Publication: Securing Property Rights and Increasing Real Estate Productivity in FYR Macedonia
Date
2011-03
ISSN
Published
2011-03
Author(s)
Stanley, Victoria
Boskovski, Denis
De Martino, Samantha
Abstract
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.
Citation
“Stanley, Victoria; Boskovski, Denis; De Martino, Samantha. 2011. Securing Property Rights and Increasing Real Estate Productivity in FYR Macedonia. Europe and Central Asia Knowledge Brief; Volume No. 36. © World Bank, Washington, DC. http://openknowledge.worldbank.org/entities/publication/8fd04701-4775-5213-b598-1f41d45d4f1a License: CC BY 3.0 IGO.”