Real Estate

08 May 2024

Are Architects Receiving the Credit They Are Entitled To?

Introduction Serbia’s real estate sector has become a notable part of the economy, accounting for 5.5% of the GDP.  Moreover, the economic slowdown has not affected the sector significantly.  In fact, new developments are on the rise, continuously changing communities and lifestyles.  Although investors clearly are fueling this expansion, the architects often are not acknowledged sufficiently.  This article focuses on their role in the construction boom, exploring the level of recognition they receive and the protection of their intellectual property rights. Adherence and Integrity of Design for Architects Architects are central to the compliance and design integrity of construction projects.  […]

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18 Mar 2024

Gecić Law Supports Landmark Investment of JFE Shoji in Serbia

Gecić Law is delighted to announce its successful role as the legal counsel supporting JFE Shoji Corporation and its Serbian affiliate (“JFE Shoji”) in a significant greenfield investment in Serbia.  This involved the acquisition of a 10-hectare land plot in the prime industrial zone of Indjija.  The investor will construct a cutting-edge production plant in this location, that will serve as headquarters for JFE Shoji’s European operations.  The foundation stone laying ceremony for this ambitious Japanese investment took place on March 18, 2024. With an investment of 50 million euros, this pivotal project marks a major milestone for JFE Shoji […]

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05 Apr 2023

Real Estate Development Guide Launched

The Novaston Real Estate platform and Gecić Law presented yesterday the unique publication Real Estate Development Guide, which results from the collaboration between the specialist teams of the two firms.  The guide aims to help investors interested in real estate developers understand the process of investing in real estate based on the example of an office space construction project.  It covers all process stages and offers a comprehensive overview of its requirements, including commercial and legal aspects.  The guide is designed for domestic and foreign investors but is a useful tool for all those interested in the real estate market. During their interesting […]

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17 Mar 2023

Our Senior Associate Miloš Petaković on Bloomberg Adria

Our Senior Associate Miloš Petaković had a live guest appearance in the afternoon Zoom In program on Bloomberg Adria TV last week. As part of a panel of experts, he was invited to comment on the new proposal to amend and supplement the Serbian Planning and Construction Act and clarify the proposed changes, mainly as they apply to businesses and the economy. Miloš explained the importance of the changes in the treatment of land conversion and related charges.  These are set to resolve a long-standing issue that has been an obstacle for many businesses.  The changes are expected to open new […]

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24 Feb 2023

Tackling Energy Inefficiency of Old Buildings With The Help of International Lenders

The energy crisis and rising costs are not the primary driver but have certainly accelerated discussions on energy sustainability.  Responsible companies and real estate developers are already implementing construction strategies that enable energy sustainability and qualify for certificates such are LEED and BREEM.  As the market is turning greener, real estate developers are motivated to do so: it increases the demand, secures financing, and provides an overall better company image. But what about old buildings? Either built before there was awareness of the need for energy savings or just losing the battle with time, old buildings maintain energy spillage, which […]

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21 Oct 2022

Investing in the real estate market in the Republic of Serbia

Continuing our series on opportunities for investment in Serbia, we discuss the real estate sector.  Historically, countries have been reluctant to allow foreigners to acquire real estate. In the past, real estate (primarily lands) symbolized its owners’ power, and today apartments, buildings, houses, properties, mines, and fields have significant worth. Nevertheless, globalization has increased the dynamics of “international” real estate trade. Real estate has thus become an important segment in international investment, both as a secondary part of the project (leasing or even buying space for the investors’ regular business operations) and as the very purpose of the investment (real […]

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27 Sep 2021

China sends shockwaves across global markets

China again demonstrated the potential of its impact on the global economy as its actions and signals sent ripples through world markets last week. China’s central bank reiterated last Friday that all cryptocurrency-related transactions are illegal and will be outlawed, delivering the clearest signal yet of the country’s determination to crack down on the industry to “preserve economic, financial and social order”. The move comes after Chinese authorities banned cryptocurrency mining earlier this year. Chinese authorities have said they will coordinate their efforts to ensure the end of cryptocurrency trading.  The People’s Bank of China stated that cryptocurrencies may not […]

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23 Oct 2015

Conversion of Right of Use Into Ownership Right

As of July 28, 2015, a relatively new piece of real estate legislation, regulating conversion of right of use into ownership right on construction land, came into force (the “Conversion Act”). The Conversion Act creates possibility for certain, strictly itemized entities (e.g. privatized entities, holders of right of use on the land previously acquired for specific development, sport organizations, public enterprises, entities subject to bilateral succession treaties) to convert right of use into ownership right in exchange for compensation fee payment. Such fee equals the market value of the land, providing that holders are registered with the Real Estate Cadaster […]

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05 Oct 2015

Recent Developments in Serbian Mortgage Law

On July 7, 2015, the long awaited amendments to Serbia’s 2005 Mortgage Act have been adopted.  The amendments brought several important changes, primarily aimed at increasing the efficacy of the foreclosure proceedings, but also at eliminating some provisions shown to be obsolete.  The following is a brief overview of the aforementioned key amendments. In terms of mortgage creation, one rather simple improvement is that the person having the direct possession of the real estate is no longer required to give its written statement agreeing with establishing the mortgage over the respective real estate.  This should make the procedure of creating […]

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