Globally, the time to transfer property fell by 38% and the cost by 10% over this time. The most popular feature of property registration reform in these 6 years, implemented in 52 economies, was lowering transfer taxes and government fees.
Some reform outcomes
Georgia now allows property transfers to be completed through 500 authorized users, notably banks. This saves time for entrepreneurs. A third of people transferring property in 2009 chose authorized users, up from 7% in 2007. Also, Georgia’s new electronic registry managed 68,000 sales in 2007, twice as many as in 2003.
Belarus's unified and computerized registry was able to cope with the addition of 1.2 million new units over 3 years. The registry issued 1 million electronic property certificates in 2009.
Case Study Assumptions
The parties (buyer and seller):
- Are limited liability companies, 100% domestically and privately owned
- Are located in the periurban area of the economy’s large business city.
- Have 50 employees each, all of whom are nationals.
- Rerform general commercial activities.
The property (fully owned by the seller):
- Has a value of 50 times income per capita. The sale price equals the value.
- Has no mortgages attached and has been, under the same ownership for the past 10 years.
- Is registered in the land registry or cadastre, or both, and is free of title disputes.
- Is located in a periurban commercial zone, and 110 rezoning required.
- Consists of a 557.4 square meters (6,000 square feet) land and 10 years old 2-story warehouse of 929 square meters (10,000 square feet) located on the land. The warehouse is in good condition and complies with all safety standard building codes, and legal requirements. The property will be transferred in its entirety.
1. Benchmarking Registering Property Regulations
Vietnam is ranked 43 overall for Registering Property.
Ranking of Vietnam in Registering Property - Compared to good practice and selected economies
The following table shows Registering Property data for Vietnam compared to good practice and comparator economies
2. Historical data: Registering Property in Vietnam
3. Registering Property sub indicators in Vietnam over the past 4 years
4. Overview of the steps to Registering Property in Vietnam
It requires procedures, takes 57 days, and costs 0.60 % of property value to register the property in Vietnam.
5. Details on Registering Property in Vietnam
This topic examines the steps, time, and cost involved in registering property in Vietnam.
CONTACT USEXPORTHELP ASIA
Viet Nam office: 151 Dao Duy Anh st., Phu Nhuan dist., Ho Chi Minh city, Viet Nam
Singapore office: 316 Tanglin Road, Block 316, Singapore
Hot line: (+84) 9188.8.131.52/ (+65) 83551210