Parcel as a gift - Regulation of favorable land for investors adopted

The Government of Serbia adopted the Regulation yesterday (February 11, 2010), which enables local self-governments to rent or sell building land to investors for free or below the market price.

The Assistant Minister Aleksandra Damnjanović-Petrović told Beta agency earlier that that meant that the legal norms would be introduced for some procedures of the local self-government units.

She pointed out that it was the Government's attempt to regulate that field and make it possible for each owner to decide to give the land below the price in order to activate some location, but with previous consent from the Government.

According to the Regulation, the most important criteria for allotment of building land to investors under more favorable terms are economical.

Damnjanović-Petrović explained that the municipalities and cities would be able to sell or rent the land below the market price or for free if the investor increased the number of employees in the economy sector of that local self-government by at least 1%.