We are here to provide
objective valuation

Who We Are

Our team brings together

professionals from a variety of fields with extensive experience and in-depth knowledge of the local market.


We ensure to maintain a level of professional knowledge and know-how that corresponds to the Client’s contractual expectations and legal and regulatory requirements, as well as those prescribed by Serbian laws.

Our performance is rooted in core values such as integrity, professional standards, responsibility, and reliability, while we place special emphasis on:

  • Qualifications
  • Personal accountability
  • Corporate responsibility
  • Professional responsibility
  • Respect for ethical norms


In real estate appraisal and building design and construction, our team fully applies their knowledge and abilities to provide tailored services to both businesses and individuals.

Our valuation methodology is centered around the Regulation on National Standards, Code of Ethics and Rules of Professional Conduct of Licensed Appraisers (Official Gazette of RS, No. 70 dated July 20, 2017), which is based on international valuation standards issued by the European Group of Valuers' Associations (TEGoVA), the Royal Institution of Chartered Surveyors (RICS), and the International Valuation Standards Council (IVSC). Valuation for different purposes:

•  Financial reporting IAS 16, IAS 40, IAS 17

•  Establishing a mortgage as a guarantee for an approved loan

•  Taxes

•  Feasibility studies

•  Acquisitions and mergers

•  Insurance

•  Receivership proceedings

•  Expropriation, restitution

•  Valuation of property for division of assets

Our methodology and approaches in assessing real estate value include:

The comparative approach

The yield approach

The cost approach

The residual approach

The comparative approach

The estimated value is obtained by comparing the property with identical or similar real estate for which information on completed transactions is available.

The yield approach

This approach enables determining real estate value by converting future cash flows into a single asset, reducing it to its present value.

The cost approach

The estimated value is determined by amortizing the costs of replacing the existing property with a new one, based on its physical condition, functionality, and economic usability.

The residual approach

A model of financial analysis of all costs pertaining to the purchase of construction land, real estate development — the construction of the planned building, and the investor's profit, which are subtracted from the market value of the final property.

Project Monitoring

We offer

monitoring services for building construction in the project financing process, whether it be evaluating a completed building or a building under construction.

This service includes preparing the zero report — reviewing legal and technical documentation and compliance with relevant laws, reviewing financial documentation and final technical inspection of the building, and continuous monitoring of all activities related to construction until the building is complete, when the property value is assessed along with the time needed to absorb the built property — sell or lease.

Banks we cooperate with

raiffeisen banka aik banka jubanka komercijalna banka nlb banka unicredit addiko bank credit agricole otp banka

Our Team

Our team gathers together professionals from a variety of fields with extensive experience and in-depth knowledge of the local market, making them competent to evaluate different types of real estate.
If you’re a real estate property owner or buyer in need of valuation, consulting, or architectural and construction engineering services, Novaston is there to provide you with an objective package of services.

Sanja Vavan Vučeljić

Sanja Vavan Vučeljić
MEng, Certified Practicing Valuer (license No. 065)

linkedin icon call Sanja Vavan Vučeljić

Send us your inquiry or question