“Real Estate Development Guide – Case Study: Office Space”

The “Guide to real estate development – Case Study: Office Space” was presented in Belgrade by the expert teams of the Novaston real estate platform and Gecić Law. It describes the process of investing in developing an office space construction project

The guide is intended for future real estate investors and those interested in the process and activities that lead to a successfully completed project. The main goal was to demystify every phase of this challenging process – from making the investment decision, through construction and opening, to the moment when the building comes to life, emphasized Mia Zečević, Owner and CEO of Novaston platform.

“With expert knowledge of the real estate market in Serbia and the region and more than 15 years of experience in the construction and management of hundreds of thousands of square meters, our team participated in creating this guide. The guide is designed to help foreign and domestic investors, whether they are investment funds, institutional investors, or other legal entites, to provide basic guidelines and a comprehensive overview of the processes and requirements that must be met to implement a profitable investment project in real estate. This was an opportunity for our experts with many years of domestic and international experience to present some of our platform’s services in one place,” said Mia Zečević.

On this occasion, Ognjen Colić, partner at Gecić Law, said: “The real estate market in Serbia has been attractive for some time. Our experts in real estate at Gecić Law noticed the need to provide potential investors and other market participants with clear insight into the often-complicated legal aspects of the demanding undertaking that is the development of a commercial real estate project. In collaboration with the Novaston platform, I a glad we can present a truly unique publication that fully meets these goals and will be of practical use to all stakeholders in this dynamic market.”

The guide’s authors point out that investors must consider multiple steps, such as assessing needs and opportunities, planning time and costs, with mandatory planning, design, definition, and implementing of a sustainability plan. Marija Urban, Director of the business analysis and planning department at Novaston Asset Management, commented that choosing the right partners in investment campaigns on the real estate market is of crucial importance for the profitability of any investment. According to her, the team’s success is reflected in the skill and knowledge of reviving projects, improving, and maintaining them to maximize benefits for all parties – from investors, partners, and suppliers to real estate users.

Miloš Petaković, a senior associate at Gecić Law and representative of the team that prepared the legal aspects of the guide, said: “The construction industry and the real estate market represent a significant part of our economy and are an important driver of its development. This market has seen tremendous growth in the last several years and further growth is expected. With this guide, among other things, we wanted to encourage investors to invest in real estate, showing that, although this process is demanding, it is not as difficult as it may seem at first.”

An online version of the “Real Estate Development Guide” will be available to all interested parties at
www.novaston.com and www.geciclaw.com.

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