neophodna disciplina i konstituisanje berze nekretnina

stručni prilozi
UDK 336.76:347.235
Prof. dr Vuk Ognjanović*
NEOPHODNA
DISCIPLINA I
KONSTITUISANJE
BERZE
NEKRETNINA
Rezime
Resursi na sektoru nekretnina su ozbiljan faktor u razvoju ekonomije Srbije. Otuda i visok
javni interes za utemeljenje dobre prakse, zakonodavnih okvira i institucija za pozitivan
razvoj tržišta nekretnina. S tim ciljem, između ostalog, neophodan je i savremen/moderan,
te po najboljim standardima uređen Zakon o posredovanju u prometu nekretnina. Njegova
koncepcija imala bi za cilj da uspostavi obligacionu sigurnost, da inauguriše nosioce
odgovornosti za zbivanja u prometu i evidenciji poreskih obaveza po osnovu prometa
nepokretnosti, te da konstituiše mehanizme i instrumente kojima se jača i unapređuje
struktura i koherentnost funkcionisanja glavnih institucija na tržištu. Pre svega, sistema
odgovornosti u prometovanju nepokretnosti, te sistema informisanja i berze nekretnina.
*
Fakultet za menadžment nekretnina
profesorognjanovic@hotmail.com
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Ključne reči: tržište nekretnina, interesi, agencije kao dilersko-brokerska društva,
menadžeri nekretnina, informisanje, berza, fondovi nekretnina, hipotekarni banke i
hipotekarni krediti
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expert contributions
UDC 336.76:347.235
Professor Vuk Ognjanović PhD*
NECESSITY OF
DISCIPLINE AND
REAL ESTATE
EXCHANGE
Summary
Resources in the real estate sector constitute a significant factor for the development
of the Serbian economy. Hence the considerable public interest in establishing a sound
practice, legal frameworks and institutions in order to facilitate positive development of
the real estate market. To this end, among other things, it is necessary to have a modern
Law on Intermediation in Real Estate Trade, prepared according to the best standards. Its
concept would aim at establishing obligation safety, inaugurating who is to be responsible
for real estate trade and the records of tax obligations in respect of real estate trade, and
constituting the mechanisms and instruments for strengthening and enhancing the
structure and coherence of the main market institutions. Above all, this refers to the system
of responsibility in real estate trade, information system and real estate exchange.
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Key words: real estate market, interests, agencies in the capacity of broker-dealer
companies, real estate managers, communication, real estate exchange, real estate funds,
mortgage banks and mortgage loans
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* Faculty of Real Estate Management
profesorognjanovic@hotmail.com
P
olje ekonomije (i filozofije) nekretnina je
istovremeno i uzbudljiva i kontroverzna
ideologija. Kada kažete: nekretnina je
deo zemljine površine sa graditeljstvom i svim
onim što je s njom trajno povezano na površini
i u dubini njenoj (ili ispod njene površine), kao
da govorite o arhitekturi i sudbini čovekovog
večnog stvaranja i (nepostojanog) bivstvovanja.
I zato je, razumevanje strukture i celine
vrednosti nekretnina, ozbiljna i odgovorna
profesija, tj. naučna disciplina. Zapravo, nije
jednostavno razumeti vrednost stvari koje
identifikujemo kao nepokretnosti, tj. stvari
koje ne mogu menjati položaj u prostoru ili
se premeštati s jednog na drugo mesto, a
da se pritom ne uništi njihova suština ili ne
promeni njihova struktura. Uostalom, nikad
nije bilo lako razumevanje fenomena kao što su:
zemlja, zemljište, vlasništvo, prostor, te granica
između formalno-pravnog jedinstva nekretnina
i apsolutnih prava prema trećim licima (contra
omnes). U biti, to je jeste razumevanje same
suštine ekonomskog sistema koji bi uvek
morao biti u funkciji stvaranja preduslova za
racionalno korišćenje ograničenih raspoloživih
resursa za održiv društveni, socijalno i moralno
sadržajan ekonomski razvoj.
Nekretnine su uvek bile (i ostale) najbolja
investiija. Bilo da u njih ulažemo radi
ostvarivanja dobiti, bilo da rešavamo stambeno
pitanje. Smisao investiranja u nekretnine, vrlo
često, ima u sebi socijalno izvorište, tj. socijalne
sadržaje. Kupovina prvog stana je vrednost
koju sanjaju mladi i čije se zadovoljstvo oseti
samo jednom u životu.
Jednostavno, nekretnine su sigurne kod
ulaganja na duži rok, a i realnije su od ulaganja
u štednju i hartije od vrednosti. Ulaganja u
nekretnine podjednako privlače pojedince
i privredne jedinice - firme. Posebna im je
karakteristika, što pokazuju postojanost i
otpornost na mnoge društveno-političke i
privredno-finansijske promene i režime.
1. Stanje i otvorena pitanja na
tržištu
Tržište nekretnina je splet ozbiljnih
konsideracija povodom ponude i potražnje
nepokretnosti na tržištu, te bankarskih usluga
(i kredita) po osnovu i povodom nepokretnosti.
Ovi odnosi deluju stalno/kontinuirano. Tržište
nekretnina je specifično i zbog toga, što se
svaka pojedina nekretnina tretira kao zasebna,
neponovljiva i jedinstvena celina, odnosno
što je nekretnina uvek celina na jedinstvenoj
lokaciji.
