Trieste increasingly attractive to foreign buyers

More and more people from Serbia are buying flats in Trieste. This was reported by Serbian Radio and Television correspondent Sanja Ločić, who discussed the matter with Andrea Oliva.

Trieste is becoming increasingly international

More and more foreigners are buying property in this city. Data from 2024 shows that most buyers come from Hungary, Germany, Austria and Serbia, and are willing to spend significant amounts of money.

Over the last ten years, and especially since the pandemic, there has been an increase in demand for property from foreigners. This has also led to an increase in prices, especially for Hungarian buyers. Currently, interest from Austrian buyers has declined due to the major economic crisis, especially in the property market; a similar situation can be seen in Germany and France.

However, there is no shortage of buyers from the territories of the former Yugoslavia, particularly Serbia. They represent the second largest group of foreigners purchasing flats in Trieste. Among them are clients with a long tradition of buying property in the city.

Their interest dates back as far as the 18th century. For example, the Gopčević palace is one of the most beautiful buildings on the Ponte Rosso canal; similar buildings were constructed by families from the former Yugoslavia and are now part of Trieste's history.

The link with the former Yugoslavia, and Serbia in particular, is very strong

Out of 100 buyers, 49 are looking for flats, while the rest are looking for villas. Almost 30 out of 100 are looking for luxury properties with a budget of over €1 million, while 26 out of 100 are prepared to spend between €250,000 and €500,000.

Serbian buyers mainly come from Belgrade. Sometimes they just want to rent an apartment to get to know the city first and see if they really like it. Then there are those who buy to rent out the properties. The demand is for both small flats and large luxury properties.

Some do it to have a place to spend their retirement, others to send their children to study in Italy, and still others to have a holiday home. The age of buyers ranges from 35 to older. The younger ones decide to move and start a new life in Trieste.

Together with our partners, we have created a website dedicated to real estate for Serbian clients

We have Serbian-speaking staff who are available to assist with legal and administrative issues, as well as providing information on how the property market works in Italy.

Most buyers come from Serbia, Bosnia and Croatia. Trieste is a gateway to the Balkans, but also to Europe. It is a city where everything is within a fifteen-minute walk, and many feel nostalgic for times gone by.

There are many memories linked to the period when people came to Trieste to shop, when the border represented a sort of barrier between East and West. Now these are people who have acquired financial resources over time and are able to invest.

Serbian buyers often say: ‘For us, Italy is Trieste’

Just as Italians like to say they own something on the coast, Serbian customers consider it a sign of prestige to have an apartment in Trieste, a factor that elevates them on the social ladder.

For example, the San Giacomo district, with about 40,000 inhabitants, is almost entirely populated by Serbs, especially after the break-up of Yugoslavia. At that time, people arrived in search of a new life, and today there are many Serbian companies operating in the construction sector.

It is a small “Serbian city within the city”. I was born in Trieste, and the fact that entire buildings have intercoms with surnames ending in “ić” is nothing unusual. San Giacomo is the best example of successful integration and is home to numerous restaurants serving cuisine from our territories.

The increase in foreign interest in property in Trieste confirms that this Italian city by the sea, thanks to its strategic location, size and the beauty of its historic centre, will become increasingly attractive to foreigners who can afford to buy property in a place located at the crossroads of many routes and cultures.

Watch the video >> Interview with Andrea Oliva