Russia: The Federal Service for State Registration, Cadastre and Cartography agency (Rosregister) in Russia spent RUB 52 million (approx. USD 1.72 million) to create a new service, which will be launched by the end of this month, according to the register’s Deputy Director, Sergei Sapelnikov. The new service aims to make information about the real estate transactions it handles and average price for real estate in every region, accessible for all.
Publishing information on real estate prices is a necessary step in the formation of a government evaluation database, as envisaged by the law on evaluation and as ordered by the Economic Development Ministry. By the end of the year there will be a portal with information about millions of real estate deals, which is standard world practice, according to Sapelnikov.
The new Rosregister system will be searchable by the date and type (sale, privatization, rental) of the deal, type and purpose of the building, its area and other parameters.
The Rosregister system is the first of its kind in Russia, said the vice president of the Russian Society of Appraisers, Yevgeny Neiman, adding that it will create a noticeable improvement in the quality of valuations in the country and make the market more transparent.
Access to the system will be free of charge at first, said Alexei Ivakin, department head at the Economic Development Ministry, but paid services, such as advanced searching, will be added gradually.