Serbian real estate was long a niche market, reserved for the diaspora and a few insiders. That time is over. Driven by solid economic growth, a trajectory towards the European Union, still affordable prices, and attractive rental yields, Serbia is now attracting more and more foreign investors, particularly French-speaking ones. But behind the opportunities lie legal, tax, and political specificities that must be mastered before investing a single euro.
This article offers a comprehensive guide to investing in Serbian real estate. It explains the reasons for and methods of such an investment, focusing on the capital Belgrade, but also on other major cities and tourist resorts in the country.
A Pivotal Country at the Gates of the EU
Serbia occupies a strategic position at the heart of the Balkans, a true junction point between Western Europe, Eastern Europe, and Turkey. This geography largely explains the country’s current dynamism. The economy is growing at a rate of around 3.5 to 4% per year according to IMF and EBRD forecasts, with cumulative growth of about 12% between 2020 and 2023. GDP per capita is around $9,400 but is rising rapidly.
Over the last four years, Serbia has been the world number one for the number of jobs created by foreign direct investment per million inhabitants.
Serbia has built a dense network of free trade agreements: quasi-free trade with the EU, agreements with Turkey, the Eurasian Economic Union (including Russia), several non-EU Balkan countries, plus preferential agreements with the United States and Japan. It is also integrated into China’s Belt and Road Initiative. For an investor, this means an environment geared towards international trade, ongoing industrialization, and a constant flow of infrastructure projects that push land prices up.
Belgrade and other cities are strengthening their role as IT and service hubs. The country has a skilled workforce, a booming tech scene, and a solid industrial base, thus evolving from a ‘low cost’ market to a higher-level economic ecosystem.
Why Serbian Real Estate is Attracting More Capital
Real estate occupies a disproportionate place in the assets of Serbian households: approximately 90% of residents are homeowners, one of the highest rates in Europe. This culture of property ownership, coupled with low trust in banks and very underdeveloped capital markets, makes real estate the reference asset for local savings.
For a foreign investor, several factors make Serbia particularly interesting.
Prices Still Competitive on an International Scale
Compared to Western Europe or the United States, price levels remain attractive. For comparison, the average gap with major American cities gives an idea of the potential for appreciation.
| Location | Avg. Price City Center (€/m²) | Outside Center (€/m²) | Avg. Price 120 m² Apt. |
|---|---|---|---|
| Serbia (average) | 2,660 | 1,700 | €218,000 |
| Belgrade | 3,710 | 2,200 | €295,000 |
| Novi Sad | 2,820 | 1,925 | €236,000 |
| Niš | 1,930 | 1,335 | €163,000 |
| United States (average) | 7,855 | 5,330 | €659,000 |
Even within Serbia, the gaps are considerable between Belgrade and secondary cities. Belgrade remained around €2,180–€2,440/m² for new builds at different times in 2024, compared to €1,700–€2,000/m² for Novi Sad and €1,320–€1,700/m² for Niš.
A Growing Market, but in a Stabilization Phase
After a real acceleration between 2021 and 2022 (20 to 30% increase in residential prices in some areas), the curve has flattened but remains upwardly oriented. In 2024, apartment prices rose by about 4.7% on average nationally, 5.1% for new builds. In March 2025, the annual increase still exceeded 5%.
Projections from firms like Cushman & Wakefield and local analyses forecast moderate annual growth of 3 to 7% until 2030, without a major correction. This trend is supported by strong fundamentals: economic growth, massive investments in infrastructure (highways, railway modernization, EXPO 2027 in Belgrade), Foreign Direct Investment (FDI) flows, urbanization, tourism development, and the prospect of EU accession.
Competitive Rental Yields
Serbia offers higher yields than many EU capitals, especially for a market already well-integrated into the European economy.
| City / Area | Avg. Gross Apartment Yield | Key Observations |
|---|---|---|
| Serbia (average 2025) | 5.57% | National residential gross yield Q3 2025 |
| Belgrade (overall) | 6.35% | Median profitability all apartment types |
| New Belgrade | 6.40% to 6.79% | Among the highest yields in the country |
| Vračar | 5.36% to 6.32% | Strong rental demand, sought-after central district |
| Urban Centers | 3% to 4% (long term) | For very premium districts |
| Tourist Rentals | >7% often | Ski resorts, tourist areas, short-term |
In practice, the difference between gross and net yield is significant: analyses often show a gap of 1.5 to 2 percentage points once all costs are accounted for (fees, management, maintenance, taxation). A concrete example in Vračar (Belgrade) illustrates this phenomenon well: a renovated historic 115 m² apartment offers a 4.7% gross yield, but only 2.8% net after expenses, fees, and taxes.
