SEECAP Blog: Finance, Real Estate, Investments, Business Expert Analysis, Assessments, and Our Perspective
Welcome to the SEECAP Blog: Your source for business, financial, and investment analysis
On our blog, you will find comprehensive analyses, expert articles, our announcements, and the latest news from the world of finance, business and real estate. Whether you are an investor, entrepreneur, or manager, our content is designed to provide you with practical insights and help you make informed business decisions.
Explore our key sections:
✅ Articles: In-depth analysis of current topics – from real estate market trends and project financing to renewable energy sources and business growth strategies.
✅ Announcements: Stay up to date with our latest achievements, conference participation, and important corporate news.
✅ Finance & Real Estate News: Follow the most important news, financing opportunities, and investment trends shaping the market.
Dive into our analysis, discover new business opportunities, and enhance your knowledge. Our goal is to provide you with relevant and applicable information that you can use to achieve success.
Are you planning to invest in the Hospitality sector in Serbia?
Leverage non-refundable subsidies of up to €5.000.000 for this purpose
Serbia is an investment graded country since October 2024. In February 2026, the Serbian Government introduced a new subsidy for hoteliers and hospitality providers to enhance the quality of services within the Hospitality Sector. The subsidy is available to local and international companies under the same terms and conditions. We have conducted a deep-dive analysis of this latest Hospitality business enhancement incentive. Check the article if there is something for you.
It was announced in mid-July 2025 that Serbia is to issue 100.000 work permits in 2025, the record number of work permits for foreign workers in Serbia. Ghana and Egypt to sign Workforce Mobility Agreements with Serbia.
In the last several weeks some events took place that strongly indicate changes that will have a significant impact on business in this and the following years. That is why we have prepared this analysis about probable changes in geopolitics in the world, especially in the EU, and the possible impact of those changes on business in Serbia and neighbouring countries where SEECAP also operates.
In July 2024 The Serbian Government adopted the Integrated National Energy and Climate Plan (INECP) for the period until 2030, with projections extending to 2050. This plan aims to significantly boost the share of renewable energy in the country’s electricity mix, targeting 45% from renewable sources by 2030.
The article explains the main features of the Plan, its implementation and its impact on renewable energy investments, sources of renewable energy finance, subsidies and incentives available to private investors from Serbia or abroad.
Main details:
Previous rating: BB+ (stable outlook)
New rating: BBB- (stable outlook)
Date of upgrade: 4th October 2024
Outlook: Stable
The key factors that influenced S&P’s decision to upgrade Serbia to an investment credit rating were:
Strong economic performance
Improved fiscal metrics
Enhanced investor confidence
Strategic reforms and stability
The new BBB- rating is expected to have significant impacts on the Serbian economy and foreign direct investment (FDI). Other major credit rating agencies such as Fitch and Moody's are likely to follow suit with their next Serbia’s credit rating appraisal further solidifying its improving financial reputation. We will further analyse this tectonic shift for Serbia and its possible impact for the real economy and for real estate and hospitality investments in separate article which will publish over the next few days.
In July 2024 The Serbian Government adopted the Integrated National Energy and Climate Plan (INECP) for the period until 2030, with projections extending to 2050. This plan aims to significantly boost the share of renewable energy in the country’s electricity mix, targeting 45% from renewable sources by 2030.
The article explains the main features of the Plan, its implementation and its impact on renewable energy investments, sources of renewable energy finance, subsidies and incentives available to private investors from Serbia or abroad.
LAW ON THE USE OF RENEWABLE ENERGY SOURCES
IN SERBIA
The Law on the Use of Renewable Energy Sources was enacted by Serbia in April 2021. This law represents a significant step towards promoting green energy and environmental sustainability in the country. The article explains the main points of the Law, and its impact on renewable energy investments, small scale renewable projects as well as its impact on large scale renewable energy projects and foreign direct investment in the Serbian renewable energy sector.
RESIDENCE PERMIT AND WORK PERMIT
THROUGH SELF-EMPLOYMENT IN SERBIA
Work permit and residency permit in Serbia can be obtained through employment or self-employment.There are several types of employment legal grounds for obtaining residence and work permit. However, all of them suppose having a Serbian employer.If you find a job/employer, the employer will seek residence and work permit for you.
If you do not have a job/employer in Serbia, you need to opt for self-employment application. There are 2 types of self-employed legal grounds for residence and work permit:
through your own company registration or
through registration as a sole entrepreneur.