Tržište nekretnina je oduvek i svuda, najbolji
odraz stanja u društvu. U tom kontekstu,
ono se, zbog nekih posebnih karakteristika
ozbiljno razlikuje od svih ostalih - postojećih
tržišta. Pre svega, zbog kontroverznih pristupa
pri utvrđivanju vrednosti nekretnina, zbog
visokog prisustva regulatornih - državnih
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he field of economy (and philosophy)
of real estate is, at the same time, an
exciting and controversial ideology.
When one says that real estate is a piece of
land with the buildings and everything else
permanently connected to it, both on the ground
and below it, it is like you are talking about the
architecture and destiny of the eternal creation
and (volatile) existence of the Mankind. And
that is why understanding the structure and full
value of real estate is a serious and responsible
profession, i.e. scientific discipline. In fact, it is
not simple to understand the value of items we
identify as immovable, i.e. items that cannot
change their position in space or be removed
from one place to another, without their
essence being ruined or their structure altered.
Besides, it has never been easy to comprehend
the phenomena such as: the Earth, land,
ownership, space, and the border line between
the formally-legal unity of real estate and the
absolute rights toward the third parties (contra
omnes). In essence, it implies understanding
the very core of the economic system which
would have to perform a permanent function
of creating the preconditions for the rational
usage of the limited resources available for the
sustainable social and economical development,
socially and morally substantiated.
Real estate has always been (and still are)
the best investment, regardless of whether we
invest in them to yield profit, or to provide
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housing. The purpose of investing in real
estate is, very o�en, related to the social aspect,
i.e. bears social implications. The purchase of
the first flat is something young people dream
about, and the satisfaction in that respect can be
experienced only once in a life time.
Simply, real estate is a safe form of long-term
investment, and is more real than investment in
savings and securities. Real estate investments
are equally a�ractive for individuals and legal
entities - companies. Their special characteristic
is that they tend to be robust and resistant to
many social-political and economic-financial
changes and regimes.
1. Situation at the Market and some
Open Relevant Issues
Real estate market is a network of serious
considerations in respect of supply and
demand of the real estate at the market, along
with the banking services (and credits) related
to immovable assets. These relations are
permanent/continuous. Real estate market is
also specific because each individual real estate
is treated as a separate, inimitable, unique
entity, or because real estate is always an entity
on a particular location.
Real estate market is always and everywhere
the best indicator of the situation in a country.
In that respect, due to its special characteristics,
it is significantly different from all the other
uticaja, te zbog mentalnog odnosa ljudi prema
nekretninama.
Resursi sektora nekretnina su ozbiljan faktor
razvoja ekonomije na teritoriji Srbije. Uostalom,
i u aktuelnoj svetskoj hipotekarnoj, finansijskoj
i privrednoj krizi, to tržište pokazuje zavidan
potencijal i primerenu vitalnost.
1.1. U oblasti nekretnina u nas, dominiraju
najmanje tri (glavna) problema: neodgovornost
u rukovanju i upravljanju zemljištem, odnosno
neracionalno korišćenje raspoloživih i, treba
podvući, ograničenih resursa (1), neregularan
sistem evidentiranja promena u strukturi
stvarnih prava nad nekretninama (2), te
pravi nered u prometovanju nekretnina, a i
u (neblagovremenom) izmirivanju poreskih
obaveza po osnovu kupovine i prodaje
nepokretnosti (3).
Pored toga, neki od problema na tržištu
nekretnina postaju dramatični. Recimo,
sudbina nekih vitalnih delova javne imovine
i građevinskog zemljišta, pojave krajnje
nepoštene i netržišne utakmice, odsustvo
dobrih poslovnih običaja, izbegavanje plaćanja
naknada/poreza po osnovu prometa i promene
vlasništva nekretnina, voluntarizam u naplati
provizija za posredovanje, nepostojanje
instrumenata osiguranja od odgovornosti,
izostanak propisanih uslova poslovanja, a
i propisanih uslova za dobijanje licence za
posredovanje u prometu, nemanje obaveze
vođenja registra ovlašćenih posrednika i
ovlašćenih menadžera nekretnina, posrednički
ugovor nije formalno - pravno inaugurisan,
nadzor nad radom posrednika u prometu
nekretnina nije dosledno regulisan i
identifikovan, i dr.
1.2. Međutim, i u prisustvu mnogih teškoća,
mora se priznati, tržište nekretnina u Srbiji se
predstavlja kao pravo tržište u razvoju (u
usponu). Pomenimo neke pokazatelje koji to
jasno potvrđuju i identifikuju.
Osnovan je Fakultet za menadžment
nekretnina (jedini u regionu i jedan od
retkih u Evropi). Oko 13.000 “preduzeća”
ima registrovane poslove s nekretninama. U
sektoru nekretnina se stvara (prema nekim
uverljivim procenama) oko 15% društvenog
bruto proizvoda. Osnovana je Nacionalna
korporacija za osiguranje stambenih kredita.
U Budžetu Srbije se predviđaju kontigenti
sredstava za subvencioniranje stambenih
kredita, odnosno za sufinansiranje stambene
izgradnje (po ugledu na švedski “Postsparen”).
Donesen je Zakon o hipoteci. Jedan broj
poslovnih banaka univerzalnog tipa, je otvorio
ili otvara program hipotekarnih kredita.
Konstituisan je (pre tri godine) Međunarodni
sajam nekretnina u Beogradu - BelRe, na kome
se formira ponuda nekretnina, zemljišta, ideja,
investicionih projekata i konsultanskih usluga.
