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Institutional Framework for Development of Real Estate Market in the Republic of Serbia (5541)

Olivera Vasovic, Zagorka Gospavic and Goran Cirovic (Serbia)
Ms. Olivera Vasovic
Senior Lecturer
Belgrade University College of Applied Studies in
Civil Engineering and Geodesy
Hajduk Stankova 2
Belgrade
11 000
Serbia
 
Corresponding author Ms. Olivera Vasovic (email: ovasovic[at]yahoo.com, tel.: + 381 11 241 18 85)
 

[ abstract ] [ paper ] [ handouts ]

Published on the web 2012-02-02
Received 2011-11-03 / Accepted 2012-02-02
This paper is one of selection of papers published for the FIG Working Week 2012 in Rome, Italy and has undergone the FIG Peer Review Process.

FIG Working Week 2012
ISBN 97887-90907-98-3 ISSN 2307-4086
http://www.fig.net/resources/proceedings/fig_proceedings/fig2012/index.htm

Abstract

Historic development of the Real Estate Market in the Republic of Serbia is interesting in several aspects. Up to the 90-ies of the last century, the activities in the Real Estate Market were virtually non existent because the apartment housing units were 95% publicly (socially) owned. After 1992, when the Government of the Republic of Serbia allowed the purchase of said apartments and their transfer to private property by passing legislative acts, the first step was made towards creating supply and demand system in the Real Estate Market. Unfortunately, due to unfavorable economic climate, political and war developments in the region, instead of live Real Estate transactions and development of new apartment buildings, stagnation in the market was recorded that lasted over 10 years. After abolishment of economic sanctions against Serbia, the construction engineering industry starts to emerge and the numbers of newly develop properties starts to grow, although in some cases inappropriate for the surrounding ambiance and frequently without proper permits, the so called illegal construction. The first serious step taken by the state in suppressing illegal construction was made at the beginning of this century with the creation of institutional framework for modern market economy, when investments in Real Estates, as a form of capital, became more attractive and less risky. The adoption of relevant legislation in the area of urban planning, Cadastre and Real Estate trade brought a turnover in the fluctuations of the Real Estate Market. Modern institutional framework consisting of legislation, taxing policy, Governmental instigative measures, government bodies, organizations and other forms of associations of legal and physical entities all enabled the development of an efficient market ambiance that should accelerate the transaction procedures and help to develop a reliable system of Real Estate Management in the Republic of Serbia.
 
Keywords: Cadastre; Land management; Security of tenure; Implementation of plans; Real estate development; Legislation

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