The Croatian government on Thursday sent to parliament a bill facilitating expropriation procedures with the aim of simplifying the implementation of investment projects.
Justice Minister Orsat Miljenic said that in Croatia there had been examples of procedures of expropriation lasting for over 30 years to the detriment of owners and investors.
The bill envisages the shortening of the time span necessary for expropriation from four years to one year at the first instance stage, and even to six months for projects of strategic importance.
The bill also introduces a uniform methodology for the appraisal of the market value of real estate.
Miljenic said that the new legislation would prevent speculative dealers from acquiring property at low prices only to sell it later at higher prices.
In the event of strategic projects, expropriation is to be conducted by the Justice Ministry.
(Hina)
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