State property was the main characteristic of the economies of Central and East European countries during communism. Therefore, the transition to a market economy in these countries required the introduction of private property institution. This paper presents the framework of property reform in selected countries from Central and Eastern Europe, pointing the methods of the creation of private sector, sequence of divestiture of state property by branch of the economy, the organizational structure for privatization, the choice among standard and non-standard methods, administration and efficiency of privatization process. For each issue, the study analyses major aspects and compares relevant experience of Bulgaria, Czech Republic, Hungary, Poland, Romania and Slovakia.