360Blog
The honest answer to "which city should I buy in" depends less on the spreadsheet and more on what weekend you want five years from now. Here's the spreadsheet part first.
What €150k buys in Belgrade
- Voždovac / Banjica: a renovated 55 m² two-bedroom in a decent 1980s building, walking distance to everything daily life needs.
- Zvezdara (outer): a 60 m² new-build one-bedroom in a post-2020 project, maybe with garage included.
- Novi Beograd (blocks 60s–70s): an older 65 m² two-bedroom needing ~10–15k in cosmetic updates.
- Vračar or Dorćol core: a 40 m² studio. Central location, but you'll be paying for the address, not the space.
What €150k buys in Novi Sad
- Liman III / IV: a renovated 65 m² two-bedroom in a 1970s building with balcony and view.
- Grbavica: a 60 m² renovated apartment in a quieter, architecturally varied neighborhood.
- Nova Detelinara: a 70–75 m² new-build three-bedroom, post-2022 construction, often with parking.
- Centar: a 55–60 m² two-bedroom in an older building, within 5 minutes of Dunavska.
Roughly: the same money buys you 10–15 m² more in Novi Sad for equivalent quality and location depth.
Yield side-by-side
A 55 m² Voždovac flat rents for ~480 EUR/mo → 3.8% gross. A 65 m² Liman III flat rents for ~430 EUR/mo → 3.4% gross. Belgrade's larger renter pool and higher salary concentration keeps the yield edge modest but real.
What the spreadsheet misses
Belgrade has deeper liquidity (your apartment sells faster), more restaurant/cultural choice, and higher-paying jobs if you also work from there. Novi Sad has lower friction, less traffic, more green per capita, and the Danube at the bottom of your street. Neither is "better"; they are different products.
The investor cut
For pure investment with rental intent, Belgrade is still the more defensive play, wider renter base, more market makers, easier to unwind. Novi Sad rewards operators who live locally and can manage the apartment personally. Out-of-city absentee landlords tend to underperform.
