The World Bank’s Board of Executive Directors has approved a €30 million ($32.5 million) loan for Serbia’s Second Land Administration Improvement Project, aimed at enhancing the transparency, accessibility, and reliability of the country’s real estate management systems.
Building on recent advancements in Serbia’s real estate sector, this project will leverage existing improvements to provide more reliable, accessible, and transparent data and enhance the implementation of mass valuation for all types of real estate. It will also support the digital transformation of the Republic Geodetic Institute (RGZ), responsible for state surveying, real estate cadastre management and property valuation.
Nikola Pontara, Director of the World Bank offices in Serbia, highlighted that the project will also address climate change and disaster risk prevention by strengthening state institutions’ ability to identify areas vulnerable to floods, droughts, and extreme heat. Additionally, the project will improve data on real estate ownership, with a focus on properties owned by women to facilitate their access to credit markets and economic participation.
The mass valuation initiative is expected to benefit both citizens and businesses by increasing transparency in property ownership records, which could stimulate real estate market activity and reduce risk premiums. The project also aims to enhance data and systems related to climate change, helping authorities better prepare for extreme weather events and natural disasters.