Srbija, odnosno njene kompanije i lokalne
zajednice, - opštine, učestvuju na prestižnim
sajmovima nekretnina u Evropi, kao u Kanu
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existing markets. First and foremost, this is due
to the controversial approaches to real estate
valuation, due to the high level of regulatory
- state influence, and the mental a�itude of
people towards real estate.
Real estate sector resources are a significant
factor of the economic development in Serbia.
Besides, even in the current global mortgage,
financial and economic crisis, this market still
shows an enviable potential and appropriate
vitality.
1.1. The real estate sector in Serbia has
at least three (predominant) problems: (1)
irresponsible land management and handling,
i.e. irrational usage of the available, and, it
should be emphasized, limited resources, (2)
irregular system of recording changes in the
structure of true real estate rights, and (3) a
terrible mess in the real estate trade, and in
the (untimely) se�lement of tax obligations in
respect of real estate sales and purchases.
Apart from this, some of the problems at
the real estate market are becoming dramatic.
For instance, the fate of some vital segments
of the public property and construction land,
emergence of u�erly unfair and non-market
competition, absence of good business
practices, evasion of fees/taxes in respect of
real estate trade and transfer of ownership,
voluntarism in intermediation fees payments,
absence of liability insurance instruments,
lack of regulated business conditions, and
regulatory requirements for obtaining a trade
intermediation license, the fact that the register
of authorized intermediators and authorized
real estate managers is not mandatory, that
the intermediation contract is not formally and
legally inaugurated, that the supervision over
the intermediators in real estate trade is not
consistently regulated and defined, etc.
1.2. However, despite the numerous
difficulties, the real estate market in Serbia is,
admi�edly, a proper emerging market. Let us
mention some of the indicators which clearly
confirm this statement.
The Faculty for Real Estate Management
has been established (the only of its kind
in the region and one of a few in Europe).
Around 13,000 ‘enterprises’ conduct registered
operations in respect of real estate. The real
estate sector generates (according to some
convincing estimations) about 15% of the GDP.
The National Corporation for Housing Loans
Insurance has also been established. Within
the budget of the Republic of Serbia certain
amounts of funds have been earmarked
for subsidizing housing loans, and for cofinancing housing construction (following
the Swedish ‘Postsparen’ model). The Law on
Mortgage has been adopted. Some universal
type commercial banks have launched or are
in the middle of launching the mortgage loans
program. The International Real Estate Fair in
Belgrade - BelRe was established (three years
ago), within which the demand for real estate,
land, ideas, investment projects and consulting
services is formed. Serbia, i.e. its companies and
local communities - municipalities, take part in
the prestigious real estate fairs in Europe, such
as MAPIK in Cannes (which is particularly
famous for its retail chain investors),and Real
Vienna in Vienna - (at which construction land
is offered, models of the completed facilities
exhibited, etc.). Two associations of real estate
trade intermediators have been established
in Belgrade on a ‘self-regulatory’ principle.
Foreigners are already present in our market: a
British company launched the Belgrade Pioneer
Investment and Real Estate Fund, whereas
a Finnish and a Latvian so�ware company
announced that they have International Portals
for purchasing, selling, and renting real estate
and online user applications in Belgrade.
In addition, the Internet presentations of
cadastre municipalities are in the pipeline (all
municipalities are expected to have them by
the end of 2010). Emerging Markets Group
(EMG) organized four annual conferences on
real estate market in Southeast Europe. The
International Real Estate Belgrade Exhibition
and Conference - RE-BEC has recently been
held in Belgrade.
It is obvious that the real estate market is
budding. There are more and more institutions
and mechanisms creating and provoking the
conditions for the development of economy
and the proper content of real estate market.
The behaviour of the Serbian real estate
market in the times of the current, global
financial and mortgage crisis is quite interesting
(and worthy of a serious analysis). It was
expected, as everywhere else in the world,
2. Prioriteti na uređivanju sistema
Imajući u vidu prisutne probleme,
stvarna događanja na tržištu nekretnina u
nas, te i ispoljene slabosti s jedne, a i neke
(predstavljene) signale buđenja evidentnih
potencijala tržišta nekretnina, s druge strane,
očigledno su potrebne hitne mere i ozbiljno
reformisanje sistema.
2.1. Pre svega, u aktuelnoj, i vrlo složenoj fazi
razvoja tržišta nekretnina u Srbiji, neophodno
je hitno uspostavljanje adekvatnog sistema,
odnosno odgovarajuće discipline i stroge
kontrole na tržištu.
S tim ciljem, treba inaugurisati društveno
odgovorno zakonodavstvo, a i izvršiti pravi
izbor akcija i mehanizama za racionalno
funkcionisanje tržišta. Cilj bi bio, da se ne plati
skupa cena, tj. da se ne ponavljaju greške koje
su u razvoju tržišta nekretnina i tržišta kapitala
u celini, učinile druge zemlje u razvoju (i zemlje
u regionu posebno).
Jednostavno, potrebne su zrele i proverene
strategije u izgrađivanju sistema. Odnosno,
neophodan
je
racionalan
regulatorni
mehanizam, odgovorne institucije i efikasni
instrumenti na tržištu. Naravno, potrebna
je i rehabilitacija etičkih principa, tj. etičkog
kodeksa u poslovanju s nekretninama na
tržištu.
