Comparative analysis of real estate property appraisal and property transactions in FYROM, Republic of Serbia, Republic of Montenegro and Bosnia and Hercegovina

Abstract

Historically, political past of all four countries (FYROM, Republic of Serbia, Republic of Montenegro and Bosnia and Hercegovina) as part of the Yugoslav Federation has created common legal and technical norms in the definition and administration of real estate. Real estate transactions in the federal system, and characteristics which are related to a predominantly planned economy and limited market effects, have been subordinated according to the registration rules through which each spatial entity acquires status of real estate property and rights upon the property. In that political status of the federation, valuation and cofactors implications on real estate value have not been considered as a crucial up to the moment of privatization of state capital. The period, known as transition, when the republics gained the independent status with separate political systems and specificities, each country independently has developed its system for property valuation further with its own characteristics, those system will be compared in this research. In order to establish a unique and recognizable approach in comparative analyses and to reduce the risks of targeted dependence on the factors on which the analyzes are based, analysis will be conducted on the bases of influential stakeholders in real estate market activities, the development periods with characteristics in accordance with the property market ambient in each country and the legal framework through which the legal-technical-technological-management guidelines in the administration of the real estate are regulated. In the newly established circumstances, the approaches to determining the value of real estate in each of the states whose statuses are compared have their own characteristics based on nationally established standards and their application, professional organizations through which they exercise and control the activities as well as the legal aspects for qualifying and licensing companies and individuals as legitimate enforcement agents in supporting the processes for property appraisal. Data acquisition will be conducted through a survey in each country, the relevant statuses will be provided and systems similarities and contrasts in any aspect at each of the indicated comparison sites will be established.