Institutional development of the real estate market in the Balkan region -State, challenges, perspective -

Abstract

The historical development of the real estate market in the Balkans is interesting from several aspects especially in the post-socialist period after the change of the political system and the abandonment of the socialism policy and the transition to a model of a market economy. The collapse of a dominant market with the prevailing social capital followed, new states were formed with new legal frameworks and began the development of institutions as the instruments of the real estate market. All this was followed the training of new staff and the introduction of certification and licensing instruments for professional real estate appraisers. The demands of the market are changing - instead of the typical socialist construction of buildings, a new modern way of constructing buildings is becoming prevalent. The newly formed Balkan countries make efforts to curb illegal construction by creating the institutional framework of a modern market economy, where investment in real estate as a form of capital has become more attractive and less risky for investors. The adoption of laws and by-laws in the field of spatial planning, real estate cadastre, real estate transactions, tax policy, and loan banking policy reversed the situation in the real estate market. The institutional framework has facilitated the development, increased security and created an environment that will speed up transaction procedures and help build an efficient real estate management system in the newly formed Balkan countries.