The State Property Fund, with the support of the United States Agency for International Development (USAID), is launching an Automatic Real Estate Appraisal Service
The State Property Fund has launched the Automatic Real Estate Appraisal Service. This public service will allow Ukrainians to valuate the real estate for free and minimize corruption risks. The creation of this software product was made possible by financial assistance from the US government through the United States Agency for International Development (USAID), which allocated funds for software development.
The joint event was attended by the Chairman of the State Property Fund of Ukraine Dmytro Sennychenko, Acting Deputy Chief of Mission at the U.S. Embassy in Ukraine Alan Purcell, and Deputy Chairman of the State Property Fund of Ukraine Yuliya Byelova,
The Chairman of the State Property Fund Dmytro Sennychenko emphasized that the use of the service will be absolutely free for Ukrainian citizens.
"A fair valuation of assets and property is one of the components of economic stability and a factor in increasing investor confidence in Ukraine. And also justice for Ukrainian citizens and businesses, whose assets must have a real market value," commented Dmytro Sennychenko, Chairman of the State Property Fund of Ukraine.
According to Mr. Sennychenko, the creation and launching of the Automatic Real Estate Appraisal Service is one of the four stages of the comprehensive reform of the appraisal sphere implemented by the State Property Fund.
The first stage - in February 2020, the intermediary sites were liquidated, which has already saved Ukrainians over UAH 1 billion. The second stage - the State Property Fund is working to eliminate the so-called "factional valuation" – land and real estate on it should be valued together, not separately. The relevant bill has already been registered in the Verkhovna Rada and is awaiting consideration by people's deputies.
"Another important step was the launch of a unique system that determines the value of real estate for free when buying and selling. And the final stage of comprehensive reform is also the introduction of international standards of valuation – a special bill provides for the transition to international valuation standards. Thus, we get honesty and fairness in all aspects of valuation, which affects the capitalization of business, the well-being of every citizen, and increase the investment attractiveness of Ukraine,"– said the Chairman of the State Property Fund of Ukraine Dmytro Sennychenko.
Deputy Chairman of the State Property Fund Yuliya Byelova presented the Automatic Assessment Service and demonstrated that using the service will be convenient and accessible – all you need is Internet access and an electronic digital signature, which can be issued through authorized key certification centers.
"It was impossible to create an Automatic Assessment Service due to lack of funding, but the State Property Fund did not wait idly by, but enlisted the support of our international partners from USAID, thanks to which this project was implemented and the software was developed without a without any kopeks of budget funds," said Yuliya Byelova.