A Relatively Favorable Tax Framework
From a tax perspective, Serbia is in an attractive middle ground for investors, especially when compared to France or other highly taxed countries.
Overview of the main tax rates and methods applicable to individuals and companies.
Tax rate set at 15% on profits.
Basic personal income tax rate at 15%.
15% tax rate, with full exemption after 10 years of property ownership.
Up to 0.4% of the cadastral value, often less for older buildings.
Flat-rate taxation at 20% with an automatic 25% deduction for expenses, resulting in an effective rate of about 15% on the presumed net income.
Compared to other European jurisdictions, the combination of low property taxes, a moderate flat tax on rental income, and capital gains exemption after 10 years is a serious argument for long-term horizon investors.
How to Buy as a Foreigner: Rules and Realities
One of the key elements to understand before investing in Serbian real estate is the principle of reciprocity. The country does not have an “open bar” policy for all foreigners but widely opens the door to most citizens of developed countries.
Reciprocity: Who Can Buy What?
In Serbia, a foreigner can buy real estate for residential or commercial use (apartment, house with its land, commercial space, office, warehouse) if and only if Serbian citizens also have the right to buy comparable properties in their country of origin. This is called reciprocity in fact or in law.
In practice, nationals from almost all EU countries, the United States, the United Kingdom, Canada, Australia, Switzerland, Israel, Russia, the United Arab Emirates, and many other states face no obstacles to buying real estate in Serbia. It is recommended to consult the official lists of countries with reciprocity, maintained and updated by the Serbian Ministry of Foreign Affairs and the Cadastre, for formal confirmation before any transaction.
However, some nationalities from Asia, Africa, or the Middle East may be limited or excluded from direct purchase, hence the importance of checking the situation beforehand, ideally through a local lawyer.
Restrictions to Be Aware Of
Even in case of reciprocity, a few prohibitions remain.
– A foreign individual generally cannot directly purchase agricultural land, forests, or vacant land.
– The law prohibits the acquisition of properties near military zones or strategic sites.
– The purchase of agricultural plots is highly regulated, even for Europeans, with strict conditions.
The classic workaround to these limits is to establish a Serbian company (DOO, equivalent to an LLC), even if it is 100% owned by a foreigner. This company, considered a local entity, can then legally acquire agricultural or industrial land, in compliance with sectoral laws.
Property Rights and Cadastre: A Registration-Based System
Serbia operates with a so-called “constitutive” cadastral system: it is not the signing of the contract that makes you the owner, but the registration of your right in the land registry (Real Estate Cadaster). Until the transaction is registered, the transfer of ownership does not have full legal effect.
The cadastre is accessible online and its content is legally binding. A bona fide buyer who relied on the cadastre information is protected in case of error. It is therefore the basic tool for any due diligence.
Purchase Process: From Scouting to the Notarial Act
The standard timeline for a real estate purchase in Serbia for a foreigner is between 30 and 60 days. The typical chronology involves several key steps.
Search, Negotiation, Preliminary Agreement
Most investors start with the major local real estate portals (Nekretnine, 4zida, Sasomange, etc.), possibly assisted by a real estate agency. Serious agents are registered with the Chamber of Commerce; it is highly recommended to check their license.
A preliminary sales agreement (pre-contract) can be signed to reserve a property, with a deposit of 10 to 20% of the price. This step is not mandatory but very common, especially in high-demand areas where properties sell within days (historic center of Belgrade, certain districts of Vračar or Dorćol).
Due Diligence: An Essential Phase in Serbia
Given the country’s turbulent property history (nationalizations, privatizations, illegal constructions in the 1990s, post-communist restitutions), prior legal verification must never be rushed.
A specialized lawyer will notably: advise clients on legal matters, represent clients in court, negotiate contracts, study laws and regulations, and develop appropriate legal strategies.
