Changes in the Managing Board

At the meeting of the Managing Board of NAVS, held on April 9, 2021, the Managing Board co-opted new members, Vule Mizdraković and Ivana Stanojević, with a preliminary evaluation of their expertise and contribution to the work and achievement of NAVS goals in previous years and readiness to commit membership in the Managing Board.

At the last meeting of the assembly, it was decided on the expiration of the mandate of all members.

The new members were co-opted in accordance with the Statute, after two members of the NAVS Managing Board resigned from their positions, Marko Popović and Nina Milenković.


doc.dr Vule Mizdraković

Graduated at the Faculty of Economics, University of Belgrade in 2007 in the field of accounting, auditing and financial management. Vule Mizdrakovic has a Master’s degree in finance and accounting at Lincoln University, Oakland, California. In 2012 he acquired a PhD in the field of corporate bankruptcy at Singidunum University.
Since 2007, he has been employed as a teaching associate at Singidunum University for the scientific field of Accounting and Auditing. He is currently the Vice Dean and lecturing on the following courses: Accounting, Financial Reporting, Auditing Regulations and Financial Statements Analysis.

Since 2010, he has been a lecturer at the seminar in the field of accounting and financial reporting for acquiring certificate of professional real estate valuer, which is organised by the National Association of Valuers of Serbia (NAVS). Within NAVS, Vule is a member of REV Examination Commission and the Commission for Checking the Work of Licensed Valuers.



Ivana Stanojević REV, Valuation License no. 30

Ivana is a graduated engineer of architecture and a court expert in the field of architecture. She has many years of experience in providing consulting services in the field of real estate, including evaluation, Feasibility studies, lender’s supervision and project management.
Since 2009, Managing partner in IBM Consult Ltd, responsibilities include defining, controlling and implementation of Project for land development, land usage transformation, evaluation of assets, legal verification, and coordination with all related authorities.
Within NUPS, Ivana is a member of the Disciplinary Commission, RE and REV Examination Commission and the Commission for Checking the Work of Licensed Valuers.


Nick French published new article on February 4, 2021 with the title: VALUERS – ARE YOU CERTAIN YOU’RE UNCERTAIN?

You can find the article on the following link


New EuroExpert E-Bulletin

From the following link you can find new EuroExpert E-Bulletin from 26 March 2021:

6th Serbian Property & Infrastructure Development Conference

We invite you to register to ONLINE 6th Serbian Property & Infrastructure Development Conference – organized by TGI International Group on Tuesday, 23. March 2021.

More details about the conference, key topics, speakers, sponsors and registration you can find on the following link:

A discount is provided for NAVS members.


Valuation panel from 5th Serbian Property & Infrastructure Development Conference held in 2020


With great pleasure, NAVSNational Association of Valuers of Serbia is inviting you to register for an ONLINE seminarRECENT CHANGES IN RETAILING AND THEIR IMPLICATIONS FOR VALUERS by Richard Grover on 04 March 2021 at 14:00 PM on Central East Time (Belgrade time zone GMT+1)

“The covid-19 pandemic has had serious repercussions for the retail sector with lockdowns resulting in the closure of non-essential stores for long periods. It also appears to have accelerated some trends which were apparent before the pandemic struck, particularly the growth of on-line purchases. Retailers have responded by demanding rent reductions and a move to turnover rents. The seminar will explore recent trends in retailing and discuss their implications for the valuation of retail properties…”

Lecturer is well known Richard Grover MRICS. He has taught at Oxford Brookes University for many years but is now retired as works there as a part-time Senior Lecturer on various RICS-accredited degrees. He has undertaken consultancy in a number of countries, principally in the transition countries of Eastern Europe on projects aimed at developing their property markets and associated education systems. He has recently been working on property tax and valuation projects in Serbia, Moldova, and Turkey on behalf of the World Bank.

Attendance on this online seminar brings you 3 points for CPDContinuing Professional Development for REV certified valuers. Also, according to the RICS system for CPD qualifying activities which is based on personal assessment i.e. individual member deciding which activities are relevant for their professional development, we recommend this seminar for your personal professional development in valuation profession.

