The Automatic Real Estate Valuation Service has been improved
The State Property Fund of Ukraine, in cooperation with the Ministry of Agrarian Policy and Food of Ukraine and the State Service of Ukraine for Geodesy, Cartography and Cadastre have improved functionality of the Automatic Real Estate Valuation Service, based on the results of the six-month work.
The quality of calculations of the estimated value of land plots and real estate in those locations there were no analogues for its calculation has improved in the work of the service.
Previously, the key problem was that the estimated value of some land plots was calculated incorrectly. This, in turn, distorted the inconvenience for land market participants, because, based on the appraised value, the tax is calculated on the sale of (mini) land plot. In addition, the value of its sale may not be lower than its appraised value.
“The Automatic Real Estate Valuation Service is a very convenient tool that can significantly simplify and reduce the cost of concluding an agreement for the parties.However, due to the insufficient number of transactions for comparison and incorrect entry in the database of information about some transactions in the service, there were cases of incorrect calculation of the estimated value.The situation is complicated by the fact that average prices can be distorted by separate agreements, where agricultural land is purchased at prices for non-agricultural land, with a view to using them for other purposes, "said Minister of Agrarian Policy and Food of Ukraine Roman Leshchenko.
The Minister underlined that due to the cooperation of the Ministry of Agrarian Policy and Food of Ukraine, the State Service of Ukraine for Geodesy, Cartography and Cadastreand the State Property Fund of Ukraine in the direction of improving the algorithm for calculating the estimated value, the agricultural land market received a new powerful impetus to development.
According to Yuliya Byelova, Deputy Chairman of the State Property Fund of Ukraine, the Automatic Real Estate Valuation Service is constantly filled with data from real agreements in the market and improved by the Fund's specialists to create an effective and free tool for determining the value of real estate.
«The modernization of the Automatic Real Estate Valuation Service took into account consumer feedback. The State Property Fund cooperates with all participants in this process: the Ministry of Agrarian Policy and Food of Ukraine, the Notary Chamber of Ukraine, professional appraisers and takes into account the necessary proposals during updating the service. Such an update will continue in the future, Yuliya Byelova said.
She also added that the algorithms for calculating the estimated value of both land and some types of residential real estate, in particular dormitories, have changed for the better.