Nov. 16 – The Federal Service for State Registration, Cadaster and Cartography, known as Rosregister, will launch a new online service providing information about each real estate deal that has been made in every Russian region.
Information about all registered real estate deals since 1999 will also be published in the new portal. For example, by some estimates, 17 million real estate deals were made in Russia last year.
“The new US$1.72 million service will be launched before the end of the month,” the register’s deputy director, Sergei Sapelnikov, told Russian business daily Vedomosti.
By launching the new service, Rosregister is forming a government evaluation database, as envisaged by the Federal Law “On valuation activity in the Russian Federation” and as ordered by the Ministry of Economic Development and Trade.
An information portal of millions of real estate deals will be available by the end of the year, according to Sapelnikov.
“In the Netherlands, you can find out who owns a house on the cadastral map, how much the deal cost for the real estate and the date [it took place]. Every enquiry costs 2.50 euros,” he said, while adding that the regulator will not disclose any personal data relating to property owners or buyers.
The new 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 system’s features allow you to determine how much a square meter costs in a building or a cadastral quadrant at a certain time in particular city or region,” Sapelnikov said.
Rosregister’s new service data could be used in court cases, to prove a defendant’s creditworthiness, for example, according to a representative of a local development company.
Access to the system will be free of charge at the beginning, said Alexei Ivakin, department head at the Economic Development Ministry, but paid services, such as advanced searching, will be added gradually.
“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 the service may considerably improve the quality of valuations in the country. “Moreover, the new service, which is standard world practice, can make the Russian market more transparent, I hope.”