Abolition of Land Conversion Law brought in EUR 100mn worth of investments

Since the Land Conversion Law was repealed less than a year ago, the number of building permits issued and the value of construction works increased, said the Minister of Construction, Goran Vesić.

He added that the abolition of the law brought EUR 100 million worth of investments, which is “significantly higher than in the period when the law was in force, i.e. EUR 31 million worth of investments”.

Amendments to the Law facilitated land ownership transformation in Serbia by expanding the circle of companies who can acquire ownership rights to building land free of charge.

In April of this year, NALED published research, which shows that 2,169 requests for free conversion of land had been submitted since the law had been revoked, of which more than half had already been positively resolved.

Almost half of the companies that submitted or were about to submit a request to convert the right of use land into a property right, plan to invest in those locations, a third submitted a request to become owners of building land and 11 percent planned to sell land plots, the research showed.

In total, 88 million euros worth of investments were planned on building plots that span close to 1.2 million square metres, according to NALED’s research.

(Nova Ekonomija, 29.05.2024)

https://novaekonomija.rs/ostalo/ukidanje-zakona-o-konverziji-privuklo-100-miliona-evra-investicija

This post is also available in: Italiano

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