Below are current (as of the beginning of 2025) examples of prices and recommendations for choosing a country to buy real estate in. Please note that prices may vary depending on the area, quality of housing and type of construction.
Serbia
– Belgrade: from 1,800 to 2,500 euros/m² in the mass segment and from 3,000 euros/m² in premium areas (Vračar, Old Town, Waterfront).
– Novi Sad: from 1,500 to 2,000 euros/m².
Why you should pay attention:
1 Stable growth in real estate prices (+30-40% over the past three years and up to 10-15% annually).
2 Active IT industry and demand for rent from IT professionals and expats.
3 Minus: Serbia is not in the EU, and obtaining a residence permit (provided you do not live in real estate) requires additional study of the laws.
– Budva, Kotor (coast): from 2,000 to 3,000 euros/m² in modern apartments with sea views.
– Podgorica (capital): from 1,200 to 1,700 euros/m².
Why you should pay attention:
1 Tourist location and the “golden passport” program (sometimes gives benefits for investments).
2 Price growth of about +20-30% since 2020, especially in the coastal zone.
3 Cons: the market is small, and the liquidity of housing may depend on the season.
Bosnia and Herzegovina
– Sarajevo: from 1,000 to 1,400 euros/m² for new projects in good areas.
– Banja Luka: from 900 to 1,200 euros/m².
Why you should pay attention:
1 The lowest starting prices in the region, which gives the potential for growth in the future.
2 The price increase is ~10-15% in recent years, slower than in the neighboring countries, but stable.
3 Cons: non-EU country, underdeveloped mortgage for foreigners, you will have to look for the “right” local agent.
Bulgaria
– Sofia: from 1,200 to 2,000 euros/m² depending on the area (Lozenets, Center can reach up to 2,500 euros/m²).
– Varna, Bourgas (sea coast): from 1,500 to 2,500 euros/m² in new complexes.
Why you should pay attention:
1 EU membership provides more guarantees for foreign buyers.
2 Price growth in the capital and on the coast averaged +25-35% over three years.
3 Cons: Competition is high, and good properties are quickly snapped up.
– Tirana: from 1,000 to 1,500 euros/m².
– Vlora, Saranda (coast): from 1,500 to 2,000 euros/m² in houses with sea views.
Why you should pay attention:
1 In recent years, there has been a boom on the coast due to tourists and expats.
2 Price growth of +20-25% from a low start: promising for long-term investment.
3 Minus: the market is still unstable, legislation is changing, it is worth additionally checking the legal side.
Romania
– Bucharest: from 1,400 to 2,200 euros/m², premium areas may be higher.
– Cluj-Napoca: from 1,500 to 2,100 euros/m² (active IT hub).
Why you should pay attention:
1 It is an EU country, so there are more transparent rules for foreigners.
2 Price growth of +25-30% in recent years, especially in cities with a developed IT sector.
3 Minus: in the central areas of large cities, housing may already be overvalued.
To summarize, Bosnia and Albania are good for long-term investment and a relatively low entry threshold. The price per m² is still significantly lower than in the rest of Europe, and the potential upside could be significant if the countries move towards EU membership.
If stability and the EU are also important, look at Bulgaria and Romania. Their markets are already “warmed up”, but the protection of foreign investors is higher. Plus, there are programs for obtaining a residence permit/PERM.
Serbia is a good compromise between low housing costs (outside of Belgrade) and growth dynamics. Especially promising are cities with a strong IT cluster, where there is a demand for rent.
Montenegrin real estate by the sea remains quite expensive, but the country offers flexible conditions for investors and the opportunity to combine the purchase of housing with a residence permit.
Important: Always check the legal details of the transaction and the conditions for obtaining a residence permit, and engage specialized lawyers and realtors.
The prices in the review are approximate and depend on the specific project and neighborhood.
