A bill on the elimination of the practice of factional real estate appraisal has been registered in the Verkhovna Rada

On March 30, 2021, the Bill No.5317 “On Amendments to Certain Laws of Ukraine on Valuation Activities” was registered in the Verkhovna Rada of Ukraine.

This bill eliminates the practice of fractional real estate valuation, which currently determines the value of real estate as the sum of its physical components: land and land improvements (buildings, structures, etc.), and introduces the principles of real estate object valuation as a whole object. Accordingly, citizens and legal entities will not be required to assess the property twice (separately the building and the land plot under it).

The adoption of the bill will introduce a world practice of real estate assessment in Ukraine, will contribute to the approximation of national legislation in the field of valuation activities to the norms of international valuation standards, will simplify the citizens of the real estate assessment procedure.