Serbia Bolsters Real Estate with Climate Data, World Bank Aid
-
Loading... - Evan Boucher
- 30 Jul 2024
- 86 Views
- 0 Like
- 0 Comment
The World Bank's Board of Executive Directors has sanctioned a EUR 30 million ($32.5 million equivalent) loan for the Second Real Estate Management Project, aiming to enhance the transparency, accessibility, and reliability of Serbia's property management systems.
Serbia's real estate sector has seen substantial improvements in recent years. The project will build on this progress to ensure more reliable, accessible, and transparent property data, advancing the implementation of mass valuation for all property types. Additionally, it will support the digital transformation of the Republic Geodetic Authority (RGA), which handles essential activities like state surveys, real estate cadaster, and property valuation.
"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," stated 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 fully in the Serbian economy."
Mass valuations will benefit Serbia's citizens and businesses, with greater transparency in property ownership records expected to boost real estate market activity and lower risk premiums. The project's focus on enhancing data and systems related to climate change will better equip government institutions to respond to adverse weather events and natural disasters.
