Restitution Agency returns property
The Restitution Agency has returned the first piece of property nationalized after World War II to its original owners in April 2012. The agency has so far received 1,574 claims from original owners of nationalized property. Claims can be filed through to March 2014.
The property restitution process will last more than 10 years pursuant to the agency’s director, Strahinja Sekulic. According to earlier reports, Serbia passed the restitution law in September 2011 and expects to issue around EUR 2 billion worth of 15-year restitution bonds at the end of 2014. Property to be returned or compensated is worth an estimated EUR 4.5 billion, and it includes real estate, construction land, agricultural land, forests, residential and office buildings, apartments, as well as movable property and companies. The exact restitution values per claimant should be known in late 2014, but will not exceed EUR 500,000 per individual owner, according to earlier reports.