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National Association of Valuers of Serbia 
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Grcica Milenka 39
RS-11000 Belgrade

Tel: +381-11 2422-961
Fax: +381-11 2422-961


President: Danijela Ilić FRICS REV
Vice-President: Vesna Stefanović ASA REV
Directors: Vesna Stefanović (Business Valuation); Vladislav Ilić (Real Estate Valuation); PhD Goran Vujačić (Plant, machine and equipment), Nina Milenković (Business Valuation), Marko Popović (Plant, machine and equipment), Danijela Ilić (Real Estate Valuation)
Managing Director: Boris Begenišić
Secretariat: Jelena Anđelić

Number of direct members: 180
Number of qualified valuers (inviduals): 70
Number of valuation companies: -

Member of TEGoVA since: 2011
Category of membership: Associate


NAVS was set up in 2006, and ever since, has promoted best practice, standards, methods and techniques of valuation.

Permanent Representatives to TEGoVA

D. Ilic

Danijela Ilić FRICS REV

President of NAVS
Member of the Board of Directors of TEGoVA
Chair of the European Business Valuation Standards Board of TEGoVA
Member of the Recognition Committee of TEGoVA
Real Estate Counsellor and Valuer

Mob.: +381 63 69 00 64

V. Stefanovic

Vesna Stefanović ASA REV

Chairman of the Board of NAVS

Vision Consulting

Udbinska 13a, 11030 Belgrade, Serbia
Tel: +381 11 305 8460
+381 11 355 0319
Mob:+381 63 345 574

Brief History and Role

NAVS is an association of valuers in different disciplines, a non-profit, non-governmental and independent organization. It was set up in 2006, and ever since, it promotes the best practices, standards, methods and techniques of valuation.

At the present time, NAVS counts about 160 members, mostly real estate valuers, but NAVS founding members are recognized business valuers.
Anticipated matrix structure of NAVS is divided in to four sectors:
• Business valuation
• Real estate valuation
• Machinery and equipment valuation
• Financial instruments valuation
Due to the long history of the State's certification system of court experts in different fields, under Ministry of Justice, the valuer's profession has gradually and inappropriately been equated with the practice of court experts.

Usually, appraisals are made by court experts (based on the Law on Conditions of Producing Expert Report, Official Gazette 16/87), and the Ministry of Justice is in charge of appointing the court experts.

Accordingly, court experts for civil engineering make real-estate appraisals and court experts for mechanical engineering make equipment appraisals based on this appointment. Licenses for capital appraisal do not exist for individuals or firms.

Previously, licenses for capital appraisal were issued by the Serbian Ministry of Economic and Ownership Transformation according to the Law on Ownership Transformation. That Ministry does not exist anymore, the law was repealed, and the licenses are not valid anymore, as officially stated by the Ministry of Finance.

Adoption of the Law on Privatization (38/2001; 18/2003; 45/2005) ordained that capital appraisals are made based on the DECREE ON CAPITAL AND PROPERTY APPRAISAL METHODOLOGIES; hence, all firms that have made appraisals in compliance with the law and present decrees shall be valid.

Hence, the very low or zero motivation of existing court experts to get educated or become a member of professional valuers organization, lies in their ability to conduct valuations under current certifications issued by the Ministry of Justice. There are no minimum requirements, regarding education in valuation, for court experts, though they are appointed for valuations.

Principal Activities

One of the priority NAVS missions is to develop the valuation profession in Serbia, based on generally accepted valuation principles, where each valuer has to satisfy minimum requirements, as is defined in the International Valuation Standards (IVS).

Since October 2008, NAVS has been a member of the IVSC. NAVS has excellent cooperation with similar organizations in the region and in other parts of the world.

NAVS initiated and developed a real estate valuation course in cooperation with the Appraisal Institute (USA). The course was successfully launched in November 2009, having 20 applicants from different backgrounds: appraisers, bankers, managers of property funds, architects, economists.

In that manner, NAVS and the National Association of Authorised Romanian Valuers (ANEVAR), have agreed on cooperation and support in setting up educational courses for valuers in Serbia and mutual recognition of accredited member level.

After appropriate training, examination and proven experience, mutual recognition of accredited member level between NAVS and ANEVAR, enables our members to fulfill minimum requirements set by TEGoVA and RICS (MRICS or REV certification).

Principal Areas of Policy

NAVS objectives are to:
• contribute to development and improvement of the profession by creating potentials of the Serbian appraisers
• ensure application of appraisal methodologies, principles and diagnosing throughout Serbia as to be stated in the European Valuation Standards (EVS)
• promote application of EVS throughout Serbia
• develop relations with similar relevant professional organizations, and stimulate the information exchange among members
• establish and develop relations with non-governmental institutions and organizations, both national and international, aimed at promoting the profession of appraiser
• create a valuation education program
• establish ethical principles consistent with the accountability and dignity of the profession of appraiser
• monitor the work of its members to ensure the compliance with standards and ethical principles


In accordance with our Statutes, NAVS has three levels of membership:
• Basic/Regular membership
• Accredited membership
• Members of honor


Own Publications

NAVS news letter for the members.


NAVS has translated European Valuation Standards 2016 into Serbian.

Awarding member association

Recognised European Valuer
Awarding Member Association

The association has the right to award Recognised European Valuer status (designated by the letters REV) to its members.