2.2. Tržištu nekretnina je najpre neophodan
adekvatan/relevantan pravni i ekonomskofinansijski okvir. U tom poslu, treba koristiti
najbolja iskustva na uređivanju kompleksnog
tržišta nepokretnosti u razvijenim zemljama
i zemljama u razvoju. Te posebno, iskustva
zemalja u regionu, zbog značaja koje na praksu
i prirodu nekretnina imaju fenomeni lokacije i
udaljenosti.
U kontekstu ovih ciljeva, treba potencirati
pristup koji naglašava hitnu potrebu da se
otvoreni problemi na sektoru nekretnina
u javnom i privatnom vlasništvu, odnosno
na području posredovanja u prometu
nepokretnosti, počnu rešavati putem dobro
pripremljene, odgovorne (i hitne) procedure za
donošenje dva suštinski bitna Zakona: Zakona
o javnoj svojini i Zakona o posredovanju
u prometu nekretnina. Zapravo, ta dva
mehanizma su u središtu složene i kontroverzne
strukture interesa svih relevantnih učesnika na
tržištu nepokretnosti (države kao nalogodavca
i regulatora, odnosno prodavaca, posrednika i
kupaca).
Zakonom o javnoj svojini, uredila bi se
institucija javne svojine, odnosno i pitanja kao
što su: ko može sve imati javnu svojinu i, po
tom osnovu, druga imovinska i stvarna prava
(Republike, autonomne pokrajine, opštine), a
zatim i pitanja vršenja svojinskih ovlašćenja
koja im pripadaju. Istovremeno, odredbama
ovog Zakona, što je posebno važno, uredila
bi se i prava na prirodnim bogatstvima, te i
procedure uspostavljanja prava svojine uopšte.
Naravno, Zakonom bi se procesuirala i druga
područja relevantna za funkcionisanje javne
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- na MAPIKu (koji je posebno poznat po
investitorima za maloprodajne lance), u Beču
- Real Viena (tu se nudi zemljište za gradnju,
makete gotovih objekata i dr.). U Beogradu
su “samoregulativom” konstituisana dva
udruženja posrednika u prometu nekretnina.
Stranci su već prisutni na našem tržištu: jedna
britanaska firma je pokrenula Beogradski
pionirski fond za investicije u nekretnine,
a jedna finska i jedna letonska so�verska
kompanija objavile su da imaju Internacionalne
Portale namenjene kupovini, prodaji, te
zakupu nekretnina i onlajn korisničkih
aplikacija u Beogradu. Pored toga, počinje
izlaganje katastarskih opština na internetu
(sve opštine, očekuje se imaće to do kraja 2010.
godine). U organizaciji EMG održane su četiri
godišnje konferencije o tržištu nekretnina u
jugoistočnoj Evropi. Nedavno je u Beogradu
održan Međunarodni sajam i konferencija o
nekretninama - RE-BEC (Real Estate Belgrade
Exhibition and Conference).
Očigledno, tržište nekretnina se budi.
Niču institucije i mehanizmi koji “stvaraju” i
provociraju “temperature” za razvoj ekonomije
i pravog sadržaja tržišta nekretnina.
Zanimljivo je, (za ozbiljnu analizu je),
ponašanje našeg tržišta nekretnina u aktuelnoj
svetskoj finansijskoj i hipotekarnoj krizi.
Očekivalo se naime, kao i svugde, da dođe do
(prirodnog) pada cena nekretnina. Međutim, to
se samo delimično, i skoro beznačajno desilo.
Glavno obeležje je ipak bilo karakteristično po
tome, što je “ostvaren” dramatičan pad prodaje,
i po tom osnovu druge nepovoljne posledice!?
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that the real estate prices will (naturally) drop.
However, this happened only partially and
to an almost insignificant extent. The main
characteristic was that there was a radical
decrease in the volume of sales, along with some
other related unfavourable consequences.
2. Priorities in System Organization
Bearing in mind the existing problems,
the events occurring in the Serbian real
estate market, the revealed weaknesses of the
market on the one hand, and some (presented)
indications of the evident rising potential of the
real estate market on the other hand, it becomes
obvious that some urgent measures and a
serious reform of the system are needed.
2.1. First and foremost, in the current,
very complex stage of development of the
Serbian real estate market, it is necessary to
urgently establish the adequate system, i.e.
the appropriate discipline and strict market
supervision.
To this end, socially responsible legislature
needs to be inaugurated, and the right choice
of actions and mechanisms made in order
to provide the rational market functioning.
The objective would be to avoid introducing
reforms at all cost, i.e. to avoid repeating the
mistakes that some other developing countries
(particularly the countries in the region) have
made during the development of their real
estate markets and capital markets overall.
To put it simply, what is needed are
mature and verified strategies for the system
restructuring. In other words, it is necessary
to have a rational regulatory mechanism,
responsible institutions and efficient market
instruments. Naturally, it is also required to
rehabilitate the ethical principles, i.e. the code
of ethics in the real estate market operations.
2.2. Essentially, the real estate market needs
an adequate/relevant, legal and economicfinancial framework. To this end, the best
experiences in respect of restructuring the
complex real estate markets should be borrowed
from the developed and emerging economies,
and, especially, from the countries in the region,
due to the importance that location and distance
have for the practice and nature of real estate.
