(Manojlo Miladinović)
Valuation of real estate performed in all the countries implementing the market economy is in its initial stage in Serbia. In our country this field of expertise is not clearly regulated, that is to say, the valuation is done by civil engineering court experts licensed by the Ministry of Justice, Mr. Mihajlo Miladinovic, Professor at the Civil Engineering Faculty in Belgrade, argues for “eKapija”. He says that valuators in Serbia do not have formal education in the field of valuation of real estate, and in addition to that there is no standardized methodology to apply.
Significant contribution to overcoming that problem will be provided by a new MA Module called “Real Estate Management (Land Law and Economy), which is to be established at the Civil Engineering Faculty, within the Geodesy Ward. September this year maximum 20 students will start the two-year studies on valuation of the real estate, which will include other relevant disciplines related to the market, law and economy with regard to real estate.
- The new MA Module is an outcome of the “Tempus” Project funded by the European Union, and implemented in cooperation with Sweden, Finland and Slovenia. The Project Manager was Professor Hans Makson from Sweden and the preparations lasted for two years – explains Miladinovic, underlining that the Study Course is unique in our country.
Throughout the Project implementation period, fifteen University professors from Serbia, the teachers-to-be for the MA Course “Real Estate Management”, attended a number of trainings, and the curriculum for the MA studies was precisely defined incorporating suggestions provided by the mentors from the three countries.
Although tailored to the Serbian needs, our MA Course will resemble the Swedish system with slight influence of the Finnish one. Students will have compulsory and optional topics, which are more than 30% of the overall curriculum, thus in full compliance with the Bologna Declaration. The teaching will bi provided by professors from the Civil Engineering Faculty, as well as from the faculties of Architecture, Law and Organizational Sciences.
The criterion for entering the Studies is a Bachelors Degree in geodesy. The Belgrade University is responsible for approving the number of students at the MA Studies, but according to Miladinovic, they will not accept more than 20 students.
- In two-year time, for the first time in Serbia and its neighborhood, we shall have experts trained in real estate market and its management. That includes the compulsory level of knowledge in the area of spatial planning, broader knowledge in the fields of urbanism, infrastructure, architecture, construction and, of course, the knowledge of the real estate market and its valuation. I assume that the last two areas of expertise will draw lot of attention, because the demand for experts in these fields will increase in future. The true function of real estate valuation has not yet been established properly – explains Mladenovic.
Serbia has its National Association of Valuators, which should become a member of the IVSC (International Valuation Standard Committee). However, Mladenovic says, there have been no activities, apart from two public statements on the issue.
Adoption of the Law on State Survey Real Estate Cadastre would highly contribute to the real estate valuation process. That would introduce real estate valuation at large scale, which should be the key event in this field, thus initiating the process of adoption of other rules and regulations in the field. Further steps include training of experts, establishment of the association of valuators and other relevant institutions.
- It is expected that the Republic Geodesy Institute in charge of drafting the Law, will establish a new department, which would need at least 50 experts.
The Geodesy Study Program there are two MA courses – geodesy and geoIT. The fees of the new course will be in compliance with other MA courses at Belgrade University, however the exact figures are not yet defined.
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