The main change in the commercial real estate market "a change in the investor structure.The share of foreign capital, which previously reached 70%, has decreased to 40%, losing out to local players. Experts attribute this to the fact that foreigners are focused on large projects (starting from 10,000 square meters) with high profitability, while local investors are actively developing a segment of up to 5,000 square meters, especially in the field of office space. Compared to Bucharest and Budapest, Belgrade still has 2-3 times fewer business spaces, which indicates a significant potential for growth.
The total volume of investments in commercial real estate last year amounted to about 340 million euros, almost the same as a year earlier, which experts assess as a sign of stability. At the same time, the net inflow of foreign direct investment to Serbia in the first eight months of 2025 decreased by 54% year-on-year, especially in construction (-70%) and real estate transactions (-85%). Inflows from China and European countries outside the EU fell the most, while investments from the European Union remained at the same level.Other segments are actively developing in parallel.15 new hotels are being built in Belgrade (plus 1.5 thousand rooms by 2027), and the hotel market is expected to grow by 20% by EXPO 2027. There is also a shortage of logistics centers. About 70,000 square meters are commissioned annually, but demand is estimated at hundreds of thousands of square meters.
In 2025, a record number of applications for building permits were submitted in Serbia - 162,746, which is 6% more than in 2024. However, the speed of their issuance has decreased slightly.Source: NIN
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