Institutional framework for development of real estate market in the Republic of Serbia
Vasovic, Olivera et al.
Historic development of the Real Estate Market in the Republic of Serbia is interesting in several aspects. Up to the 900ies 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 started to emerge and the numbers of newly developed properties began to rise, although in some cases inappropriate for the surrounding ambiance and frequently without proper permits, soocalled: illegal constructionn. 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 and 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.
Event: FIG Working Week 2012 : Territory, environment, and cultural heritage
Only personal, non-commercial use of this document is allowed.