Russia: The Federal Service for State Registration, Cadaster and Cartography (also known as Rosregister) in Russia launched the portal, Real Estate Market Monitor. Now, it will be possible to look up details of 15 million real estate deals that are registered in the Unified State Register of Real Estate Property. The portal aims to help private buyers and real estate agencies avoid overpriced properties.
Access to the portal is free, and there are no plans to charge for its use in the future, a Rosregister representative said. The portal provides public information on parcels of land and buildings, including where the property was sold and at what price. The system is updated automatically as new real estate deals are registered.
The automated system is part of the government’s effort to create a unified federal information system for title registration and cadastral accounting, according to the service’s statement.
“The monitoring demonstrates the real market value of analogous objects, which will be a powerful argument in negotiations and bargaining,” said Sergei Popravka, director of the legal department at Penny Lane Realty. “As a consequence, in the short term we will see a total correction in property prices. A number of sellers, analysing the available information, will establish a more realistic market price for their property.”
But Rosregister’s portal isn’t foolproof. One of the disadvantages of the system is that it relies only on official data about real estate transactions, while the parties in the deal frequently report lower prices to reduce tax liabilities, Popravka said.
“The system publishes information about the prices that are noted in the contracts given to register real estate deals. Thus, the accuracy of the price indicated in each contract must be considered in each case,” Rosregister’s representative said.
Source: The Moscow Times