Russian immigration surge drives up Serbian rental prices

A new wave of Russian immigrants arriving in Serbia is significantly impacting the real estate markets in Belgrade and Novi Sad. According to real estate agents, the surge in demand has caused rental prices to increase by approximately 30 percent over the last two months.

In Belgrade, some landlords report extreme competition for available units. One property owner noted that a single advertisement shared in a Russian Viber group received hundreds of inquiries within minutes, with some prospective tenants offering significantly higher monthly rents or paying several months in advance to secure housing immediately.

Real estate professionals, including representatives from Attico Group and CityExpert, confirm that the supply of available apartments is struggling to keep pace with the influx. While the current wave of arrivals is noted to be more cautious than the initial surge seen in 2022, the increased demand continues to drive up costs for urban housing.