Before any purchase, it is crucial to: check the chain of ownership in the cadastre (previous titles, areas, co-ownership); search for possible mortgages, easements, foreclosures, or disputes; confirm the existence of building permits and occupancy permits or their regularization; check for the absence of restitution claims by former dispossessed owners; and ensure there are no unpaid property taxes, co-ownership fees, or outstanding bills.
The major pitfalls often lie in buildings constructed without permits or poorly registered during the 1990s. Legalization laws have allowed the regularization of part of the stock, but maximum vigilance is still required today.
Signing at the Notary and Registration
The sales contract must be drafted in Serbian, signed before a notary in the jurisdiction where the property is located, with the presence (physical or via power of attorney) of the buyer and seller. A sworn interpreter is required if you do not speak Serbian.
They verify the identity, legal capacity of the parties, and the formal compliance of the contract, including the famous clausula intabulandi, i.e., the seller’s express authorization allowing the registration of the new owner in the cadastre.
The Notary
Payment is made via the Serbian banking system, as cash transactions are capped (maximum €10,000 in cash to the seller). Once the notarial act is signed, the registration application is filed with the cadastre, which issues an excerpt within a few days to a few weeks officially confirming your status as owner.
Transaction Costs: To Include in Yield Calculations
Acquisition costs in Serbia are reasonable but not negligible. For a buyer, expect about 7.6 to 10% of the property price, including:
| Cost Item | Indicative Range |
|---|---|
| Transfer Tax (secondary market) | 2.5% of purchase price |
| VAT on new builds (residential) | 10% (included in the advertised price) |
| Agency Commission | approx. 2% (often borne by the buyer, sometimes shared) |
| Lawyer’s Fees | 1 to 3% of price (1.5% common) |
| Notary Fees | 0.1 to 0.5% of price (€300–€500 usual for €130,000) |
| Cadastre Registration Fees | approx. €50 |
| Translations, Apostilles, Misc. | a few hundred euros |
This cost structure implies that a purely speculative, very short-term investment (quick flip) is harder to make profitable, except with a steep purchase discount or exceptional price appreciation.
Financing: A Market Dominated by Cash
One of the specificities of the Serbian market is the overwhelming share of cash transactions. In 2024, about 70% of apartment purchases were made without credit, and only 10 to 22% of real estate acquisitions were financed by bank loans depending on the segment and period.
Mortgages for Residents and Non-Residents
For Serbian residents, the bank offering is relatively standard: loans for 20 to 30 years, mostly euro-indexed (EURIBOR + margin), with variable rates between 4.5 and 7% in 2025. Subsidized schemes exist for first-time buyers under 35, with rates around 3.5% for up to €100,000.
For foreign non-residents, obtaining a mortgage loan in Serbia is complex. Only a few banks (API Bank, Raiffeisen Bank Serbia, UniCredit, Erste Bank) agree to finance under strict conditions: requirement of a 30 to 50% down payment, application of higher interest rates (between 6.5% and 8%), and submission of a substantial application file (income, professional situation, guarantees).
In practice, many foreign investors pay cash, sometimes relying on a mortgage in their home country or arrangements like bridge loans, or even private financing solutions.
Residency and Citizenship: Real Estate as a Migration Lever
One of the major attractions for some investors is the possibility of using a real estate purchase as a basis to obtain a residence permit, and eventually citizenship.
Residency by Real Estate Investment
Serbia does not have a “golden passport” per se, but it offers a relatively flexible residency-by-investment program. There is no official minimum threshold: any real estate purchase, regardless of amount, can serve as a basis for a temporary residence application, provided the investor proves:
– their ownership (cadastre title);
– health insurance coverage (about €75 per year);
– sufficient resources (a level often mentioned around €50,000 in savings or income);
– a clean criminal record.
The residence permit application process can be completed in about 30 days.
After five years of temporary residence (with a minimum annual presence, typically 183 days per year), it is possible to apply for permanent residence. After several additional years (sources mention a total of around 10 years overall, sometimes a scheme of 3 years of residence + 3 years of permanent residence in other texts), the applicant can consider naturalization, subject to mastering the Serbian language and knowledge of the country’s history and culture. Dual citizenship is generally accepted.
Belgrade, the Beating Heart of the Serbian Real Estate Market
Belgrade alone concentrates the bulk of investor attention. The political, economic, and cultural capital, it accounts for over a third of the transaction value and about 36–37% of apartment sales nationally.