What should be insisted upon in the context
of these objectives is the approach emphasizing
the urgent need to start solving the open
problems of the public and private ownership
in real estate sector, and in the field of real
estate trade intermediation, by means of wellprepared, reliable (and urgent) procedure for
adoption of the two essentially important laws:
the Law on Public Property and the Law on
Real Estate Trade Intermediation. In fact, these
two mechanisms are in the centre of a complex
and controversial structure of interests of all
relevant stakeholders in the real estate market
(the Government as the instructing party
and regulator, on the one hand, and sellers,
intermediators and buyers on the other).
The Law on Public Property would regulate
the institute of public property, in particular
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svojine i stvarnih prava po osnovu svojine.
Zakon o posredovanju u prometu
nepokretnosti provocira više projekcija tržišta
nekretnina, odnosno više relevantnih polja
na sektoru usluga. Između ostalog, ovde su u
pažnji i finansijski aranžmani, finansijsko tržište
i njegove institucije, te bankarski potencijali
povdom i na osnovu prometa nekretnina u
celini.
Analizirajmo
moguću
strukturu
elemenata Zakona o posredovanju u prometu
nepokretnosti.
3. Šta bi mogli biti ključni ciljevi
Zakona
Koncepcija za pripremu podloga za Zakon o
posredovanju u prometu nepokretnosti, morala
bi da predpostavi nekoliko važnih ciljeva.
3.1. Realno, nesporni su sledeći ciljevi:
• uspostavljanje pune pravne i obligacione
sigurnosti na tržištu nekretnina,
• identifikacija nosioca odgovornosti za
celinu zbivanja u prometu nepokretnosti,
odnosno jasnih odgovornosti i pravila za
posredovanje u prometu nepokretnosti, te
propisivanje jasnih, strogih i transparentnih
uslova za sticanje ovlašćenja za poslovanje
s nekretninama, kao i nadležnost organa za
kontrolu prometa nepokretnosti,
• utemeljiti standarde po kojima je upravljanje
poslovima i posredovanje u prometu
nekretnina, pre svega profesija, koju mogu
obavljati edukovani menadžeri nekretnina,
odnosno lica sa položenim stručnim ispitom
- licencom za posredovanje u prometu
nepokretnosti,
• konstituisati mehanizme i instrumente
kojima se jača i unapređuje struktura
i koherentnost funkcionisanja glavnih
institucija na tržištu, i to: baze podataka,
sistema informisanja i berze nekretnina,
• otvoriti mogućnost za konstituisanje
“novih proizvoda” na tržištu nekretnina,
i to: investicionih fondova nekretnina
(REITS) kao garancijskih fondova ne samo
za održanje i očuvanje, već i za povećanje
vrednosti kapitala, tj. vrednosti i potencijala
tržišta nekretnina u celini.
3.2.
Predlog
Koncepcije
takođe
podrazumeva, pozitivno sadejstvo procedura
na donošenju drugih srodnih/relevantnih
propisa kao što su: Zakon o javnoj svojini,
Zakon o denacionalizaciji, Propisa o gradskom
građevinskom zemljištu, Zakon o planiranju i
izgradnji, propisi o očuvanju kulturnih dobara i
o zaštiti prirodne okoline, Zakona o sprečavanju
pranja novca i dr.
Kontekst međuzavisnosti i sadejstva
formalno pravnih okvira, upozorava na dva
bitna pitanja. Najpre, na potrebu efikasne
koordinacije nadležnih organa, tela i institucija,
radi komplementarnosti celine zakonskih rešenja
u funkciji efektivnosti sprovođenja propisa za
bankarstvo 9 - �� ����
Kragujevac
��
the issues such as: who has the right to public
property, along with other ownership and real
rights in this respect (republic, autonomous
provinces, municipalities), and also the issue
of exercising the ownership rights they are
entitled to. At the same time, the provisions of
this Law, which is particularly important, would
regulate the rights over natural resources, and
the procedures of establishing the ownership
rights in general. Naturally, the Law would
also address some other fields relevant to the
proper functioning of public property and the
real rights in respect of that property.
The Law on Real Estate Trade Intermediation
provokes several real estate market components,
i.e. several fields relevant to the sector of
services. Among other things, the focus here is
on financial arrangements, financial market and
its institutions, as well as the banking potentials
in respect of and based on real estate trade in
general.
Let us analyze a possible structure of
elements of the Law on Real Estate Trade
Intermediation.
bankarstvo 9 - �� ����
3. What are the Possible Key
Objectives of the Law
��
The concept for the preparation of the Law
on Real Estate Trade Intermediation should
pursue several very important objectives.
3.1. In reality, the following objectives are
beyond any doubt:
• Establishing a full legal and obligation safety
at the real estate market;
• Identifying who is to be responsible for the
entire functioning of the real estate trade,
that is defining clear responsibilities and
rules for real estate intermediation, as well
as prescribing clear, strict and transparent
regulatory preconditions for obtaining
a permission to perform real estate
operations, along with determining the
scope of authority of supervisory bodies in
the real estate trade;
• Se�ing the standards according to which
real estate operations management and
intermediation are, above all, professions
that can be performed only by trained real
estate managers, i.e. persons who have
passed the expert exam - and have a license
for real estate intermediation;
• Constituting
the
mechanisms
and
instruments for strengthening and
enhancing the structure and coherence of
functioning of the main market institutions,
in particular: the database, IT system, and
real estate exchange;
• Creating an opportunity for the ‘new
products’ to be formed at the real estate
market, such as: real estate investment
funds (REITS) as guarantee funds not only
for maintaining and preserving, but also
for increasing the value of capital, i.e. value
and potential of the real estate market in
general.
