Red tape bogs down property transactions
Property transactions remain cumbersome despite promises of streamlining that remain largely unfulfilled.
Some agencies, such as the Independent Public Revenue Authority, have made it easier to submit documents online, but, overall, property transactions take time – 26 working days; in comparison, they take 10 days in Portugal and just three in Norway. On top of that, 17 support documents are needed.
Last year, there were significant problems with municipalities not issuing property fee certificates or were so late that other supporting documents were no longer deemed current; transactions were delayed or even canceled because of that.
The government promises to address the need to support document submissions by creating a Digital Property Portfolio, a platform financed with the EU’s Recovery Facility, by the end of 2023.
