With the support of the FAO Investment Centre Division and Natural Resources Division, a World Bank (WB) project has helped modernize the real estate cadastre and property registration system in the Former Yugoslav Republic of Macedonia. Prior to the project, uncertain property rights and weak land registration services made it difficult for Macedonian citizens to mortgage and transact property. Additionally, the lack of trust in property markets had a negative effect on private sector investment and overall economic development.
The project has had a strong, positive impact on the Former Yugoslav Republic of Macedonia. Highlights include:
-Growth of real estate cadastre coverage from 43% to 99% of the territory
-A 121% increase in the annual number of registered transactions
-Doubling of annual mortgages registered in the land administration system—from 3,000 in 2005 to 6,000 in 2009
-In 90% of offices in the country, a reduction in sale transaction registration time to 5 days from 60 days in 2004.
-An increase in the number of accredited private surveyors and registered companies providing services directly to citizens
For further information about the FAO-supported WB project: