Foreigners have generally the same rights in terms of acquiring rights to movable property, however, in the case of immovables, the situation is quite different. Foreign natural and legal persons who do business in Serbia are entitled to acquire ownership of immovable property provided that (i) such property is required for its respective business, and (ii) there is reciprocity. Positive list of countries with which reciprocity has been established and is published by the Minisry of Justice. Furthermore, a foreign natural person is entitled to acquire ownership of an apartment or a residential building, provided that there is reciprocity [regardless of whether they conduct business activity in Serbia [only natural persons; foreign legal person cannot acquire residential real estate units]. Authorities tend to interpret these conditions restrictively. In addition, in general, foreigners are not entitled to acquire title to agricultural land (except for EU citizens, but even for them, the conditions for acquiring agricultural land are quite harsh) [recorded under Agriculture in the OECD FDIRRI].
However, all of the aforementioned limitations in acquiring immovable property can easily be overcome if the foreigners incorporate an SPV in Serbia – such SPV is then considered a domestic person, so the limitations for foreigners in the acquisition of immovables would not apply to it. hence, for the purposes of the OECD FDIRRI, this is recorded as a 'local incorporation requirement'.
"Chapter VI - RIGHTS OF FOREIGN PERSONS
Article 82.
Foreign natural and legal persons can acquire the right of ownership of movable property as well as domestic persons.
Article 82a
Foreign individuals and legal entities that perform activities in the Federal Republic of Yugoslavia may, under conditions of reciprocity, acquire ownership rights to immovable properties on the territory of the Federal Republic of Yugoslavia that are necessary for them to perform that activity.
A foreign natural person who does not perform activities in the Federal Republic of Yugoslavia can, under conditions of reciprocity, acquire the right of ownership of an apartment and residential building, just like a citizen of the Federal Republic of Yugoslavia.
Exceptionally from the provisions of para. 1 and 2 of this article, the federal law may stipulate that foreign natural and legal persons cannot acquire ownership rights to real estate located in certain areas in the Federal Republic of Yugoslavia.
[...]
Article 85a
A company that performs tourism or hospitality activities may lease a tourist and other related facility to a foreign natural or legal person under conditions determined by a written contract . 
A long-term lease can be concluded for a minimum of five years and a maximum of 30 years.
At the end of the agreed term, the lease can be extended.[...]" (Law on the Basics of Property Relations, "Official Gazette of the SFRY", no. 6 of February 8, 1980, as amended [google translation])
Law on the Basics of Property Relations, "Official Gazette of the SFRY", no. 6 of February 8, 1980, as amended [google translation]
[<a href="http://www.pravno-informacioni-sistem.rs/SlGlasnikPortal/eli/rep/slsfrj/skupstina/zakon/1980/6/1/reg">Law</a>],[<a href="https://ceelegalmatters.com/real-estate-2021/real-estate-serbia-2021#:~:text=The%20general%20rule%20is%20that,if%20it%20is%20so%20registered.">Other</a>]