3.2. The proposal of the Concept also
includes the positive synergy of the procedures
for adoption of some other related/relevant
laws and regulations, such as: the Law on
Public Property, the Law on Denationalization,
the Rules on City Construction Land, the
Law on Planning and Construction, the
Rules on Cultural Heritage Preservation and
Environmental Protection, the Law on AntiMoney Laundering, etc.
The context of interdependence and synergy
of legal frameworks raises two important
issues. First, it emphasizes the need for
efficient coordination of competent authorities,
bodies and institutions, in order to provide a
complementary whole of legal decisions with
a view to effectively implementing the rules for
solving the situation at the real estate market in
general. It also indicates the need for a�entive
approach to the decisions already present in
certain proposals (and dra�s) of laws and other
regulations (for instance, one should not agree,
for several vital and developmental reasons,
to the proposed decision on amendments to
the Planning and Construction Law, stating
that foreign investors - natural persons and
legal entities, instead of using the good, old,
historically and morally verified institution
of rent for 99 years maximum, may now also
purchase and register to their name both
agricultural and construction land).
4. Real Estate Exchange in the Core
of the System
The problem analysis of the situation at
4. Berza nekretnina u središtu
sistema
Problemska analiza stanja na tržištu
nekretnina u nas, realno ukazuje na pravce
delovanja i prioritete rešavanja pitanja. Zapravo,
u takvom analitičkom i kritičkom kontekstu
i treba tretirati izbor elemenata za Zakon o
posredovanju, na kojima i sa kojima je realno
moguće utemeljiti sistem koji efikasno uređuje
imovinske i obligacione odnose i odgovornosti
na tržištu nekretnina.
Koncepciji zakona o posredovanju u prometu
nepokretnosti, neophodno je, između ostalog,
najmanje pet bitnih rešenja i identifikacija.
Prvo. Ugovor o posredovanju bi morao imati
prerogative čvrstih i jasnih formalno pravnih
odgovornosti i odredbi, koje u najboljoj tradiciji
prirodnog prava štite interese nalogodavca,
posrednika i kupca. Praksu poslova bez
zaključenja ugovora, te ugovora bez ikakave
dokumentacije, treba sasvim isključiti. Promet
bez pravno valjanih ugovora zaključenih u
skladu s Zakonom o posredovanju u prometu,
morao bi biti strogo sankcionisan (oduzimanje
licence za posredovanje agenata i agencija,
visoke poreske sankcije i dažbine, osude
Komorskog suda časti).
Drugo. Agencije za posredovanje u
prometu nekretnina, treba konstituisati kao
specijalizovana privredna društva, koja jedino
imaju pravo da se bave posredovanjem u
prometu na tržištu nekretnina. Ona bi imala
prerogative i odgovornosti brokersko - dilerskih
društava na tržištu nekretnina.
Da bi dobila ovlašćenja za posredovanje u
prometu nepokretnosti, da bi bila registrovana,
društva bi morala ispuniti stroge zahteve
regulatora: da poseduju odgovarajuće
poslovne prostorije, da obezbede tehničke
uslove - kompjuterski blok, da imaju najmanje
jednog zaposlenog s licencom menadžera
(agenta) nekretnina, odnosno najmanje jednog
zaposlenog s advokatskim ili sudskim ispitom,
da uplate propisanu sumu osiguranja za
eventualne štete iz posredovanja i dr.
Pored agencija, i advokatske kancelarije
bi se mogle baviti posredovanjem u prometu
nepokretnosti, ali samo ako se registruju
za tu delatnost, odnosno ako ispune sve
propisane uslove za rad na tržištu nekretnina
(između ostalog da zaposle najmanje jednog
menadžera nekretnina, da uplate propisani
iznos osiguranja i dr.).
Treće. Sve agencije za posredovanje u
prometu, koje dobiju odobrenje za rad, bile
bi obavezne da se upišu u članstvo Privredne
komore Srbije.
U Privrednoj komori se konstituše
jedinstveno udruženje ovlašćenih posrednika
(agencija) za promet nekretnina. Udruženje
ima za zadatak: da vodi Registar ovlašćenih
posrednika, da na osnovu kopija ugovora o
posredovanju, odnosno ugovora o prodaji i
kupovini koje dostavljaju agencije - članice
Udruženja, “organizuje” i formira odgovarajuću
bazu podataka i informacija o ponudi i potražnji
nekretnina, tj. so�versku aplikaciju koja bi
obezbeđivala centralizovanu bazu podataka
za berzu nekretnina.
Berza nekretnina bi bila vodeća institucija,
odnosno institucija koja ima mogućnosti da
se ozbiljno i odgovorno angažuje na uvođenju
reda na domaćem tržištu nekretnina. Na
Berzi, određenu nekretninu bi mogla
nuditi samo jedan agent (agencija). Berza
bi nudila mogućnost pretraživanja baze
podataka prema različitim kriterijumima:
prema lokaciji, prema ceni, prema površini,
prema vrsti nekretnine, i sl. Uz to, Berza bi
svojim analitičkim pregledima, statističkim
i drugim kvalitetnim informacijama, snažno
unapređivala funkcionisanje, te ekonomičnost
i produktivnost tržišta nekretnina u Srbiji, a i
tržišta nekretnina u regionu.
