By a decision of the Government of Serbia, more than 16 hectares of the most attractive land in Belgrade and 44 buildings belonging to the Belgrade Fair were transferred to a newly established company, with the clear aim of handing them over to the “Belgrade Waterfront” company. An investigation by Radar reveals that the official appraisal drastically reduced the value of this property, causing damage to the state budget amounting to as much as 60 million euros.
A new step in handing over the attractive land along the Sava River was made quietly, through the establishment of the company Sava propertiz 2026, whose headquarters are registered in the Belgrade Cooperative building – a property that the state handed over to the “Belgrade Waterfront” company about a decade ago. The government transferred ownership of 41 plots and 44 buildings at the Fairgrounds site to this newly established company, which had previously been promised to an investor from the United Arab Emirates.
Artificially lowering the price: A 60-million-euro gift
What has caused the greatest public controversy in this case is the disputed valuation of the real estate and land carried out by the City Institute for Expert Assessment.
According to an analysis by experts, the actual market value of the transferred property is 59 to 60 million euros higher than the appraised value. Interestingly, even if the value of this exclusive commercial space were calculated according to prices applicable to garages and auxiliary buildings, its market value would still be around 31 million euros higher than the amount accepted by state institutions.
By placing a drastically lower estimated price on paper, the state is effectively creating the conditions for the entire property to be handed over to a private investor for next to nothing, with the direct financial damage being borne by the budget and all citizens of Serbia.
What will be built on the site of the Belgrade Fair?
The “Belgrade Waterfront” company has already announced what it plans to build on the site where the capital’s symbol stood for decades. The area is slated to become a new luxury residential and commercial district, which will include:
- A tower approximately 120 meters tall, which will dominate the new part of the neighborhood;
- A spacious marina and yacht club with a large outdoor swimming pool and hospitality facilities;
- A large observation wheel (“Belgrade Eye”), modeled after those in major cities around the world.
While the authorities present these projects as the modernization of the city, it is worth recalling that Serbian President Aleksandar Vučić announced back in August 2023 that the public spaces and facilities at the Fairgrounds would be redeveloped for new commercial purposes.
Rush ahead of elections and disregard for the law
Transparency representatives and legal experts warn that the speed and manner in which the property is being transferred indicate violations of procedures. Nemanja Nenadić of Transparency Serbia points out that the fact that the government ignored laws it had itself adopted is a clear signal that the authorities are in a hurry to ensure that the newly established company makes decisions on disposing of the Fairgrounds’ former property as quickly as possible.
Analysts assess that the continuation of non-transparent agreements and the transfer of the city’s most valuable resources to private investors is taking place at an accelerated pace ahead of the upcoming elections, in order for all the deals to be legally finalized before the public or relevant institutions have a chance to react.
MORE TOPICS:
Source: Radar Foto: Društvene mreže/ TANJUG
Add Serbian Times as your Google source