A new wave of Russians has begun arriving in Serbia, with the initial effects already being felt on the real estate markets in Belgrade and Novi Sad.
Real estate agents working with Russian clients are reporting a sharp increase in enquiries, queues are once again forming for certain apartments, and rents in Belgrade have risen by between 20% and 30% since late July, according to one agent’s estimate.
The independent Russian news portal Meduza has looked into what awaits people currently leaving Russia on the real estate markets of countries that have remained among their main destinations since 2022 – Serbia, Georgia and Armenia.
The catalyst stems from rumors circulating in Russia over the summer regarding the possibility of a new wave of mobilization following the State Duma elections. Russian President Vladimir Putin dismissed such claims, stating that there is currently no need for a new mobilization.
Nevertheless, according to Meduza’s interviews with real estate agents, a section of Russians clearly does not wish to wait for the outcome. Demand for apartments began to rise as early as late July, with Serbia once again among the top destinations.
Multiple interested parties are waiting for a single apartment in Novi Sad
Andrey, a Russian citizen working as a real estate agent in Novi Sad since 2022, told Meduza that since late July he has been receiving several requests a day to view apartments for long-term rent. Previously, he claims, entire weeks would go by without a single new enquiry.
Prices in Novi Sad have not exploded just yet. Rents range between €400 and €700, which is actually lower than during the massive 2022 wave, when identical apartments were let for €800 to €1,000.
However, something else has changed: finding an apartment has become much harder.
According to his testimony, a whole queue of interested Russians is now turning up for the same property, regardless of its condition. Some are prepared to offer more than the landlord’s original asking price just to secure an apartment. Back in the spring, prospective tenants could view several apartments, compare the options and think things over. Some listings remained active for a whole month. Now, apartments are being let practically instantly.
The agent claims that the number of people looking for an apartment currently far exceeds available supply. It happens that one group is walking out of an apartment while another is already stepping inside for a viewing, with new interested parties waiting outside the building.
Because of this, some agents are already considering raising their commissions, according to him.
The situation in Belgrade is even more dramatic – Russians are “fighting for apartments”
A similar picture was described to Meduza by Pyotr, a real estate agent from Belgrade. He says that larger numbers of Russians have been arriving in Serbia since the second half of August and that he has not seen this kind of market situation since 2022.
At certain viewings, he claims, five or six people are already waiting outside for a prospective tenant. This completely alters the behavior of buyers, or rather tenants. When people entering an apartment for the first time see a queue behind them, some immediately leave a deposit so the property doesn’t slip through their fingers.
An additional problem is the timing.The new wave of arrivals has coincided with September and the traditional period when students from Serbia come to Belgrade looking for apartments. Consequently, local students and new foreign tenants are now competing simultaneously for the same limited pool of properties.
According to this agent’s estimate, rents in Belgrade have risen by about 20% to 30% since late July, while city-centre apartments are now being let for roughly €600 to €1,000 per month.
This is an estimate by a market agent rather than official statistical data for the whole of Belgrade.
The new wave is different from the one in 2022
Interestingly, agents also note a major difference between the people arriving now and the Russians who massively chose Serbia and other countries during 2022.
Back then, the new residents included numerous remote workers, particularly from the IT sector, who often had pre-arranged jobs, a set budget and a relatively clear plan of where they would live. Now, some people are leaving much faster and with less certainty. Single Russians as well as entire families are arriving in Serbia, mostly people under 45 years of age. Agents are even receiving enquiries from people who have not yet left Russia, checking in advance how much an apartment will cost them if they decide to move.
The Novi Sad agent believes that the further development of the market will depend precisely on events in Russia.
If nothing dramatic happens, he estimates that a portion of the new arrivals could return as early as the end of this year or the beginning of next. If the new wave continues, domestic tenants could feel the consequences for much longer.
Unlike the first wave in 2022, when the dramatic rise in rents attracted the most attention, the initial problem now is visible even before the price – to get a good apartment in Belgrade or Novi Sad, one once again has to be quicker than several other interested parties.
(Dnevnik, 27.09.2026)