ABSTRACT
A functioning land market is essential for the economic development of any country. In countries where private real property is permitted, the land market is an essential instrument, not only for the individual to gain a better living standard as he/she can sellibuy/mortgage his land, but also for the state as a whole. Land transactions not only bring direct income to the state, but also indirect income via a flourishing economy as many businesses depend on land (banking sector, property related professions, notaries, etc.).