Seminar will be broadcasted via online web platform (we will send you the link), so all you need is a stabile internet connection, camera and microphone in order to take part in discussions. Seminar will be available only in scheduled time in Belgrade time zone (CET) and will not be available as a webinar in NAVS program of continuous professional education.

Below (or in attachment) you can find more details.

You can register by sending an email to

EBVS 2020-Introduction by Danijela Ilić

EBVS 2020


by Danijela Ilić REV FRICS, Chair of the European Business Valuation Standards Board and Member of the Board of TEGOVA

This is the first edition of European Business Valuation Standards (EBVS), developed by TEGOVA to meet the demand of its 72 Member Associations, other valuation organisations, individual valuers, regulators and other stakeholders on the European market.

TEGOVA is committed to setting standards that are compatible with the Europeanisation of business activities. The rationale for providing a set of business valuation standards for Europe comes from a demand for valuations which are consistent with EU company law requirements and of a quality that can be relied upon as a common benchmark by investors, the financial industry and valuers throughout the Union and beyond.


EBVS were designed by TEGoVA, the European standard setters for real estate. What is TEGOVA’s relevance for business valuation?

In the public mind, TEGOVA is indeed real estate. It’s 72 associations from 38 countries – 70,000 valuers in Europe – are all majority real estate valuers. Yet business valuation is also prevalent among a number of members, with valuation firms or individual valuers often combining real estate and business practice. This is a welcome tendency for the profession and for European society at large, because land and buildings are such an important and integral part of most businesses that the combination of real estate and business knowledge provides a solid grounding for business valuation excellence. Conversely, business valuation is an attractive field of activity for real estate valuers in a mutating economic and professional environment, where no source of activity is permanently guaranteed and new opportunities arise.

What is the core purpose of EBVS?

European Business Valuation Standards (EBVS) will impose consistency in the most important issues in business valuation, across the European Union:

  • code of conduct
  • terms of engagement
  • definitions of bases of value
  • valuation approaches
  • reporting the valuation.

In this manner, EBVS will achieve its purpose – to institute procedures conducive to clearly prepared, unambiguous valuation reports that are consistent with EU regulation and accounting standards

How are EBVS structured?

There are four standards …

EBVS 1 – Market Value and Bases of Value other than Market Value, which defines various bases of value, applicable in business valuation, Highest and Best Use analysis in connection with Liquidation (disposal) and Going Concern business scenario, assumptions and special assumptions in arriving at an opinion of value

EBVS 2 – the valuation process incorporates detailed Terms of Engagement, with appropriate commentary

EBVS 3 – the valuation approaches and methods which present the recognised business valuation practice

EBVS 4 – reporting the valuation, which presents general reporting requirements and the content of a valuation report, as well as of a valuation review.

… and three Guidance Notes that follow on from the Standards and provide more detail and explanation of key issues and techniques:

EBVGN 1 – Control Premiums and Discounts for Lack of Control and Discounts for Lack of Marketability

EBVGN 2 – Discount Rates in the Discounted Cash Flow Method

EBVGN 3 – Valuation of Intangible Assets.

There are also further key texts on:

  • Business Valuation and Sustainability
  • European Business Valuers’ Code of Conduct
  • European Union Legislation and Business Valuation

Sustainability is a big EU concern. Does EBVS cover this and show how to put a value on it?

EBVS devotes an entire Part III to it, putting sustainability and valuation in their EU and market context, exploring the concept of ‘green value’ and providing business valuers with an initial checklist of possible points for sustainability review of a business, covering current operations, attention to costs and preparing for the future:

  • Finance, risks and overall sustainability
  • Energy
  • Water
  • Waste
  • Procurement
  • Materials and storage
  • Transport
  • Staff
  • Compliance and emergency response
  • Products and
  • Accountability and communication

What’s the relevance of the section on EU legislation and business valuation to a practicing valuer?

