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“The team was recently visible advising on a number of pharmaceutical cases. Sources agree that the team is “moving in the right direction” and are particularly impressed by its work in the pharmaceutical sector”.

 

Who will control evaluation market

02.09.2013

Author: Maria Babenko
Source: «Liga.Finansy»

Sweeping changes were expected in the real estate market beginning with the first days of August. Since then the new rules that oblige individuals to get «assessment for tax purposes» during sale of real estate were to become effective. According to regulation of the Cabinet of Ministers No. 231 of March 4, 2013, only specialized practitioners of valuation activities that received the appropriate certificate had the right to carry out valuation activities. As at July 30, 2013, there were a few of them, and it obviously was not enough for the regular functioning of the market in Ukraine. Therefore, experts predicted inevitable stop to the secondary real estate market.

Why the Cabinet of Ministers took a break

On August 1 after the government meeting it was announced that entry into force of the new evaluation rules is postponed for three months – until November 1, 2013. The relevant resolution (No. 501) was signed by the Prime Minister on the same day.

How market prepared for innovation

Time spent waiting for changes in evaluation procedures did not vanish into thin air for the housing market. Arseniy Herasymiv noted that in the last days before the entry into force of the said resolution there was a stir among those wishing to carry out immovable property alienation transactions.

Changes in evaluation are not the only factor that provokes excitement among the potential buyers of houses. «In August, the real estate market will be affected by introduction of mandatory cashless payment transactions for over UAH 150 thousand with effect from September 1, 2013. It will actually increase expenses of both sellers and buyers, reminds Nikita Kovalik. It may encourage buyers and sellers to a more rapid decision-making».

Tax assessment returns on 1 November

The experts interviewed by LIGABusinessInform have little doubt that the new valuation procedure becomes effective sooner or later. «Judging by the fact that the Ministry of Justice has already published a clarification to the new regulation, it will become effective in three months regardless of market conditions», says Yaroslav Abramov.

It is reported that the new procedure is aimed at combating under-valuation of real estate. However, Yuriy Chumak, Partner of Lexfor Law Firm, believes that implicitly the innovation is meant for making money from training valuators and issuing them new documents.

 
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