Serbia can be a great place to live for people from different countries. It is an actively developing European country with many advantages. Therefore, check out our offer to purchase an 89 square meters 4-room duplex apartment in Belgrade in the Savamala neighborhood.
The proposed housing price isс 220000 EUR.
Would you like to get assistance in buying an apartment in Belgrade? Contact our experts via the email indicated at the end of the article, and they will get in touch with you immediately. We also help to open personal and corporate accounts in Serbian banks and register a company in Serbia.
Duplex apartment in Belgrade description
The investment object is a 4-room duplex apartment in Belgrade. It is located in a residential building built in 2000.
The apartment’s total area is 89 square meters. It occupies the fifth and sixth floors of a six-story residential building. The ceiling height is 2.5 meters.
The apartment layout includes three bedrooms, a large living room, two bathrooms, and two toilets.
The apartment in Belgrade received a renovation in 2021. The owners have complete upgraded flooring, waterproofing, a water supply system, sewerage, windows, kitchen appliances, electrical wiring, and plumbing.
Free parking is available next to the residential building for car owners.
The annual property tax for an apartment in Belgrade is EUR 340. Monthly heating costs are EUR 110.
The apartment for sale in Belgrade is in the Savamala urban neighborhood on Admirala Geprata Street. The residential building has an elevator and a surveillance camera system.
Nearby, there are many cafes and restaurants, shops, the Ministry of Finance of Serbia, and the Finansijski Park.
Exploring the Savamala urban neighborhood
A little of Savamala history
Savamala is a neighborhood of Belgrade, located in the Branko Bridge shadow on the Sava River’s right bank. Savamala got its name after this river. The name’s second part comes from the Turkish word mahala, which means neighborhood.
The first inhabitants settled here at the beginning of the 18th century. It was during the Austrian occupation of northern Serbia when the Austrians evicted the Christian population from the Belgrade fortress.
The main street of the Savamala neighborhood is Karađorđeva. It got the name after Karađorđe Petrovic, the First Serbian Uprising leader.
Modern Savamala is still different from other parts of Belgrade. Nowadays, Savamala has become a popular place where foreigners are willing to buy apartments in Belgrade. Nevertheless, it has become widely known as an art colony and a hipster place.
Here you will find a unique fusion of urban and underground places in one area, like the Ben Akiba comedy club & bar, for example. The opening and development of this club have greatly influenced the neighborhood’s cultural life. It combines nightlife, stand-up comedy, concerts, DJ sessions, and exhibitions.
Jazz Bašta is a place that has survived the mainstream transformation. It features an unusual interior design, a friendly atmosphere, and many creative solutions. A pleasant crowd of Belgrade residents hangs out here, enjoying their free time.
Corba Caffe is a unique cafe under the Branko Bridge in the heart of Belgrade’s old city. Serbian rock music legend Bora Djordjevic opened it at the end of 2008. Corba Caffe will provide good party time.
KC Grad and Galerija Stab are still favorite places for Belgrade residents. Galerija Stab organizes exhibitions of famous local artists several times a month. Kc Grad is the brightest cafe in Belgrade, gathering the most exciting and creative audience.
The trendiest places in Savamala are the Gvozdjara, Tranzit, and Ludost bars. In the Gvozdjara drinks menu, you will find the best unpasteurized draft Czech beer and about 40 bottled beers from Germany, Japan, Belgium, the Netherlands, Ireland, and the USA.
Tranzit is a bar-restaurant and a meeting place for people of different orientations and interests. Modern interior design, combined with the inevitable vintage style, gives us a unique ambient experience. Tranzit is famous for its garden on hot summer days. Local celebrities and beautiful girls frequently visit this place.
Ludost is a cool funky bar that plays either techno or 80s music. This place is not very big, but it can be a suitable starting point for a long night.
Each of these establishments is unique and unrepeatable. During the week, they have live performances, DJ sets, and interesting events.
Savamala is also known as a place for trendy restaurants, but one establishment stands out from the crowd. Gnezdo Organic Restaurant is one of the city’s best and most popular restaurants. This is not just a place where you can eat. The difference lies in the cooking and serving food and drinks from organic products. Gnezdo is a concept that combines a healthy way of thinking and a modern lifestyle. Gnezdo guests will be able to have a delicious meal and take part in the cooking of food aimed at improving health and promoting organic farming.
Why invest in real estate in Serbia?
Serbia is a unique geopolitical space between East and West. Since being within Yugoslavia, Serbia has maintained a complex balance between western and eastern powers.
Of course, the continuation of such a policy leads to constant pressure. However, with several geopolitically minded politicians and many years of experience in this matter, it begins to pay long-term dividends.
According to the IBM Global Location Trends report, Serbia has maintained its leadership in the world as the country creating the highest number of FDI workplaces per million inhabitants.
Serbia has signed free trade agreements with Turkey, the Eurasian Economic Union, and other non-EU Balkan states. It has near-free trade with the European Union and preferential agreements with the US and Japan. In addition, it is a member of the Chinese Belt and Road Initiative, which promotes infrastructure development in Serbia.
Finally, Serbia has one of the few passports granting visa-free access to the EU, Russia, Japan, and China, which is impressive.
Let’s compare prices for apartments in Belgrade to other regional capitals.