As the EU regulates mostly through Directives that are transposed into national law, it is important for the valuer to be able to recognise the EU hand behind the national or sub-national law when estimating the likelihood and timescale of possible changes to regulatory impacts on the business being valued.

Part 5 is no mere general culture add on; it is basic knowledge for European business valuers. A general introduction and overview shows how EU regulation of companies has covered formation, capital and disclosure requirements, rules on takeover bids for public limited companies, mergers and divisions, minimum rules for single-member private limited liability companies, financial reporting and accounting and easier and faster access to information on companies. It shows how the EU has evolved from concentrating on regulating listed companies to now covering SMEs with the specific goal of reducing their administrative burdens and has also created a statute for a European Company (the Societas Europea or “SE”).

Part 5 goes on to highlight the specific valuation aspects of EU regulation of company law, credit institutions, insurance and reinsurance institutions, investment funds, taxation, transfer pricing, state aid, enforcement of intellectual property rights and insolvency proceedings or restructuring plans.

Is EBVS of special significance to REVs?

It is, because their high level of proficiency in valuing commercial property – a key component of many businesses – provides a solid grounding for business valuation excellence and makes it relatively easier for them to extend their knowledge and practice into business valuation and gives them an edge over business valuers with no real estate credentials.


EBVS-Preface by Krzysztof Grzesik


In the public mind, TEGOVA is real estate. It’s 72 associations from 38 countries – 70 000 valuers in Europe, are all majority real estate valuers. For the EU authorities, the real estate aspect is also determinant in the Mortgage Credit Directive’s recommendation of European Valuation Standards to the member states of the Union, as in the European Central Bank’s accordance of precedence to EVS over all other standards in its Asset Quality Review manual for the valuation of banks’ real
estate collateral.

Yet business valuation is also prevalent among a number of members with valuation firms or individual valuers often combining real estate and business practice. This is a welcome tendency for the profession and for European society at large because land and buildings are such an important and integral part of most businesses that the combination of real estate and business knowledge provides a solid grounding for business valuation excellence.

Conversely, business valuation is an attractive field of activity for real estate valuers in a mutating economic and professional environment where no source of activity is permanently guaranteed and new opportunities arise.

Responding to increasing member demand, European Business Valuation Standards now provide fundamentals of best practice in business valuation, with a quality that can be relied upon by valuers, public authorities, investors and the financial industry throughout the Union and beyond.

Like EVS, European Business Valuation Standards are anchored in the EU legal order, putting all valuation definitions and concepts in step with EU law and providing a separate section on EU Legislation and Business Valuation. The EU has always been part of TEGOVA’s DNA, underpinning our mission to provide Europeans with a common set of standards fit for their single market and emerging polity. Our standards are founded on the understanding that Europe has reached a tipping point: the EU is now the dominant sculptor of our regulatory environment and valuers can no longer limit their horizons to the national policy and regulatory framework. This is at least as important for business valuation as for real estate given the number of key business areas regulated by EU law.

Business valuers must master a fast-Europeanising business-regulatory environment and I trust that these, the first ever truly European Business Valuation Standards, prepared by highly skilled professionals in business valuation, will provide the grounding for that.

Krzysztof Grzesik REV FRICS
Chairman of the Board of TEGOVA

Unexpected death of Roger Messenger

Roger Messenger (1958 -2020), a member of the Board of Directors of TEGoVA, passed away suddenly today.


About new EVS 2020

TEGOVA has published European Valuation Standards since the early 1980s. This, the ninth edition, is effective from 1 January 2021.The digital version of the book is downloadable from this page

EVS 2020 (The Blue book)


by Michael P. Reinberg PHD REV FRICS CRE, Chairman of the European Valuation Standards Board

Building on the foundation of its predecessors, this ninth edition was designed with the particular objective of providing standards that are relevant and easily comprehensible to valuers, clients and the public authorities. All sections have been reviewed in that light, and all new parts passed through that filter.