We explain the essential parts of both routs to residency and work permit in Serbia.
SOLE ENTREPRENEUR AND COMPANY REGISTRATION IN SERBIA
NEW RULES FROM 01/06/2023
There are some novelty changes in company registration in Serbia from 1st June 2023. Since it applies to registration of all legal business forms, here we provide explanation for a limited liability companies and for sole entrepreneurs only.
With an ever increasing number of companies and businesses looking to relocate a part of their operations to Serbia, we provide explanations about entry visa regimes, temporary residence and work permits schemes available under Serbian law to foreign companies and individuals wishing carry on business in Serbia and to transfer employees to Serbia.
In 2020. Serbia issued 13.000 work permits, 23.000 in 2021 and 35.000 in 2022. In the period January-April 2023 13.000 work permits have been issued.
SEECAP director Zoran Mitic has passed the CHIA exam on 21st April 2022. CHIA stands for Certification in Hotel Industry Analytics. This is the only certification for hotel and tourism industry professionals
focused on analytics.
The CHIA is offered globally through a joint effort between the AHLEI (American Hotel & Lodging
Educational Institute) and the world renown Hospitality Industry analytical and benchmarking firm STR.
Dubai Expo 2020 is one of the most significant business events during 2021. 191 exhibitors from many
countries have already registered for this event. We will be a part of the Serbian commercial delegation
under the Serbian Chamber of Commerce umbrella and organisation. Our plan is to stay in Dubai from 29th
October to 29th November 2021. At Dubai Expo 2020 we will present investment potentials and opportunities
of our clients and potential clients worth tens of millions of Euros. During the month of November we will
provide our professional services from Dubai for which we are making adequate preparations.
If you have projects in real estate, hospitality (hotels, spas and other tourist facilities) or
manufacturing where you are looking for investors, please contact us to see opportunities for cooperation
and presentation of your projects to investors during our stay in Dubai.
Farmland prices are on the up in Serbia and globally. Globally, agricultural land has long received the
status of an alternative asset class. According to the Serbian Land Registry reports, (RGA), the price of
agricultural land in Serbia is growing at an annual rate of 6-10%. In some parts of the country, the price
per hectare has exceeded €30.000.
The price of agricultural land will continue to grow in the foreseeable future for reasons you will find
out from our analysis of the farmland prices in Serbia and the future price trends of this asset class.
PROPERTY PRICES IN SERBIA IN 2020
MARKET, TRENDS AND YIELDS ON INVESTMENTS IN REAL ESTATE
Despite Covid -19, the real estate market in Serbia in 2020 continued to grow for the fourth consecutive
year since 2016. After some confusion and complete denial of the existence of Covid -19 at the end of
February 2020, the Serbian Government declared a state of emergency on March 16 2020, which it relaxed at
the end of May 2020. During this period, real estate transactions fell to a record low, but recovered
rapidly thereafter, especially in the fourth quarter of 2020, when asset transactions reached a
historically high level.
However, Covid 19 left its mark on the habits and needs of real estate buyers in Serbia, which was
reflected in the upward price movements and further market segmentation. We have analysed and illustrated
the market trends in numerous tables and comparative data from previous years to understand where the real
estate market is moving. We provide a summary analyses and presentation of the relevant data. These data
are important for both investors and buyers of residential or users/tenants of commercial real estate. In
this report we focus on the real estate market in the Serbian capital city Belgrade since it is in focus
of foreign property investors...
TURKISH ACIBADEM ACQUIRES 70% STAKE IN SERBIAN BEL MEDIC
The first foreign large acquisition in the Serbian private medical care sector
After 3 months of negotiations, it was announced on 30th March Turkish Acibadem Healthcare Group has
acquired 70% of the Belgrade based Bel Medic. The acquisition price was not disclosed. The acquisition
will be completed over the next few months upon clearance by the antitrust and other regulatory bodies.
Acibadem will use its Netherlands’s investment vehicle Acibadem City Clinic B.V to acquire and hold its
interests in Bel Medic. The Group will operate in Serbia as Acibadem Bel Medic. It is a sign of a further
Acibadem,s expansion in Eastern Europe following its acquisitions in Bulgaria where it owns 3 hospitals
now and North Macedonia with 1 hospital. An acquisition in Serbia is a practical geographical step in such
expansion.
