MASS VALUATION
According to international and European standards, mass valuation is defined as the process of determining the value of a property on a certain date, using standardized mathematical statistical methods on data from the property market being observed, as well as statistical examination of that data within the observed market.
The valuation process is carried out through the development of a property valuation model, which is determined according to the specifics of each individual property submarket on the territory of the Republic of Serbia and ensures uniformity and consistency in the valuation based on market principles.
The system of property mass valuation consists of four processes (components) that are being managed as the interconnected IT systems:
- Data acquisition
- Market data processing through verification, selection and analysis
- Definition of model for property valuation
- Calculating the property value
A byproduct of the property mass valuation model is the property price index. The property price index measures the market changes in the prices of apartments in the territory of the Republic of Serbia in a certain period in relation to the established reference (base) period. The property price index is created for the whole of Serbia and for 4 regions in two segments for each region - "new construction" (purchase from investors) and "old construction" (resale) and is updated quarterly. More detailed information about RGA indices can be found HERE.
Methodological approach is in accordance with international standards and best practice guidelines (International Association of Appraisal Officers - IAAO; Royal Institution of Chartered Surveyors - RICS; Eurostat).
Property valuation, in accordance with Article 149 of the Law on State Survey and Cadastre ("Official Gazette of RS", No. 72 of September 3rd, 2009, 18 of March 26th, 2010, 65 of July 25th, 2013, 15 of February 6th, 2015 - CC, 96 of November 26th, 2015, 47 of May 15th, 2017 - Authentic interpretation, 113 of December 17th, 2017 - Other law, 27 of April 6th, 2018 - Other law, 41 of May 31st, 2018 - Other law, 9 of February 4th, 2020 - Other law), is carried out by procedures and methods of property mass valuation.
