The Republic Geodetic Authority of Serbia (“RGZ“) announced in June 2024 that it has conducted a mass assessment of apartment values across Serbia, aiming to set a new standard in transparency and accessibility of real estate data.
Currently, professional users such as lawyers and surveying organizations can access assessed property values through the eCadastre system on RGZ’s digital portal. It was also announced that this capability will soon be available to citizens for free.
Why are apartment values assessed?
The authority to conduct assessments by RGZ stems from the Law on State Survey and Cadastre (“Law“) and the Rulebook on Real Estate Valuation (“Rulebook“) enacted in 2014.
According to the Law, the assessment of market value of real estate represents the determination of the closest market value of real estate within a specific period.
The Rulebook stipulates that real estate valuation must be conducted in accordance with applicable international standards and best practice guidelines (International Association of Assessing Officers – IAAO; Royal Institution of Chartered Surveyors – RICS), which further serves as the basis for establishing the RGZ property price index.
The RGZ real estate price index is an index used to monitor changes in price levels and overall market trends.
The residential property price index for the Republic of Serbia has been developed in accordance with international methodological guidelines and based on a model for mass appraisal of apartments. This model considers not only prices from sales contracts but also various property characteristics sourced from relevant databases such as the Real Estate Price Register, Cadastre, Register of Residential Communities, Geosrbija, and tax administration.
RGZ publishes quarterly reports on the RGZ residential property price index on its website. The latest report, for the first quarter of 2024, was released in June 2024 and stands at 160.49.
This article is to be considered as exclusively informative, with no intention to provide legal advice. If you should need additional information, please contact us directly.
By Marija Muzevic, Counsel, and Anja Stanojevic, Junior Associate, PR Legal
