This approach resulted in thefragmentation of agricultural holdings, with families owningnoncontiguous plots. Land use was inefficient, owing in partto the low rate of use of agricultural machinery. Makingland use and farming more efficient will require theestablishment of a functioning land market. Granting farmersthe right to sell, exchange, and lease their land willenable them to use it as collateral and to consolidatefamily plots. The overall aim of the Armenia TitleRegistration Project was to promote private sectordevelopment by implementing a transparent, parcel-based,easily accessible, and reliable registration system for landand other immovable property. The system was to provide achronological record of property owners and their rights andobligations. The availability of this information wasexpected to reduce the transaction costs of title transfersand mortgage financing and lead to more secure propertyrights for parcels registered in the system. This in turnwas expected to lead to higher land and real estate value,increased productivity, and the consolidation of fragmentedrural land ownership. Increased use of property ascollateral was expected to bring about general improvementin the efficiency of rural and urban real estate markets.The project was also intended to promote least-costregistration procedures by building on existing propertyinformation databases (adding only market-relevantinformation to these databases), and by contracting private surveyors.
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