Asunción, Paraguay – The Paraguayan Congress has approved a revised bill aimed at creating a unified national real estate registry, known as the Registro Unificado Nacional (RUN). The legislation, which passed on November 19, 2024, seeks to streamline property management and enhance transparency in the real estate sector.
Key Provisions of the Law:
Consolidation of Institutions: The new system will integrate various government agencies, including land registries, national land information centers, and surveying departments, under a unified platform.
Simplified Ownership Verification: The requirement for obtaining land registry extracts to prove ownership is expected to be eliminated, simplifying property transactions.
Judicial Oversight: The RUN will operate as a technical administrative agency under the Supreme Court, ensuring judicial oversight of the system.
Addressing Property Issues: The new system is expected to address long-standing issues such as overlapping land ownership claims, estimated to cover around 300,000 hectares, and streamline bureaucratic processes.
Rationale and Implications
The Paraguayan government believes that the unified registry will streamline real estate transactions, increase transparency, and resolve property disputes. By simplifying the process of verifying property ownership, the government aims to stimulate real estate investment and economic activity.
The bill now moves to the Senate for final approval. Once implemented, the RUN is expected to provide citizens with a more convenient and efficient way to conduct real estate transactions. However, there is a possibility of temporary disruptions or unforeseen challenges as the new system is rolled out.
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