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New Law on Assessment of Value of Real Estate

2015-09

The new Law on Assessment of Value of Real Estate came into force in July 2015 (while Regulation on assessment of the value of the real estate expired). The law applies for assessment of the market value of real estate, their components, their accessories and other real estate rights.

The valuation of real estate is performed by the permanent court experts for real estate evaluation and permanent court assessors based on the instructions of the client and in accordance with the provisions of the Law. In order to valuate a real estate, the Law prescribes that the following methods should be used: comparative method, the revenue method and cost method, depending on the type of property.

Ministry in charge for Construction and Environmental Planning will establish and maintain an information system of the real estate market (eNekretnine) for the implementation of the Law and other regulations, which will compromise the collection of the sales prices (only available for registered users) and plan of the approximate values (available to everyone free of charge).

For the implementation of the Law, the available data may, upon written request, be obtained from: eNekretnine and the real estate sale documents which have been inserted in the collection of documents of the land registry.

It should be noted that the provisions of the Law will apply for the assessment of real estate values in the enforcement proceedings.

Authors

Picture of Tamara Jelic-Kazic
Tamara Jelić-Kazić
Partner
Zagreb