Nearly 2,200 conversion requests have been submitted by companies thus far. Half of these individuals intend to invest in the respective locations, while a third are in the process of acquiring ownership of construction land. Additionally, 11% are planning to sell plots, as per NALED’s research presented at the Association for Property and Investments meeting.
Among those surveyed who expressed intentions for new investments on this land, two-thirds (66%) plan to allocate resources towards production and energy facilities, as well as storage spaces. Furthermore, one in four intends to develop residential and commercial buildings.
Jasmina Radovanović, NALED’s leading advisor for property and investments, reports that within the eight months since the amendments to the Law on Planning and Construction came into effect, 2,169 requests for conversion without compensation have been submitted, with positive decisions reached for over half of them.
“For over a decade, while conversion with a fee was in place, numerous hectares of construction land remained practically untapped, hindering investments and resulting in diminished revenue for the budget and fewer job opportunities,” remarks Jasmina Radovanović. “Regarding developments in the construction sector over the past year, statistics on issued construction permits indicate a relatively modest year-on-year growth of 1.4%.”
A third of the surveyed companies anticipate that their post-conversion investments will range between 500,000 to 1 million euros, with one in every five intending to invest between 1 million to 5 million euros. Additionally, 17% state intentions to invest over 5 million euros post-conversion. The research also indicates that the average area of construction land subject to conversion requests is 3.5 hectares, with planned investments totaling 88 million euros for approximately 1.2 million square meters of construction land.
“We have successfully completed the conversion procedure without compensation and have commenced a solar panel installation project, for which we are in the process of obtaining a building permit. This will result in significant energy savings,” highlighted Aleksandar Vujošević, director of the legal department at Neoplanta. “The business community is also very pleased; this presents an opportunity for further development.”
