A Council for the Property Registration and Valuation Project has been created in Moldova, for the implementation of which our country will receive a loan of € 30.1 million from the World Bank.
The decision to create a council was made by the government, approving its composition and the Rules of organization and functioning of the council. The Project Board for the registration and valuation of property was created to coordinate decisions on policies related to the implementation of this project. Earlier it was reported that Moldova will receive a loan of € 30.1 million from the World Bank for the implementation of the Property Registration and Valuation Project. Funds will be allocated on Blend concession terms for a period of 30 years, including a 5-year “vacation” on payments, at 1.38% per annum. The repayment of the principal amount of the loan will be carried out in semi-annual payments of 3.3% during the period from the 6th to the 25th year, and 6.8% - from the 26th to the 30th. The project aims to improve the quality and transparency of the land administration and property appraisal system, provide increased protection of property rights of citizens, local and foreign investors, government agencies and agencies, and will also stimulate the development of the real estate market. The implementation of the Property Registration and Valuation Project will help to strengthen the rule of law and increase the responsibility of institutions - the security of property rights will be ensured, the transparency of real estate data will increase, and the efficiency of the cadastral system will be ensured. The project for registration and valuation of property has 4 components: initial registration of real estate (15.3 million euros); real estate valuation (5 million euros); improvement of the property administration system (7.8 million euros), improvement of opportunities and project management (2 million euros). The project will allow the country's authorities to conduct a mass assessment and registration of property at the national level without direct costs to citizens and businesses. It is expected that the project will evaluate all real estate, including land, to optimize the system of taxation of real estate. Along with mass primary registration of state and private property, the Property Registration and Valuation Project aims to evaluate all real estate objects, which will help optimize the system of taxation of real estate. Currently, out of approximately 6 million real estate properties located on the territory of Moldova, only a little over 800 thousand properties have been evaluated. In accordance with the PROI implementation program, by the end of this year cadastral work will be started in at least 6 regions of the country: Ocnita, Edinet, Donduseni, Briceni, Soroca and Floresti. Activities for the measurement, registration and evaluation of real estate will be carried out for copyright holders free of charge, expenses will be covered by World Bank funds allocated to Moldova. // 07.08.2019 — InfoMarket.