UBT and the Austrian-Kosovar Association organized the conference “The Austrian-Kosovar Financial Day on mortgages 2015”
19/06/2015The functioning of the mortgage market in Kosovo was the main topic of the discussions at the conference “The Austrian-Kosovar Financial Day on mortgages 2015”, organized by UBT and the Austrian-Kosovar Association, which gathered ministers, government officials, business representatives and local and international experts and professionals.
The issue of mortgages in Kosovo, followed by legal problems, but also other problems of the overall functioning of the system, is one of the key issues in the general development of the country and in the functioning of a range of institutions.
Günther Fehlinger, President of the Austrian-Kosovar Association and moderator of the conference, named the topic opened for discussion a very important and challenging topic in our time.
Whereas, the Rector of UBT, Prof. Dr. Edmond Hajrizi, considered the conference very important, because it is directly related to the elements of economic development in Kosovo.
He stressed that in the UBT this topic is discussed quite a lot, like the discussions about research issues, different projects, international cooperations, etc.
“A valuable event, an open debate, a good opportunity for students to get informed more on finance matters, to link the best possible policies to their life”, said Dr. Hajrizi.
One of the speakers at the conference, the Director of Raiffeisen Bank, Robert Wright, stressed that the regulation of the issue of housing is the primary issue of living.
According to him, the subject of mortgages is of interest to everyone, not only for the banking system, but brings many benefits also to Kosovo’s economy and for the society in general.
He called the law on private property of great interest. “It is not only the granting of mortgage but this grant is to be done by law and the ethical principlesof work”, he said.
The Governor of the Central Bank of the Republic of Kosovo, Bedri Hamza said that the economy is a top-priority for the country and a field within which improvements must be made.
He stressed that Kosovo has a profitable banking system, but in which it still has slack. Also, he noted that the loans and mortgage market is not very developed.
Hamza stressed that strong point of the bank is also the cooperation with other banks, which is the main issue for mortgages, adding that through the new regulations the records of housing mortgages have been respected and assessed.
However, he noted that banks have problems when wanting to sell mortgages, starting from the case when the buyer may have any message preventing that transaction, then the identification of properties, their sale and so forth.
Hamza also praised the cooperation with the international institutions and the assistance they give in the field of the regulation of mortgages in our country.
Murat Hoxha from the Commission for Spatial Planning and Environment, mentioned the Law on Cadastre and the Law on mortgages, as the basis for the regulation of issues in the field of mortgages. Among others, he warned that mortgages definitely need to be registered and for this registration the cadastral informations must be accurate and complete.
Whereas Jakup Fetai, representative of the cadastre in Macedonia, presented the experiences in this field in the country where he comes from. He considers as important the registration of the values of the mortgage, because the more registrations, the greater the opportunity for mortgage, because unless there are recordings problems can arise in the state and private sector.
The representative of the Austrian Economic Chamber operating in Kosovo within the Austrian Embassy, Vjosa Huruglica, spoke at the conference related to Austrian investments in Kosovo.
She said that Austria is the sixth country on the value of investment in Kosovo, but stressed that the investments of the Austrian companies in Kosovo are much smaller in comparison with the investments in the region countries.
However, Huruglica stressed that there is an increased interest of Austrian companies for investments in Kosovo. “According to the information that we have drawn until the end of 2013, we have had approximately 110 companies which have expressed a desire to be part of the businesses in Kosovo or to invest in Kosovo. Most companies are optimistic and plan to increase investments adding up to the number of employees”, said Huruglica.
Ferid Agani, Minister of Environment and Spatial Planning, spoke about the importance of the property registration process in Kosovo.
According to him, in the conditions and circumstances in which Kosovo is, it is necessary to invest in the environment and in the registration of properties.
He considers 2015 as a very good year, taking into account that a unique achievement has been made in the past months. “In March 2015, we have had many registrations and the confidence of the citizens has been gradually won and they have been convinced that their properties must be registered, because it is the only way for them to be secured”, said Minister Agani, who also praised the international support, especially the one from the USA, in this important process for our country.
Meanwhile, Eljesi Surdulli, President of the Association of Architects of Kosovo, emphasized that the administrative process of the property registration should be accelerated, but also facilitated.
“I don’t think so many documents should be required as are required now, because it is making the registration work difficult”, said Surdulli.
Gent Sejdiu, a successful entrepreneur, representative of Kosovo Reality Group, stressed that the Kosovo market needs work and development, expressing his optimism for capital investments.
According to him, when the client performs the obligation immediately, then the property automatically passes on his behalf, without any problem.
Arbena Shehu also spoke at the conference also spoke, who elaborated the functioning of the Notary service in Kosovo, a relatively new service in our country, but a very important segment and with weight on the issue of mortgages as well.
“Moreover the notary is a legal guarantee for third parties which enter into this business of selling property and then its registration. The registration of property in the correct and precise form is the responsibility that the notary has performed the security work the civil and the physical one”, said Ms. Shehu.
Other speakers as well took the word at the conference, and a broad debate was developed on the topic for discussion.