The World Bank’s Board of Executive Directors has approved a EUR30 million ($32.5 million equivalent) loan for the Second Real Estate Management Project, aimed at enhancing Serbia's real property management systems.
Serbia’s real estate sector has seen significant improvements in recent years. The project will build on this progress to ensure more reliable, accessible, and transparent property data while advancing mass valuation for all types of properties. Additionally, it will support the digital transformation of the Republic Geodetic Authority (RGA), which oversees state surveys, real estate cadaster, and property valuation in Serbia.
“Besides improving real property management systems, this project will also help deal with climate change and disaster risk prevention by strengthening the capacity of state institutions to identify areas vulnerable to floods, drought, and extreme heat,” said Nicola Pontara, World Bank Country Manager for Serbia. “Another very important aspect of this project concerns the improvement of property ownership data, with particular attention to ownership by women so they can access more easily credit markets and participate in full in the Serbian economy.”
Mass valuations are expected to benefit both citizens and businesses in Serbia. Greater transparency in property ownership records could stimulate activity in the real estate market and reduce risk premiums. The project's focus on improving data and systems related to climate change aims to better prepare government institutions for adverse weather events and natural disasters.