In 2021, the average price of a new apartment in different capitals was:
- EUR 1741 per square meter in Belgrade (1.4 million population)
- EUR 1440 per square meter in Bucharest, Romania (1.8 million population)
- EUR 1144 per square meter in Sofia, Bulgaria (1.4 million population)
- EUR 2,207 per square meter in Budapest, Hungary (1.8 million population)
As we can see, prices in Belgrade are even higher than in the capitals of the EU countries. This means high demand for apartments in this city. In 2022, prices have increased significantly in all cities, especially Sofia.
Most of the new Belgrade apartments are located in the New Belgrade municipality, where the pricing policy is not entirely applicable to the main historical center of the city. In the center of Belgrade, prices for apartments in beautiful historic buildings are comparable to the best districts of Budapest.
Are historical buildings in Belgrade worth more than in Budapest? It may be that now the real estate market in Serbia is a little ahead of itself. The prices for apartments in Serbia are the highest in Europe in relation to the average income. This means that much of the future growth is already included in current prices. At the same time, the high demand for apartments in Belgrade confirms the further increase in housing prices here and still makes such an investment profitable.
Mortgages in Serbia are cheap (about 3-4% per annum for the local market). Loans for apartments are also available to non-residents. The average mortgage rate for non-residents for a period of more than 20 years is EURIBOR + 6.50%. Locals can currently get the same for EURIBOR + 3%. Therefore, non-residents cannot obtain an attractive return on investment on such financing terms. This only makes sense if you plan to live in the apartment you are purchasing in Belgrade.
But the real estate market in Belgrade is not a bubble.
Finding an apartment in the historic part of the city is a challenge, unlike in Budapest, where there are thousands of properties for sale. In Belgrade, you can sell historical real estate (apartments) at market price in a few days. The key is to work with a good real estate agent. Therefore, we advise you to use our expert services for real estate and apartments in Belgrade.
The real estate prices in Belgrade continue to grow because this property is of interest to many categories of buyers:
- Foreigners who want to move to a city with good infrastructure and a high standard of living.
- Diaspora Serbs with booming assets in the US, Canada, Germany, Serbia, and Switzerland love to buy first-class apartments at home.
- Local IT specialists making serious money online.
- Local residents who have few other opportunities to invest their savings.
Therefore, buying an apartment in Belgrade will be a good investment.
Property taxes in Serbia
- The annual property tax is 0.4% of the property value. As a rule, the property tax percentage is much higher in new buildings than in older ones.
- 10% VAT when buying an apartment in a new building. You can gradually refund VAT if you rent out an apartment purchased with a local Serbian LLC. Our experts can tell you more about this possibility.
- A buyer pays a property transfer tax when purchasing real estate on the secondary market in Serbia. It is 2,5% of the sale contract price.
- You also need to pay minor notary fees (usually a few hundred euros).
- Rental income tax has a 20% flat rate. You can deduct a fixed 25% as expenses from your gross rental income. Thus, the net tax on rental income is 15%.
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Who will be interested in buying an apartment in Belgrade?
Buying an apartment in Belgrade can be attractive both for investors looking for rental income and for other categories of buyers:
- Those who wish to move to Serbia for permanent residence and obtain a residence permit by real estate ownership. In this case, you buy an apartment to live in for most of the year.
- Diaspora Serbs who want to have an apartment in their homeland. Many of them want to leave some money in Serbia before a potential retirement. In addition, they may have family and friends who can help manage the property.
- People who live in Serbia and do not spend much time within the country. This can become a problem when extending a residence permit. In such cases, demonstrating that a person has several properties in Serbia can help show closer ties with the country.
- High-net-worth individuals looking to gain access to Serbia. In buying a first-class apartment in Belgrade, they see a highly diversified way to invest in real assets in the Balkan country with attractive long-term prospects.
We also want to say a few cautions before buying property in Serbia.
Be sure to use the services of a good lawyer. Many properties have both visible and hidden liens and mortgages. In addition, many apartments are not legalized, which means that you can invest in real estate without having the proper building and using permits. Finally, some properties did not go through the appropriate legal processes in the inheritance process.
It is essential to use a good real estate lawyer to invest in apartments in Belgrade. Contact our experts for help.
With our assistance, you can apply for a Serbia residence permit by real estate purchasing.
We also invite you to familiarize yourself with our following services in Serbia:
OUR PROFESSIONAL SERVICES IN SERBIA
For advice on buying an apartment in Belgrade, please contact us at firstname.lastname@example.org.
What is attractive about the proposed apartment in Belgrade?
The investment object is a 4-room duplex apartment in Belgrade. It is located in a residential building built in 2000. The apartment’s total area is 89 square meters. It occupies the fifth and sixth floors of a six-story residential building. The ceiling height is 2.5 meters. The apartment layout includes three bedrooms, a large living room, two bathrooms, and two toilets. The apartment in Belgrade received a renovation in 2021. The owners have completely upgraded flooring, waterproofing, a water supply system, sewerage, windows, kitchen appliances, electrical wiring, and plumbing. Free parking is available next to the residential building for car owners.
What is the price and location of the apartment for sale in Belgrade?
The apartment for sale in Belgrade is in the Savamala urban neighborhood on Admirala Geprata Street. The residential building has an elevator and a surveillance camera system. Nearby, there are many cafes and restaurants, shops, the Ministry of Finance of Serbia, and the Finansijski Park. Savamala is a neighborhood of Belgrade, located in the Branko Bridge shadow on the Sava River’s right bank. Savamala got its name after this river. The proposed housing price is 220000 EUR. The annual property tax for an apartment in Belgrade is EUR 340. Monthly heating costs are EUR 110.