EBRD €100.000.000 TOURISM CREDIT FACILITY
FOR MONTENEGRO AND CROATIA
On 17th January 2020 EBRD has announced it had provided a credit line of up to €100 million under the Inclusive Tourism Framework for the Eastern Mediterranean to Erste & Steiermarkische Bank d.d. in Croatia.
More details about this credit line and terms and conditions for its application you will find out if click on "READ MORE" button below
In the first half of 2019 the Serbian real estate market grew by 12,50% in value albeit the number of
sale transactions fell by 2,08%. There was a significant growth of almost 120% in the value of commercial
properties transactions.
You may find out more about the Serbian residential and commercial property market performance in H1 2019
if you click on "READ MORE" button below
CONGRATULATIONS TO SERBIA, CONGRATULATIONS TO MONTENEGRO!!!
FOR TOPPING No1 AND No2 PLACES ON THE FT GREENFIELD FDI PERFORMANCE INDEX 2019
Financial Times has published its study by fDi Intelligence in Greenfield Foreign Direct investments
(FDI) Performance Index 2019. Serbia topped the list as No1 scoring 11,92 closely followed by Montenegro
who scored 10,82. In 2018 Serbia received €3.6 billion direct foreign investments.
In the press release the FT stated:
“Serbia tops the Greenfield FDI Performance Index 2019. The south-east European country is
ranked number one in the annual study by fDi Intelligence, a Financial Times data division of which fDi
Magazine is also a part, which looked at inbound greenfield investment in 2018 relative to the size of
each country’s economy. Serbia scores 11.92 in the index, closely followed by Montenegro (11.49) in second
place and Cambodia (10.82) in third. Last year’s number one, Mozambique, falls to 12th place after
receiving less than half the number of FDI projects in 2018 as it did in 2017. Serbia takes over as the
index leader, up one position from the previous year.
Serbia, with a score of 11.92, is attracting almost 12 times the amount of greenfield FDI that might be
expected given the size of its economy. Serbia’s index score has improved by 1.33 index points. Although
the country’s GDP growth was high in 2018 (14.8%), it received 107 FDI projects – 26 more than 2017 –
growing by almost one-third. Automotive components, food and tobacco, textiles and real estate are
Serbia’s leading FDI sectors, and combined they accounted for more than half (54%) of total inbound FDI
projects in 2018.
Montenegro, which borders Serbia to the south-west and is a new entrant to the 2019 index, ranks second.
Although relatively low, the country recorded 11 FDI projects in 2018 – its peak year since fDi Markets
began recording FDI data in 2003.”
No doubt this is an excellent news for further prosperity of both Serbia and Montenegro.As a consultancy,
we provide assistance in inward investment in Serbia and in Montenegro in the real
economy, real estate and hospitality
sector.
13/08/2019
ANNOUNCEMENT
INTERVIEW BY HEALTHCARE BUSINESS INTERNATIONAL
ON HEALTH SPA PRIVATISATIONS IN SERBIA
Healthcare Business International is an
independent publisher based in London that covers healthcare services markets in Europe and across the
Developing World. They aim to provide insights and comprehensive, systematic and structured coverage of
healthcare systems in various countries including Serbia.
On 7th December 2018 HBI published an article about the privatisation
of 10 health spa centres in Serbia under the title “Serbia prepares wholesale rehab sell off”. If
you are an HBI subscriber you may read the article if you click here.
Prior to the article publication, HBI talked to our Zoran Mitic about the health spas and rehabilitation
centres in Serbia. As a financial consultancy with expertise in health spa privatisation and finance, we
are pleased to have been able to provide our input to HBI.
12/12/2018
ARTICLE
PRIVATE HEALTHCARE IN SERBIA:
IN THE MODE FOR GROWTH AND CONSOLIDATION
What is the state of the healthcare system in Serbia today? What the Serbian citizens can expect from the
public healthcare system? In what situation is the private healthcare system and how it will develop in
the future? What is the public and private spending for healthcare in Serbia?
Answers to some of the above issues you may find in our article “Private healthcare in Serbia: In the
mode for growth and consolidation” if you click on the „READ MORE…“ button bellow...
The leading business portal in Serbia in its regular daily journal on 15th November 2018 published a
shorter version of our article “Phases and documentation in
financing a hotel development project” under the title “What one should know before
deciding to invest in a hotel development”. The published article (in Serbian) can be read here.
The readable statistics of the day shows that the article has been read 1,384 times, which classifies it
as one of the most read news piece on that day. The full version of the article (in Serbian) you may read here.
