Property for sale in Tegucigalpa

In 1998, the property for sale registry system was obsolete in Honduras. The 24 national registries were in a dire situation in terms of staff and technology. Registration was done manually in books. Get more information on property for sale in Honduras.

Views on the Tegucipalpa real estate :

The system in place, known as “folio personal”, recorded the name of the owner and a brief description of the property for sale, but did not make the link between the owner and the geographic location of the property for sale.

This system, which did not take the object (the property for sale) but the subject (the owner) as the basis for registration had created juridical instability in the real estate market. The same property for sale could be registered twice or more times by different owners, leading to painful juridical procedures. Citizens distrusted the registry because of its inefficiency. Registering an immovable property for sale took between 1 and 2 years. In 2002, only 37% of properties in the capital city of Tegucigalpa had been registered. The system soon collapsed.

In June 29 2004, the Congress adopted the new property for sale law, which had two interlinked objectives: create the institutional and legal framework for a more efficient system of property for sale rights to activate capital markets, and regularize the situation of properties under dispute. In a recent conversation, an international expert considered the law “the most innovative property for sale law in Latin America”.

Citizens are more willing to register property for sale now. Statistics are still preliminary, but the registry in Tegucigalpa received 65% more applications (all types included) for registration between July and December 2007 compared to the same period in 2006.