Determining fair market property value
The Ministry of Housing and Urban Planning clarified that the new real estate valuation system relies on a digital platform utilizing artificial intelligence technologies and engineering standards to determine the true value of lands more accurately and transparently. The system aims to protect the rights of both buyers and sellers through fair evaluations based on location, engineering characteristics, proximity to services, spatial features, and comparisons with similar properties in the area. It also confirmed that the system does not impose additional fees on ownership transactions and contributes to improving market stability and combating non-transparent practices, ensuring that property market values are based on reliable data.
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