As a result of the fall of Yugoslavia and the war of the early 1990s, Serbia has more of a reputation as the home of tyrant with a penchant for genocide than it does as a pleasant place to spend some time or even buy a property. Much of the country still retains the scars of war, but the historic capital is an attractive city with a booming rental market driven by an influx of expats and the return of residents that fled the conflict.

The legacy of centuries of war has meant that Belgrade has never quite managed to pick up all the pieces and take its place as one of the foremost European cities. Essentially, it is a very Western city, albeit one that is yet to blossom. It's slightly dishevelled air, combined with the city's indefatigable vibrancy and distinctly northern European atmosphere lend Belgrade an unpretentious charm and credibility.

Interest rates remain high in Serbia (8-12%) which means that few locals can afford to buy. This, combined with the number of foreign residents has driven significant demand in the rental market. Properties in the green and pleasant up-market areas of Senjak, Dedinje, Dorcol and parts of Vracar are the most popular.

Difficulties remain for buyers in Belgrade due to outdated legislation and the prevalence of government-owned land. Whilst this makes Serbia difficult for the property investor, the country looks set to continue on its path to development and shake off the legacy of war. This will take some time, but as the economy and infrastructure improve the property market is likely to reap the benefits.

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