ARTICLE
PROPERTY PRICES IN SERBIA IN H1 2018
The current 2018 has been the best year for property developers and investors in Serbia since the
financial crisis of 2008. In the first half of 2018 the property market grew by value and by number of
transactions. Although there is a record number of new developments, the prices of residential properties
increased by 7,7% y-o-y on the national level. The investors and developers also poured money in office
developments, shopping centres and logistic and industrial properties. The healthy demand keeps the yields
from commercial properties on high level, one of the highest in Europe outside Russia.
The cause of such healthy property market are the fall in the unemployment rate and the GDP growth. More
details about the property market in H1 2018 are packed in tables and charts you will find in our
information “H1 2018 property prices in Serbia” if you click on the „READ MORE…“ button bellow.
OVERVIEW OF THE REAL ESTATE MARKET IN SERBIA, APRIL 2018
Balkan Architectural Biennial –BAB is a cross border platform for cooperation between architects and real
estate designers in South East Europe. At the 44th International Construction Fair SEEBBE held in
Belgrade, Serbia form 18th-21st April 2018, BAB organised a conference Arena of Investments in
Architecture and Urbanism–AIA. The main topic of the conference was investments in real estate and
architectural developments of modern cities.
Participants of the conference were cities, municipalities, architectural and design companies, banks,
real estate developers and investors as well as individuals from different professions who take part in
the development of cities and territories...
PRIVATISATION OF DESTINATION SPA CENTRES
AND HEALTH SPA FACILITIES (SANUS PER AQUAM) IN SERBIA
South-East Europe as well as Serbia are very rich with mineral waters used for convalescence from various
illnesses, for health enhancement and for pleasure and joy. Some of them have been used as spa centres
since Roman Times. Serbia alone has over 300 registered spa centres.
Wellness is a global tourism phenomenon that grows on average 10% per annum. There is ever increasing
awareness that holiday time should be active and fulfilling (full of activities and health benefits)
instead of passive lying on the beach, particularly for the middle aged well-funded population with a
larger than average disposable income to spend on relaxation and health enhancement...
POST FINANCIAL CRISIS REAL ESTATE FINANCE IN SERBIA
The Serbian leading business portal eGate (eKapija) published a Special Edition on 26th April “Real
estate-The new investment cycle” with various articles about the current state of affairs of the Serbian
real estate market. We have contributed with a piece “Real estate finance in Serbia post financial
crisis”. Our article is in Serbian and is focused mainly on the local readership. Subsequently, we were
asked by the editor to produce the same article for an international audience.
The article provides some interesting observations about the financial aspects of the Serbian RE market,
prices and yield movements throughout the financial crisis since 2008 to 2016. The reported statistical
data clearly shows the prices and yields are stable now or are showing improvements. Our observation is
the dynamism of the market is increasing, there are more projects and more transactions. Investors’
confidence is growing.
In a nutshell, Serbia is an attractive investment destination for several reasons.
Politics - early parliamentary elections held on 24th April 2016 resulted in the
ruling Serbian Progressive Party winning absolute majority in the National Assembly commanding 131 out
of 250 seats. That will continue with political stability and certainty for the period of 4 years.
Credit rating - Standard and Poor’s BB- with positive outlook, Fitch BB- with stable
outlook, Moody’s Ba3 with stable outlook
Economic performance – The projected GDP for 2016 was 1.75%, but the GDP vent up to 2.7%. The
projected GDP growth for 2017 is 3%.
In 2016 retail sales in Serbia grew by 7.4% in current prices, and 7.5% in constant prices. Compared
to December 2015, the sales grew by 9.0% in current prices, and 6.8% in permanent prices. In December
2016, industrial production recorded a 3.9% hike relative to the same month in 2015, while the
industrial production in processing industry grew by 8.2%. Mining production recorded a 3.1% decline,
while the power, gas, steam and HVAC supply also fell by 6.3%.
HOW TO RAISE DEBT, MEZZANINE AND EQUITY CAPITAL
IN SERBIA OR MONTENEGRO
Raising debt, mezzanine and equity capital for corporate finance, project, real estate finance or hotel finance in Serbia or Montenegro presents unique challenges due to the specific economic and regulatory landscapes of these countries. Consequently, in Serbia or Montenegro companies should seek guidance from financial advisory services such as SEECAP, which offers expertise in optimizing capital structures and strategic execution of capital raising.
