New Automatic Valuation Service has already issued 380 thousand certificates, Yuliya Byelova

On September 16, 2021, on the First City TV Chanel (Odesa), Deputy Chairman of the Fund Yuliya Byelova spoke about the results of work and possibilities of a new Automatic Real Estate Valuation Service.

‘The Automatic Real Estate Valuation Service (Service) is an innovative product that allows users to quickly and free of charge receive certificates with the appraised value of their real estate. As of now, this Service has already issued 380 thousand certificates’, Deputy Chairman of the Fund noted.

Yuliya Byelova noted that to calculate the assessed value of real estate the Service uses data of registered valuation reports, information from SPAs and open sources of the real estate market, including data from search engines such as LUN and OLX, with which the Fund entered into memorandums.

‘The Service has already collected a large array of information that is used to calculate the indicator of the appraised value of real estate. Thus, the more analog objects are included in the database, the more accurate its calculations will be’, Deputy Chairman of the Fund noted.

During the Q&A session, Yulia Belova spoke about the prospects of professional appraisers in connection with the launch of a new free Service: ‘The new Service is a fast and free alternative to the services of professional appraisers, but it doesn’t restrict citizens to turn to them for services in cases where assets have special parameters that affect their value’.

In addition, she also dwelled on the questions of assessing land plots and recommended contacting professional appraisers at the first stages of development of land market, since there is not enough information in the database for all regions for comparison.

Yuliya Byelova also answered questions about the financing of the new Services. ‘The money provided for the development of the Service's software in the Budget for 2020, as a result of the sequestration, was redirected to finance programs to combat the COVID-19 pandemic.Therefore, the Fund asked the international donors for financial assistance and received it from the American people through the United States Agency for International Development (USAID).After creation, the Service was completely transferred to the balance of the State Property Fund, which now administers it’, Deputy Chairman of the Fund noted.