An Expensive Market by Local Standards, but Promising
Prices in Belgrade are high relative to local purchasing power but remain affordable for a Western European. New constructions in 2024 had a median price of around €2,440/m², while the secondary market was slightly below (about €2,381/m²). By mid-2025, the overall average was already climbing towards €2,990/m², with a 9.4% annual increase.
In the most sought-after districts, levels are significantly higher.
| Belgrade District | Approximate Avg. Price (€/m²) |
|---|---|
| Savski Venac | 4,369 |
| Stari Grad (old town) | 4,260 |
| Vračar | 4,103 |
| Palilula (rising sharply) | ~2,600 (i.e., +32.7% in one year) |
| New Belgrade (new builds) | 2,600–2,900 |
The massive influx of Russians (estimated at 200,000 people since the start of the war in Ukraine, a large majority in Belgrade) caused rents to explode in 2022–2023, sometimes by over 20% per year. Even if this pressure has eased somewhat, it left a new, durably higher price level.
Gross rental yields are around 4–6% for long-term leases, with peaks of 8–10% gross for short-term rentals (Airbnb, seasonal) in tourist areas. The city already welcomed over 1.3 million international tourists before the pandemic and now exceeds 1.5 million, with over 5,000 active listings on Airbnb and a median occupancy rate of about 64%.
Mapping the Main Districts
Belgrade is a patchwork of very different micro-markets. Some useful reference points for an investor.
Stari Grad and Dorćol: The Historic Heart
Stari Grad is the historic, very touristy center, with some of the city’s most famous streets. Prices there are among the highest, comparable to the best districts of Budapest. The main drawback: overtourism, nearly impossible parking, and limited new-build offerings.
The central Dorćol district divides into two parts with different characteristics and prices. Upper Dorćol, close to the old town, is historic, lively with bars and restaurants, but prices are very high due to strong demand and limited supply. Lower Dorćol, closer to the Danube, offers mainly buildings from the Yugoslav era, renovated or some new projects with parking and modern amenities, at relatively more affordable prices.
For an investor, the main interest lies in short-term rentals or rentals to expatriates, but one must accept a more moderate yield, typically 3–4% gross in some ultra-central streets.
Vračar: Rental Yield and Neighborhood Life
Vračar is one of the most sought-after districts. It features a mix of buildings from all eras, from small old buildings to modern new residences, including Yugoslav-era constructions. The monumental St. Sava Cathedral is located here.
Rental demand here is considerable, driven by young professionals, families, tourists, and expatriates. Cited studies indicate gross yields between 5.36% and 6.32% depending on apartment type. It is also a district where land value has risen sharply in recent years, sometimes to the point that some now consider it somewhat overvalued relative to the actual architectural quality.
The real net profitability of a rental investment in a renovated historic apartment, after negotiation and inclusion of all costs.
New Belgrade (Novi Beograd): Modernity and Offices
Novi Beograd is a huge modern district, originally built on former marshes, characterized by wide avenues, large apartment blocks, and intense tertiary development. It houses a large part of the city’s Grade A offices, with a very low vacancy rate (about 3%), mainly occupied by IT companies, shared services, and multinationals.
On the residential segment, recent projects like Wellport or The One target a clientele seeking modern comfort, parking, green spaces, and good transport links. Prices vary greatly from one “block” to another.
| New Belgrade Area | Avg. Price (€/m²) |
|---|---|
| Block 21 | 3,200 |
| Block 22 | 3,400 |
| Block 70 | 2,800 |
| Block 45 | 2,500 |
| Ušće | 3,000 |
For the investor, the challenge is to select the micro-location well. New Belgrade still has a lot of available land: new projects can cannibalize demand for slightly older buildings, creating accelerated obsolescence in some complexes. On the other hand, rental yields there are among the highest in the capital (around 6.4–6.8% gross) for well-located, recent housing.
Palilula, Karaburma, Mirijevo: Winners of the Metro Effect
One of Belgrade’s structuring projects is the creation of the metro, which will serve the Belgrade Waterfront area, Karaburma, and Mirijevo. The “heavy transport” effect is a powerful driver of capital appreciation.
The price per square meter increased by over 30% in one year in some sectors of Palilula, reaching about €2,600.
Local studies estimate that properties along the future metro line (from Makiš to Mirijevo) could benefit from an 8 to 11% revaluation as construction progresses.
