exception of those against commercial land (US$ 228,192/loan) mortgage values are US$ 30,000 per loan and lending remains focused on Kigali (two thirds of total amounts) with Western and Eastern province accounting for 10% and South and North 6% each. Mapping amounts of overall (figure 1) and agricultural (figure 2) mortgage lending suggests relatively equal coverage with some concentration in Kigali.

Among many types of transactions recorded in the registry,<sup>7</sup> we focus on sales, gifts, and inheritances that result in ownership change. Table 3 provides, separately for residential and agricultural land, figures on all transactions registered in 2014/2015, mean numbers of transactions in each of the 2,148 cells, and the share of registered parcels for which transfers were registered. Registered transfer levels are higher for residential (0.8% for sales and 0.4% for other ownership changes per annum) than for agricultural (0.1% of sales and 0.06% other transfers per annum) land. Differences are even more pronounced between Kigali with 5.6% of residential and 1.5% of agricultural parcels having been transferred via registered sale each year (47 and 19 parcels per cell and quarter, respectively) and the rest of the country with corresponding figures of 0.3% and 0.06% (1.8 and 2.3 parcels per cell and quarter) for residential and agricultural land.

Table 3 also points towards differences in prices of land (with structures) between residential land with a mean price of US$ 30 per m<sup>2</sup> , from US$ 39.4/m<sup>2</sup> in Kigali, where more than 70 % of sales are concentrated, to US$ 4.75/m<sup>2</sup> in the East which accounts for slightly more than 10% of registered sales. Agricultural land has a mean sales price of US$ 4.45/m<sup>2</sup> (US$ 6.65/m<sup>2</sup> in Kigali to US$ 1.47/m<sup>2</sup> in the East). In principle, the registry can provide near-real time information on land prices at high levels of temporal disaggregation to inform private sector decision-making. To check if subsequent transactions maintain the levels of gender equality attained by LTR, panel C of table 3 disaggregates registered land transaction by gender. Comparing to table 1 points towards a decline of the number of parcels for which at least one claimant is female from 86% for first (see table 1) to 77% for subsequent registrations. Attention to this issue may thus be warranted.

Having the land registry seamlessly integrated with other parts of the public sector opens opportunities to add value in a number of related areas. For example, RNRA embarked on an effort to ensure that, for any civil dispute that may affect rights to a parcel of land, a caveat is placed on this parcel automatically and in real time, thus eliminating a source of potential fraud and insecurity. Access to LAIS data can allow the Rwanda Revenue Authority to simplify billing and payment of lease fees, thus not only saving costs but also ensuring greater transparency and equity and allowing greater revenue collection: in 2015 only a third of non-exempt residential properties in urban Kigali paid their lease fees, resulting in lost revenue of some US$ 4.8 million. If, e.g. due to more efficient automatic billing, LAIS were to allow full collection of this amount without additional cost, the resulting benefits would be large enough to justify the entire investment

> 7 Migration from the Land Tenure Regularization Support System (LTRSS) to LAIS accounted for a large share of changes in the registry before 2014. As many of these were coded in a way that makes them indistinguishable from actual transfers, we limit our analysis to 2014 and 2015 data.

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