WASHINGTON, July 29, 2024-The World Bank's Board of Executive Directors today approved a EUR30 million ($32.5 million equivalent) loan for the Second Real Estate Management Project, which will assist Serbia to improve the transparency, accessibility, and reliability of its real property management systems.
Serbia's real estate sector has improved significantly in recent years and the activities supported by this project will build on progress achieved to ensure more reliable, accessible, and transparent property data and advance the implementation of mass valuation for all types of properties. The project will also assist in advancing the digital transformation of the Republic Geodetic Authority (RGA), which manages key activities including 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 will benefit both Serbia's citizens and businesses, while greater transparency of property ownership records can boost activity in the real estate market and lower risk premiums. The focus of the project on improving data and systems related to climate change can better prepare government institutions to respond to adverse weather events and natural disasters.
