Construction Sector
The construction industry is booming. Joint Investment Agreements are common, where landowners provide land to developers in exchange for a share of the built units. Construction Permits are mandatory and categorized by risk (Category I, II, III), issued by Municipalities or the Ministry within 30-45 days.
Property Rights
Property rights are guaranteed by the Constitution. Foreign citizens generally have the right to acquire property, subject to reciprocity, though restrictions exist on agricultural land and natural resources.
Rights and Registration
- Ownership: Transfers must be notarized and registered in the Immovable Property Rights Register.
- Mortgages: A secure legal instrument used widely by banks. Mortgages apply to land or specific building units (apartments/offices).
- Servitudes: Can be real (attached to land) or personal (attached to a person).