The New Face of Serbia Is Attracting Wealthy Travelers

Nestled between Central Europe and the Balkan Peninsula, Serbia is a land where ancient history meets untamed nature, framed by the Danube and Sava rivers. Long overshadowed by its Mediterranean neighbors, it is now capturing the attention of affluent travelers and an increasing number of local and international investors. Geographically, Serbia occupies a strategic position, bordering Montenegro, Croatia, and other well-established luxury tourism destinations.

Though still on the path to joining the European Union (officially a candidate since 2011), Serbia—with a population of more than 6.6 million in 2023—boasted one of the highest economic growth rates in Europe at +2.5% last year. Its increasingly resilient economy is underpinned by a growing private sector, rising foreign direct investment (FDI), and ongoing infrastructure improvements. Its relatively low cost of living compared to Western Europe and a modernizing transportation network, with direct flights to Europe, the U.S., and the Middle East, further enhances its attractiveness.

A growing wealthy and upper-middle class, combined with a favorable economic environment (Serbia’s GDP reached $81.34 billion in 2023), is fueling demand for luxury goods and services—particularly in real estate. Angela Blair Cadet, InterNations ambassador for Belgrade, told Luxury Tribune:

“There has been a rise in high-end properties such as penthouses, luxury apartments, and private estates in prime areas like Vračar, Senjak, and Dedinje. High quality of life, favorable tax policies, and a sizable expat community are drawing investor attention.”

In Belgrade, luxury residential developments—some exceeding €10,000 per square meter—are setting new records. “Projects such as Belgrade Waterfront, which has been underway for five years and will feature 7,500 luxury apartments, and Delta District, are reshaping the city’s skyline and expected to draw even more affluent buyers.”

According to the Serbian market specialist, the city is also experiencing a boom in luxury experiences, including fine dining. Two restaurants, Langouste and Fleur de Sel, were recently awarded Michelin stars—another milestone for the country’s upscale hospitality sector.

Another telling sign of this shift is the recent expansion of the luxury hotel sector, particularly in the capital. In December, Marriott International—already managing the St. Regis Belgrade—announced plans to open Serbia’s first Ritz-Carlton by 2027. In February, the historic Bristol Belgrade reopened after a two-and-a-half-year renovation. Built in 1912, the hotel once hosted celebrities, the British royal family, and the Rockefeller family, before falling into decline in 2018. Now under the leadership of Alastair Laird, the Bristol is aiming to attract business travelers.

“At Bristol Belgrade, about 60 to 65% of our guests are here on business, with the rest traveling for leisure. In Belgrade, combining business and leisure—what we call bleisure travel—is becoming increasingly common,” he told Luxury Tribune. “Serbia has a rich history, vibrant cultural offerings, music, excellent cuisine, and a pleasant climate—all appealing to luxury travelers.”

With EXPO 2027 set to run from May 15 to August 15 under the theme “Play for Humanity – Sport and Music for All,” Serbia’s hospitality offering could expand even further. The event is expected to attract over 4 million visitors, giving the country an unprecedented opportunity to shine. This is certainly the view shared by Alastair Laird: “We expect to gain momentum over the next year or two as a new hotel on the market, and EXPO 2027 will surely give us the extra boost we need.”