-of-mouth.
City Expert in Novi Sad: Continuity of the Digital Model
In Novi Sad, City Expert opened an office as early as 2017 and quickly established itself as one of the major players within a few years. Its pitch highlights some of the lowest commissions in the city, an automated appointment booking system, and a technological arsenal similar to Belgrade’s: professional photography, interactive floor plans, precise neighborhood mapping, criteria-based filtering, in-house legal checks.
The agency describes the typical profile of its buyers in Novi Sad as young couples, families, and professionals attracted both by new builds on the periphery and older buildings in the city center. In a university market where rental demand remains strong, City Expert’s ability to quickly handle viewings and paperwork is an argument for landlords seeking a high occupancy rate.
Atlant Realty and Other Specialized Players
Among other notable agencies in Novi Sad, Atlant Realty offers professional support in transactions, based on good knowledge of the regional market. Firms like Solis Consult doo, based in the city, add to this fabric of local intermediaries.
In a city where activity is booming, the challenge for these agencies is to differentiate themselves through the quality of their advice, particularly on appreciation prospects by neighborhood, at a time when some tech or residential areas are showing double-digit annual price increases.
Agencies Specializing in Expatriates, Relocation, and Premium Services
In addition to generalist agencies and large networks, the Serbian market includes several players specifically targeting foreigners or high-end profiles.
Serbia Relocation: Beyond Real Estate
Serbia Relocation positions itself first and foremost as a full-service relocation company, which includes a real estate component but also assistance with settling in: administrative procedures, children’s schooling, practical integration. The company assists clients in their searches in Belgrade and Novi Sad, identifying properties suited to their profile, then supporting them in negotiation and legal verification.
Some local agents may prioritize a quick transaction over your interests. It is therefore crucial to select a trustworthy intermediary, ask many questions, and always have any lease or purchase contract reviewed by an independent lawyer before signing.
Q Wealth and Other Advisory Firms for Foreigners
Firms like Q Wealth specialize in assisting foreigners wishing to buy property and obtain a residence permit in Serbia. They often simultaneously handle banking matters (account opening), tax, and residency issues. They are not real estate agencies in the strict sense, but rely on networks of local agents and lawyers to secure acquisitions.
In this country, the acquisition of certain land by non-residents is subject to a reciprocity condition. Furthermore, the language and historical complexity of property titles can create uncertainties. For international buyers, relying on a specialized local structure is a valuable asset, provided its references and local partners are carefully checked.
VOS MEDIATOR (Luxury), Domovina and JD Properties (Management and Advisory)
For asset investors, the aforementioned VOS MEDIATOR goes beyond simple transactions to offer property management and tenant representation, for example for companies like NIS or banks, supported by a team of judicial experts working with local financial institutions.
Other companies, like Domovina or JD Properties and Consulting, are strongly oriented towards management and advisory: full administration of rental housing (rent collection, repair management, tenant relations), property valuation, market studies, legal assistance billed hourly. They display clear fee schedules for management, rental, or appraisal, making it easier for owners to compare.
Commissions, Fees, and Cost Structure: What Serbian Agencies Charge
Agency commissions in Serbia are generally negotiated case by case, but several benchmarks emerge. In Belgrade, it is common for the buyer to pay 2% of the purchase price to their agent, and for the seller to pay the same to theirs. For new apartments purchased from a developer via an intermediary, it is often the case that the buyer pays no commission, as it is paid directly by the developer to the broker.
Standard commission for rentals, equivalent to half of the first monthly rent for rents between €150 and €950.
The schedules below give an order of magnitude for the fees charged by professional service providers (agencies and lawyers) for a real estate transaction, to which taxes and duties must be added:
| Cost Item | Indicative Range / Common Practice |
|---|---|
| Agency commission – purchase | 2% to 4% of price, often 2% for buyer and 2% for seller |
| Agency commission – rental | 50% to 100% of one month’s rent depending on rent amount |
| Minimum brokerage commission | €750 (equivalent in dinars) for a purchase/sale transaction |
| Lawyer fees (sale) | 1% to 3% of price, capped by a national schedule |
| Notary fees | 0.1% to 0.5% of sale price |
| Registry fees (cadastre) | Approx. €30–50 |
Beyond commissions, the buyer must account for tax and administrative costs. For an older property, the property transfer tax is 2.5% of the price (usually paid by the seller). For a new build, it is replaced by VAT (10% for residential, 20% for commercial). Notary and cadastre fees remain moderate, and lawyer fees are capped by a degressive schedule.
This is the percentage of the purchase price typically represented by fees and taxes to acquire a property in Serbia.
How to Choose the “Best” Agency for Your Project in Serbia
Given the number of players, the real question is not just knowing the names of the big agencies, but knowing how to identify the one that will be best suited to your profile and project.
Several key criteria emerge, both from legal texts and from the experiences of expatriates or investors:
To select a reliable real estate agency, first check its official registration in the broker registry. Then examine its specialization (commercial, luxury, residential, diplomatic rentals, digital). Analyze the quality of its legal support, particularly its ability to identify title or zoning issues and to collaborate with good lawyers. Evaluate the transparency on commissions and the absence of hidden fees. Measure its responsiveness, communication, and mastery of foreign languages. Finally, consider its references and client portfolio, such as the presence of companies or embassies, which indicate a certain level of reliability.
Performance indicators used in the industry (average time to sell, client satisfaction, retention rate, etc.) are not yet systematically published in Serbia. But experience shows that structured agencies with a solid track record tend to endure where many micro-entities disappear quickly.
The Growing Role of Digital and Online Platforms
The rise of “proptech” solutions is also changing the landscape. City Expert was the first to remove the agent’s presence during viewings and to generalize virtual tours and online appointments. Other players, like Livion, combine AI-assisted property search, automated valuation considering dozens of parameters, high-definition photography and video, 4K virtual tours, and multi-platform marketing.
This is the number of monthly visits driven by the main real estate listing portals in Serbia.
A good reflex for an individual is to cross-reference information: spot a property on a generalist portal, check if it is managed by a known agency (Prime Real Estate, Mentor, Best Real Estate, R.E.A.L. Consulting, Real House doo, City Expert, etc.), then contact the relevant agency directly to get a complete file and organize a viewing.
A Demanding Market, But Rich in Opportunities with the Right Partner
The Serbian real estate market, particularly that of Belgrade and Novi Sad, remains in a growth phase, even after the slowdown observed in 2023. Prices continue to rise moderately, rental yields remain attractive (around 5% expected by 2025, with higher levels in some segments), and residential demand continues to be stimulated by economic growth, rising wages, and internal and international migration movements.
To navigate a complex real estate market, it is essential to rely on a local agency. These entities, whether large-scale (CBS International), luxury specialists (VOS MEDIATOR), digital (City Expert), or family-owned and rooted (Real House doo in Novi Sad), possess the necessary expertise to clarify and facilitate your investment.
The diversity and increasing sophistication of these agencies are undoubtedly one of the best indicators of the Serbian market’s progressive maturity. For the attentive buyer or tenant, they mainly represent an opportunity: to secure their real estate project, to better understand the reality of prices and risks, and to fully benefit from the potential of a country where property ownership remains at the heart of life trajectories and household wealth strategies.
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Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.
On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.
Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.
