Gentrification represents a complex revitalization process of the inner city core, which includes a physical improvement or dilatation of housing stock, changes in ownership structure, housing prices incensement and the displacement of poorer working class, which replaces the new middle class with higher incomes. Using data collected in survey research, this paper aims to identify the specific dimensions of gentrification in the central zone of Belgrade. The focus of the research is the improvement of living and housing conditions in the urban core. This condition improvement is the result of investments in the residential space and supporting infrastructure, but it is also largely associated with economic status of immigrant inhabitants - "gentrifiers", their preferences to the urban lifestyle, as well as to their attitude to residential environment. This paper deals with the subjective dimension of gentrification, e.g. with the actors of that process themselves. The core of this subjective dimension is the perception of the residential area (neighborhood) as a unique component of residential (location) choice of different social groups.