terasa

1. (of a house, flat) terrace; balcony
   Ujutru pijem kafu na terasi. — In the morning I have my coffee on the balcony.
   Stan ima veliku terasu s pogledom na reku. — The flat has a big terrace overlooking the river.
2. (of a café, restaurant) terrace; outdoor seating
   Hajde da sednemo na terasu, lepo je vreme. — Let's sit on the terrace, the weather's nice.

In Serbia terasa is often used for an ordinary apartment balcony too.