EVS 2020 enhances European valuation practice with:

  • Greater clarity on the key concept of Market Value, compensating flaws that have crept into various language versions of EU law;
  • A common European Valuation Report for Residential Property;
  • Energy efficiency valuation upgraded to Standard level;
  • New Guidance Notes and Information Papers on subjects of real interest to practicing valuers;
  • Clarification of the role of advanced statistical models in line with the new EBA Guidelines;
  • A comprehensive approach to Valuation Methodology including detailed exposition of key concepts such as income approach and depreciated replacement cost;
  • A unique, landmark exposé of European Union Legislation and Property Valuation enabling practicing valuers to understand how much of the real estate regulatory environ­ment is based on EU law, equally valuable to European and national supervisory authorities, policy makers and academics.

The Standards were designed in the belief that the valuation profession must be conscious of the real added value that quality valuation brings to markets and society and must imbue clients and public authorities with an understanding of how the valuer reached the determi­nation of value.

It was a collective effort based on a clear concept of the needs of society and the future of the profession.

EVS 2020 is effective from 1 January 2021.



These lines are written in the eye of the storm. The Covid-19 pandemic has disrupted our way of life and our very livelihoods as businesses and workers weather the continuing onslaught of the disease and the measures taken to curtail it. Commercial property is among the hardest hit, with existential chal­lenges for retail and even office property.

For valuers there is, sadly, an element of vindication. Our profession is never more vitally relevant than when the economy and real estate are in free-fall. Gone are the false certainties about value. Vanished, the faith in algorithms crunching out-of-date data. Badly shaken, the confidence of so many that they could gauge the market for themselves. In crisis, valuers come into their own, relying on their experience, intuition and intimate local market knowledge to ascertain value.

Valuation practice is the conciliation of a paradox: deriving value from hard evidence while also identifying market phenomena with a lasting impact on value. A key purpose of valuation standards is to alert valuers to change and provide them with the tools for integrating it into their determination of value. Mirroring this, EVS 2020 is both a continuation and a disruption.

EVS 2020 continues to adapt valuation standards to the everincreasing sway of EU law over financial and real estate markets. EU law permeates the Blue Book even more than in previous editions, all definitions and concepts are in line with those of EU law and policy – witness the adaptation of EVS’s approach to AVMs to the recent Guidelines of the European Banking Authority – and the impacts of EU law on real estate markets and on valuation are analysed in ever greater detail and are expected to be well understood by Blue Book valuers.

Since the last edition, the European authorities have confirmed their faith in EVS. Most notably, the European Central Bank in the 2018 edition of its Asset Quality Review manual for the valuation of banks’ real estate collateral reiterated that EVS takes precedence over all other standards.

These marks of confidence in EVS inspired us to help the European authorities further in the present edition, most crucially by addressing the confusion generated by radically differing EU legal language versions of ‘arm’s-length transaction’ in the Capital Requirements Regulation’s definition of ‘Market Value’.

Alongside this continuing Europeanisation of the profession, EVS 2020 also brings disruption, coming to grips with the imperative of determining the value of energy efficiency in buildings in a Union in which climate leadership is the top priority. The tipping point came this year with the publication of EU-mandated member state Long-term Renovation Strategies, several of which contained legal obligations to renovate a building to a higher level of energy efficiency by a fixed date or at a certain inflection point (e.g. rental, sale) creating an unavoidable major cost impacting value. Accordingly, EVS 2020 upgrades energy efficiency valuation to Standard status and advises valuers to integrate these costs into their determination of Market Value.

The transparency of financial and real estate markets and the climate impact of buildings are systemic and existential issues of our time. Valuers’ key role in these places a great responsibility on TEGOVA, which the European Valuation Standards Board has risen to in this ninth edition of EVS, providing our 70,000 valuers, their clients and the European and national public authorities with the underpinning for rigorous evidence-based determination of value.

Krzysztof Grzesik REV FRICS

Chairman of the Board of TEGOVA

New EVS 2020

TEGOVA has published new European Valuation Standards. The ninth edition, EVS 2020 is effective from 1 January 2021.

The translation into Serbian is expected in the spring.

You can read more about this at:



New EVS 2020