World Bank Approves €30M Loan to Enhance Real Estate Management in Serbia

Serbia's real estate sector has seen considerable improvements in recent years, and this project will build on that progress.

The World Bank's Board of Executive Directors has approved a €30 million ($32.5 million equivalent) loan for the Second Real Estate Management Project in Serbia. This initiative aims to improve the transparency, accessibility, and reliability of Serbia's real property management systems.

Serbia's real estate sector has seen considerable improvements in recent years, and this project will build on that progress. It will enhance the reliability, accessibility, and transparency of property data and support the implementation of mass valuation for all property types. The project also seeks to advance the digital transformation of the Republic Geodetic Authority (RGA), which oversees state surveys, the real estate cadaster, and property valuation.

Nicola Pontara, World Bank Country Manager for Serbia, stated: "In addition to refining real property management systems, this project will address climate change and disaster risk prevention by strengthening the capacity of state institutions to identify areas vulnerable to floods, drought, and extreme heat. A key aspect of the project is improving property ownership data, with a focus on women's ownership to facilitate their access to credit markets and fuller participation in the Serbian economy."

The project will facilitate mass valuations, benefiting both citizens and businesses by enhancing transparency and potentially stimulating activity in the real estate market while reducing risk premiums. It also emphasizes improving data and systems related to climate change, preparing government institutions to better respond to adverse weather events and natural disasters.