Estonia ranked sixth in ease of registering property by World Bank ({{commentsTotal}})

A screencapture of Estonia's E-Land Register, into which all registered immovables in the country have been entered.
A screencapture of Estonia's E-Land Register, into which all registered immovables in the country have been entered. Source: (kinnistusraamat.rik.ee)

The newly released World Bank report "Doing Business" has ranked Estonia sixth among 190 countries worldwide in ease of registering property, an indicator measuring the steps, time and cost involved in the process.

Of Estonia's neighbors, Lithuania was ranked second, Sweden tenth, Finland 20th and Latvia 23rd for the same indicator, the Estonian Chamber of Notaries said.

"The report examines the costs, such as notary fees, as well as the time required for and and red tape involved in completing a registration," Chairman of the Estonian Chamber of Notaries Tarvo Puri said in a press release. "Thus we can say that we have a favorable environment for real estate transactions. Estonia's success on this scoreboard is definitely also a result of e-solutions, which have significantly reduced the amount of time necessary for notarially attested transactions and the registering of property.

In addition to ranking sixth for ease of registering property, Estonia also placed 11th for enforcing contracts, 12th for business environment, 14th for starting a business, 17th for trading across borders, 21st for paying taxes and 32nd for obtaining credit.

The report also looks at how easy it is to obtain a construction permit and get electricity, at the protection of minority investors, trading across borders, the resolving of insolvency as well as labor market regulation.

"Doing Business," a series of annual reports by the World Bank, presents quantitative indicators on business regulations and the protection of property rights which can be compared across 190 economies.

Editor: Aili Vahtla

Source: BNS



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