Real estate valuation to be monitored by Moldovan state

Chisinau, July 11 /MOLDPRES/- A state monitoring mechanism will be set up in the Republic of Moldova to monitor the evaluation of real estate. Parliament adopted a draft law in the first reading today.

According to the document, the establishment of the monitoring mechanism will allow state bodies to obtain quarterly information on the activity of evaluators, the volume of works, the type of objects, the number of companies providing such services.

The document also provides for the creation of an automated information system Price Register, which will contain relevant information on real estate transactions. This information will be used to develop, calibrate and monitor over time the quality of real estate valuation models for taxation purposes.

Another provision of the draft aims to create a mechanism for challenging and examining complaints related to the assessed value of real estate. The terminology related to the valuation process will also be adjusted to comply with European and international valuation standards.