The representatives of the Department of Cadastre of the Public Services Agency participated together with the representatives of the Ministry of Finance and the Congress of Local Public Authorities (CALM) in public consultations organized by the Agency for Land Relations and Cadastre to discuss the new model for the valuation of immovable property in order to adapt to real market prices.
The new methodology was developed by international experts, taking into account the best practices and local context. This is to be applied to residential real estate that has not been revaluated since 2004 and to a number of 450000 residential real estates that have not yet been registered and valuated.
The use of new models for property valuation will help update the appraised value of real estate. This process is beneficial, because the citizens will know the real market value of real estate in different localities, which will facilitate decisions regarding the purchase or sale of property. Owners will also be able to access greater financial resources through various banking instruments that require pledge.
In parallel, new valuation models for commercial and industrial real estate that have not been revaluated since 2009 and agricultural lands with infrastructure, which have not been revaluated since 2011, are under development.
The process is transparent and citizens will be informed about the new model for real estate valuation. The valuation/revaluation of real estate based on the new methodology is to be carried out by the end of 2023.
The methodologies for valuation are upgraded within the framework of the Land Registration and Property Valuation Project, which aims to improve the quality of land administration system and valuation of immovable property, as well as to increase the transparency of the property taxation system. The project is implemented in the period 2019-2024 based on the Financing Agreement signed between the Government of the Republic of Moldova and the International Development Association and has a total value of EUR 23 million.