Savski Venac and Belgrade Waterfront: The High-End Segment
Savski Venac encompasses several prestigious sub-districts: Dedinje and its diplomatic villas, Savamala, Zeleni venac, the Kneza Miloša area, not to mention the giant Belgrade Waterfront project on the banks of the Sava River.
Belgrade Waterfront, a joint venture between the Serbian state (1/3) and the Emirati developer Eagle Hills (2/3), illustrates the ambition to transform the capital: luxury residential towers, offices, hotels (St. Regis, W Hotel), the largest shopping mall in the Balkans, parks, and a promenade. Prices there are significantly higher than the city average:
– “Standard” apartments in the complex: starting from ~€5,000/m², with some units more around €3,000–€4,000/m² for the less sought-after sizes;
– ultra-luxury hotel towers (St. Regis): about €9,000/m².
Gross yields are lower here (3–4%) because one pays a high premium for the brand and location, but investors are betting on long-term valuation, especially with the approach of EXPO 2027 to be held in Belgrade and the “showcase neighborhood” effect.
Beyond Belgrade: Novi Sad, Niš, Kragujevac, and Tourist Resorts
Even though Belgrade concentrates a major share of activity, other cities offer different investment profiles, sometimes more balanced in terms of yield and entry price.
Novi Sad: Second City and Cultural Capital
Novi Sad, the country’s second city and capital of the Vojvodina province, stands out for its quality of life, cultural scene (notably the EXIT festival), and its university hub (over 50,000 students). It is also a regional IT hub.
Average prices are around €2,483/m², with about €2,820/m² in the center and €1,925/m² in the periphery. Annual growth is around 4.7%, and average gross rental yields hover around 4.8%, slightly lower than Belgrade, but with very stable rental demand thanks to students and young professionals.
Niš: Industrial and Technological Hub of the South
Niš, the country’s third city, benefits from an international airport, a technology park, and a solid industrial base. Prices are much more accessible: about €1,661/m² on average, with the center around €1,930/m² for new builds and €1,335/m² for older ones.
Dynamic real estate price growth rate in Niš, driven by industrialization, employment, and rental demand.
Kragujevac, Subotica and Other Regional Cities
Kragujevac, the country’s fourth city, is a major automotive hub (presence of Stellantis, ex-Fiat) and sees industrial projects multiplying. Prices there remain modest (about €1,478/m²) with annual growth over 5%. Rental demand is driven by workers and students.
The average price per square meter in Subotica, up over 4%, offering a good entry point into the real estate market.
Other cities like Čačak, Sremska Mitrovica, Pančevo, or Užice benefit from major industrial or tourist projects and are beginning to attract more opportunistic investors, willing to bet on regional growth rather than the perceived safety of Belgrade.
Kopaonik, Zlatibor and the Leisure Residence Wave
Mountain resorts like Kopaonik (skiing) and Zlatibor (green tourism, health) are experiencing a real real estate boom. Prices can reach or exceed €2,000/m² (Kopaonik showed an average price around €2,190/m²), driven by demand for second homes, seasonal rentals, and hotel projects.
The growth in transactions in Kopaonik reached +12% in a recent year, and occupancy rates in season often allow for gross yields of 7% or more. The main drawback: a highly seasonal market more exposed to tourism fluctuations.
Structural Trends: Sustainability, Smart Homes, and Co-living
As elsewhere in Europe, the preferences of Serbian buyers are evolving.
Demand for modern, energy-efficient, and “smart” housing is exploding, particularly for 45 to 67 m² apartments (1-2 bedrooms) that combine an ideal rental target and contained acquisition cost. Developers are betting on environmental certifications (LEED, BREEAM), low-carbon materials (like those supplied by Xella Serbia), and home automation to justify a 10 to 15% price premium.
About 70% of active buyers now seek smart home features, stimulated by rising energy prices and renovation policies.
At the same time, there is a rise in co-living and flexible spaces, stimulated by the growing presence of freelancers (over 100,000 people), digital nomads, and start-ups. In Belgrade, the number of co-living spaces is expected to triple by 2025, while emblematic projects like Mokrin House illustrate the potential of rural teleworking.
Risks and Pitfalls: What You Must Anticipate
Investing in Serbian real estate is not without risks. Several categories deserve particular attention.