Četvrto. Bavljenje poslovima oko i povodom
nekretnina, mora biti profesija. Zato i budući
Zakon treba da promoviše profesiju menadžera
nekretnina, odnosno agenta za posredovanje u
bankarstvo 9 - �� ����
sređivanje stanja na tržištu nekretnina uopšte,
te na potrebu budne pažnje za rešenja koja su
prisutna u pojedinim predlozima (i nacrtima)
zakona i drugih propisa (primera radi, ne treba
se složiti, iz više vitalnih i razvojnih razloga, s
predloženim rešenjem o izmenama i dopunama
Zakona o planiranju i izgradnji, da strani
investitori - pravna i fizička lica, umesto stare,
dobre i istorijski i moralno proverene institucije
zakupa na najviše 99 godina, mogu kupovati
i u svoje vlasništvo upisivati poljoprivredno i
građevinsko zemljište!?).
��
the real estate market in Serbia realistically
indicates strategic directions and priorities
in solving issues. The choice of elements for
the Law on Intermediation should, in fact,
be treated within such an analytical and
critical context, choosing those elements that
could serve as a realistic foundation for the
system efficiently regulating the property and
obligation relations and responsibilities at the
real estate market.
The Concept of the Law on Real Estate
Trade Intermediation requires, among other
things, at least five significant decisions and
identifications.
First. The agreement on intermediation must
have the prerogatives of strict and clear legal
responsibilities and decisions, which protect the
interests of instructing parties, intermediators
and buyers according to the best tradition
of natural law. The practice of conducting
operations without concluded agreements,
and of concluding agreements without
any documentation, should be eradicated.
Trade without the legally correct agreements
concluded in accordance with the Law on Real
Estate Trade Intermediation, has to be strictly
sanctioned (taking away the intermediation
licenses from agents and agencies, high tax
sanctions and fees, verdicts from the Chamber
Court of Honour).
Second. Real estate trade intermediation
agencies should be constituted as specialized
business companies, the only ones in the
real estate market to have the right to act as
intermediators. These agencies would have the
prerogatives and responsibilities of the brokerdealer companies at the real estate market.
In order to obtain an authorization for
real estate trade intermediation, and in order
to be registered, the agencies would have to
meet the strict requirements of the regulator:
own appropriate business premises, possess
technical preconditions - computer unit, have
at least one employee with a real estate manager
(agent) license, and at least one employee who
has passed a lawyer or judge state exam, pay
the prescribed amount of money for insurance
against the potential intermediation damage,
etc.
Apart from agencies, law firms, too, can
conduct intermediation operations in real estate
trade, but only if they are registered for those
operations, i.e. if they fulfill all the prescribed
conditions for dealing in the real estate market
(among other things, they have to hire at least
one real estate manager, pay the prescribed
amount of money for insurance, etc.).
Third. All real estate trade intermediation
agencies which obtain a license would be
obliged to become members of the Serbian
Chamber of Commerce.
A joint Association of authorized real estate
intermediators (agencies) is being formed
within the Serbian Chamber of Commerce.
The Association’s task is to keep the Register
of authorized intermediators, to ‘organize’
bankarstvo 9 - �� ����
Užice
��
prometu nekretnina. Ovo zvanje bi se sticalo
sa završenim specijalističkim fakultetskim
obrazovanjem ili sa položenim stručnim
ispitom. Edukacija za polganje stručnog ispita,
i sam stručni ispit, izvodili bi se po posebnom
programu koga donosi nedležno Minisarstvo
i PKS-e, i analogno polaganju brokerskodilerskih stručnih ispita, odnosno obuke i ispita
za investicione ili portfolio menadžere.
Peto. Moderan Zakon o vitalnim pitanjima
finansiranja prometovanja na tržištu nekretnina,
morao bi takođe otvoriti evidentne potencijale
i mogućnosti za formiranje i osnivanje
investicionih fondova za ulaganje u nekretnine
- tzv. Real Estate fondova, tzv. REITS.
U suštini, bio bi to pravi korak u pravcu
formiranja potencijala za jačanje finansija
sektora nekretnina u celini. Pored toga, bio bi to
podsticaj za razvoj i unapređenje hipotekarnih i
drugih aktivnosti na tržištu nekretnina, odnosno
za razvoj instrumenata finansija nekretnina, te
razvoj po dubini strukture tržišta uopšte (note
i tapije, note i hipoteke, ugovori o tapiji, tzv.
juniorski finansijski instrumenti i dr.).
Prisustvo ovog rešenja u sistemu, “povuklo”
bi sa sobom i razloge za otvaranje još jedne
mogućnosti u sistemu finansiranja nekretnina.
Reč je o uvođenju lizinga u poslove finansiranja
prodaje, odnosno kupovine na tržištu
nekretnina.
Naravno, za celinu Zakona i njegovu
delotvornost važna su i druga rešenja. Treba
verovati, da će i ona biti koncipirana u skladu
s glavnim zahtevima za reformisanjem tržišta
nekretnina, te i s osnovnim ciljevima Zakona o
posredovanju u prometu nepokretnosti.
Literatura:
9. Brecht, S. B. (2005.), Analyzing Seniors
Housing Markets, Uraban Land Insstute,
Washington
10. Berges, S., (2005.), The Complete Guide to
Real Estate for Investment Properties, Wiley
10. Haight, T. ed Singer, D. (2005.), The Real
Estate Investment Handbook, Wiley
11. Broeggman, Wiliam ed Fisher, J., (2004.),
Real Estate Finance and Investments,
Wiley
12. Sirota, D., (2003), Real Estate Finance,
Dearborn, Washington.
