Prospective property buyers will soon be able to access an online guide outlining not only the official zone rate of every district (“objective value”), but also compare local average prices with the asking prices in classified ads and learn all they need to know ahead of a house purchase or sale.
These new capabilities will become possible through the digital property price map the Ministry of Digital Governance is preparing to launch by end-March.
Interested parties will be able to find out the average sale price of a property in a given municipal district, as it has emerged from property sales contracts. Using search filters, buyers can also find the true value of a property by requesting information about, say, a third-floor flat with balconies on two sides and a construction year of, for example, 2020. The application will “search” contracts that have been concluded and provide an answer to the query.
The app will inform buyers about the average sale price of properties with specific characteristics and offer the possibility of accessing the actual transaction prices for the entire cadastral territory.
To date, the assessment of a property’s value is mainly done through the relevant ads, which may include anticipated prices. The platform will further allow the analysis of the differences between declared and actual prices, strengthening healthy competition. Property assessments will be based on reliable data, reducing uncertainties.
The information will come from sources such as the National Cadaster and the Independent Authority for Public Revenue, while covering elements such as the location, area, infrastructure and commercial value of each property. Access will be facilitated with interactive maps and search filters.
Of course, ads may diverge significantly from the prices listed in the contracts, however, the contract prices are not always the real ones, usually referring to objective values. In any case, it will be closer to the actual sale price. Using artificial intelligence, the app can scan contracts and provide historical sales data.