Various stages of evolution of the real estate market in Moldova:
Like all other Republics of former Soviet Russia, Moldova too owned and distributed both vacant lands as well as buildings. Following the downfall of former Soviet Russia, the flow of activities of this particular market was affected temporarily, though it recovered itself quite quickly. The real estate market in Moldova then started concentrating on the privatization of the state-owned properties in the country. Initially, the progress of this market slackened down considerably, owing to the existing Russian registration procedures.The Russian method of registering lands and buildings were quite outdated at that point of time, not pertaining to the development of the existing market conditions. Moreover, the insecure property rights and all related organizational managements were impeding the overall economic development of the country.
It was the effort of the First Cadastre project to work towards formulating and implementing an integrated property registration method, applicable for both urban and rural land areas. It also supported the establishment of a statutory and transparent set of ownership rights to promote privatization of lands and development of the Moldovan real estate market. In fact, formulation of an appropriate and legitimate property registration system was essential for proper growth of the Moldovan economy.
Effects of securing property ownership in Moldova:
- Real estates in Moldova may also act as collaterals for home loans
- Increase in the total number of residential buildings
- Smooth buying, selling and inhering properties in Moldova
Other facts about Moldova real estate market:
- Smooth and easy registration of landed properties
- Minimum 48 days are required to register properties
- Real estate owners having ownership security rights may sell or rent their properties at reasonable market prices. They can also pass on their properties as inheritances.
