People in Serbia bought EUR 2.5bln worth of unregistered real estate

Although individuals and companies spent a record 7.5 billion euros on purchasing real estate in Serbia last year, as much as a third of that amount was spent on unlegalized apartments, houses and other buildings.

Also, unresolved ownership issues, illegal construction and lengthy and expensive administrative procedures are holding back a large number of investments in our country.

That is why the National Alliance for Local Economic Development (NALED), with the support of the Swedish International Development Agency (Sida), will draft a comprehensive study with a proposed solution for improving the procedure of property legalization, their proper cadastre registration, restitution, expropriation, consolidation, conversion and other procedures.

“4.9 million buildings are registered in the state cadastre, but almost the same number of them are not registered, including over 2.7 million properties that meet the conditions to be registered, but their owners have not done so or do not want to,” says Jasmina Radovanović, head of the Property/Investments Unit at NALED.

She also says that one of the solutions for both individuals and companies is a simpler and digitized procedure, with less documentation and lower costs.

“Bearing in mind the evident lack of staff at the State Geodetic Authority (RGZ), public notaries, but also public bailiffs and lawyers should be allowed to give their contribution and help the cadastre services in solving the backlog of cases”, Radovanović believes.

(Biznis.rs, 04.05.2023)

https://biznis.rs/vesti/srbija/kupci-u-srbiji-dali-25-milijarde-evra-za-neuknjizene-nekretnine/

 

This post is also available in: Italiano

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