Europe and Central Asia Knowledge Brief

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This is a regular series of notes highlighting recent analyses, good practices, and lessons learned from the development work program of the World Bank’s Europe and Central Asia Region.

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    Securing Property Rights and Increasing Real Estate Productivity in FYR Macedonia
    (World Bank, Washington, DC, 2011-03) Stanley, Victoria ; Boskovski, Denis ; De Martino, Samantha
    Before 2005, FYR Macedonia did not have a well-functioning property registration system and citizens did not have secure property rights. Since the start of the World Bank-funded Real Estate Cadastre and Registration Project (RECRP) in Macedonia in 2005, registered property transactions in the country have increased by 121 percent; there were 93,240 registered transactions in 2009 compared with 42,116 in 2005. Annual mortgages registered in the land administration system doubled from 3,000 in 2005 to more than 6,000 in 2009, demonstrating a substantial increase in the use of ownership rights as collateral. Over 30,000 mortgages have been registered since the commencement of the RECRP in FYR Macedonia. In 90 percent of registration offices in the country, the project helped reduce the time to register a sale transaction to five days or less, down from 60 days in 2004. At the end of 2009, there were 248 accredited private surveyors and 100 registered surveying companies providing services directly to citizens in FYR Macedonia, up from 14 private surveyors and no registered surveying companies at project commencement.