13. Fabozzi, F., (2007.), Mortagage Backed
Securities, Anand Bha�acharya, Wiley
14. Leece, D., (2004.), Economics of the
Mortagage Market, Rics Foundation, Wiley
15. Association of German Mortagage banks,
(2006.), “The Pfandbrief”, Bonn
Iz predstavljenih ocena stanja na tržištu
nekretnina u Srbiji, kao i iz predloga koncepcije
nekih ključnih zakonskih rešenja, dva zaključka
se jasno nameću.
Dubina problema i otvorenih pitanja na
tržištu nekretnina u nas, zaista zahteva hitne,
ozbiljne i transparentne reforme. Četiri od
pet datih predloga su zaista tog sadržaja i tog
karaktera.
Banke u Srbiji ne smeju suviše zakasniti i
prevideti potrebu organizovanog i odgovornog
pristupa sopstvenom buđenju i reformisanju
povodom izglednog razvoja ekonomije
nekretnina. Tim pre, jer je za bankarski sektor,
naglašeno visok rizik odsustva sa tržišta
nekretnina. Odnosno, jer je očigledno visok
stepen međuzavisnosti pozitivnog razvoja
bankarskih proizvoda u savremenim uslovima,
s jedne, i razvoja finansija tržišta nekretnina, te
posebno ekonomije hipotekarnog kredita i
hipotekarnog tržišta, s druge strane.
bankarstvo 9 - �� ����
1. Vasiljević, B. (2009.), Osnovi finansijskih
tržišta, Princip, Beograd
2. Vasiljević, M. (2000.), Trgovinsko pravo,
Pravni fakultet, Beograd
3. Vunjak, N., (2003.), Finansijsko tržište, berze
i brokeri, Ne-da komerc, Subotica
4. Milosavljević, M., (2003.), Strategijski
menadžment, Megatrend, Beograd
5. Šoškic, D., (2005.), Hartije od vrednosti:
upravljanje portfolijom i investicioni
fondovi,
6. Ekonomski fakultet, Beograd
7. Dugalić, V., Štimac, M., (2004), Osnove
berzanskog poslovanja, Beograd
8. Hopkins, T. (2005.), How to Master the Art
of Selling, Finesa, Beograd
5. Dva nužna zaključka
��
bankarstvo 9 - �� ����
��
and create an appropriate database and an
information base in respect of real estate
supply and demand, i.e. a so�ware application
providing a centralized database for the real
estate exchange, on the basis of copies of
intermediation agreements, that is sales and
purchases agreements submi�ed by agencies
- members of the Association.
Real estate exchange would be the leading
institution, i.e. the institution having an
opportunity to get seriously and responsibly
engaged in introducing order to the domestic
real estate market. At the real estate exchange
only one agent (agency) would be able to offer
a certain real estate. The Exchange would offer
the possibility of searching through the database
according to various criteria, such as: location,
price, square meters, type of real estate, etc. In
addition, due to its analytical reviews, statistical
and other quality information, the Exchange
would significantly enhance the functioning,
profitability and productivity of the real estate
market in Serbia, and the real estate markets in
the region.
Fourth. Conducting real estate operations
has to be a profession. Thus the future Law
needs to promote the profession of a real estate
manager, i.e. a real estate trade intermediation
agent. This title would be acquired a�er a
completed specialist high education, or a�er
passing the expert exam. The training for
taking the expert exam, and the exam itself,
would be organized according to a special
program devised by the competent Ministry
and the Serbian Chamber of Commerce, and
would be analogous to taking the broker-dealer
expert exams, i.e. the training and exams for
investment or portfolio managers.
Fi�h. The modern Law regulating the vital
issues of real estate trade financing would,
by all means, create the evident potentials
and opportunities for the formation and
establishment of the so-called Real Estate
Investment Funds - REITS.
In essence, this would be the right
step towards the creation of potential for
strengthening the finance in the overall real
estate sector. In addition, this would be an
incentive for development and enhancement of
mortgage and other activities in the real estate
market, that is for development of real estate
financial instruments, along with deepening
the structure of the market in general (notes
and title-deeds, notes and mortgages, titledeed agreements, the so-called junior financial
instruments, etc.).
The presence of this solution in the system
would trigger the establishment of yet another
possibility in the system of real estate finance.
That would be the introduction of leasing into
the operations of financing sales and purchases
in the real estate market.
Naturally, some other solutions are equally
important for the entirety of the Law and
its efficiency. We need to believe that those
solutions, too, would be devised in accordance
with the major requirements of the real
estate market reformation, and with the basic
objectives of the Law on Real Estate Trade
Intermediation.
5. Two Crucial Conclusions
There are two clear conclusions that may be
reached according to the presented evaluations
of the real estate market in Serbia, and according
to the proposal for the concept for some crucial
legal solutions.
The depth of the problems and open
issues in respect of the real estate market in
Serbia calls for some really urgent, serious
and transparent reforms. Four out of the five
presented proposals are, thus, relevant in
content and character.
The banks in Serbia must not be too late
and overlook the need for an organized and
responsible approach to their own awakening
and reformation in respect of the foreseeable
development of the real estate economy. All
the more so because the banking sector faces
an extremely high risk of being absent from the
real estate market. In other words, it is obvious
that there is a high level of interdependence
between the positive development of banking
products in the modern times, on the one
hand, and the development of the real estate
market finance, in particular mortgage loan and
mortgage market, on the other hand.