Legal and Administrative Risks
The communist and post-communist past has left complex traces: nationalizations, controversial privatizations, construction without permits, poorly registered titles, remnants of usage rights on public land. High-profile cases like the Savamala scandal highlighted tensions between investors, authorities, and the population over major urban projects.
Concretely, the most frequent risks are:
– absence or irregularity of building and occupancy permits;
– properties not or poorly registered in the cadastre;
– undetected mortgages or easements;
– inheritance disputes, especially for old buildings;
– risks of restitution to former owners or their heirs;
– illegal constructions subject to demolition.
To address the risks, it is essential to conduct thorough due diligence. It is recommended to entrust this task to an experienced local lawyer, even if it requires allocating a significant budget to it.
Political and Geopolitical Risks
Serbia is at the intersection of several blocs: the European Union, Russia, China, and the United States. It benefits from this position by multiplying free trade agreements and infrastructure investments, but also suffers its tensions. The energy dependency on Russian gas and oil was challenged under EU pressure, forcing Belgrade to find more expensive supplies (Azerbaijan, Iraq) and build new oil and gas pipelines to neighboring countries.
The Serbian real estate market has shown notable resilience, including during the political turbulence in late 2024–early 2025. However, an investor must factor into their analysis the risks related to Western sanctions against Serbian companies, punitive US tariffs on certain products, and the Kosovo dossier, which can create macroeconomic volatility.
Market Risks: Affordability and Possible Local Overvaluation
In central Belgrade areas (Stari Grad, Vračar, Dorćol), prices have sometimes “run ahead” of local fundamentals: they are very high relative to Serbian incomes, and some districts show relatively modest net yields. This does not necessarily mean an imminent bubble, but rather a plausible scenario of stagnation or slight correction in some micro-markets, especially if interest rates remain high for a prolonged period.
Affordability is also becoming a problem for local households, with a growing gap between housing prices and average wages (around €838 net per month in 2024). Authorities are monitoring the issue, but, at this stage, no drastic cooling policy has been implemented.
Investment Strategies: Which Position to Choose?
Facing this contrasting landscape, the strategy to adopt will depend on the profile and objectives of each investor.
An investor focused on yield and cash flow could prioritize:
– 1-2 bedroom apartments in developing districts of Belgrade (Karaburma, Mirijevo, Palilula) or in Novi Sad and Niš;
– small apartments in areas well-served by transport and close to universities (strong student demand);
– recent, energy-efficient properties, easy to rent long-term.
An investor seeking asset appreciation and geopolitical diversification could, on the other hand, target:
Discover the main property categories for investing in the Serbian capital, ranging from prestigious new builds to strategic renovation projects.
High-end apartments located in Belgrade’s best districts: Stari Grad, Vračar, Upper Dorćol, and Savski Venac.
Investment in units within projects like Belgrade Waterfront, anticipating capital appreciation linked to EXPO 2027 and the rapprochement with the European Union.
Acquisition of buildings or complexes for renovation in prime locations. A value-add strategy through property improvement, requiring more demanding construction site oversight.
Finally, a more speculative profile could bet on:
– land or properties near future metro stations;
– regional cities benefiting from major investments (Kragujevac for automotive, Pančevo for energy, etc.);
– tourist residences in mountain resorts, with high seasonality but high price potential.
In all cases, the obsession must remain micro-location: proximity to transport, schools, universities, medical centers, shops, green spaces, but also immediate quality of the environment (noise, parking, view, orientation, etc.).
Conclusion: An Emerging Market, Not a Wild West
Investing in Serbian real estate is no longer betting on a “post-conflict” country at a steep discount, but entering an emerging market already well-valued in some areas, driven by a growing economy, a European trajectory, and intense urbanization. Prices have already risen a lot, but levels remain attractive on an international scale, especially considering rental yields and taxation.
For a French-speaking investor, Serbia offers geographic diversification outside Western Europe and a yield/price arbitrage compared to saturated markets. It can also serve as a stepping stone to additional residency or citizenship in the medium term. It is essential to approach this market with rigor, not as an easy opportunity, but as a demanding legal environment where every transaction must be carefully prepared and supervised.
The key is to surround yourself with the right people: a lawyer experienced in transactions with foreigners, a meticulous notary, a licensed real estate agent, and, if necessary, a tax expert. With these safeguards, Serbian real estate can become a solid building block in an international asset strategy, at the crossroads of Europe, Asia, and the Middle East.
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