Market value appraisal

An expert committee for real estate values has been formed for the districts, independent cities and some cities belonging to the districts. It is made up of honorary members (such as architects, civil engineers, tax officials, farmers, experts for real estate values, surveyors, etc.). The committee is basically autonomous and independent. The office of the expert committee is located at the respective land management office or at the municipal authority of the city.

The market value (market value) is determined by the price that could be achieved in the ordinary course of business at the time to which the valuation relates, taking into account the legal circumstances and actual characteristics, the other properties and the location of the property or other object of the valuation without taking into account unusual or personal circumstances.

The required documents vary depending on the appraisal assignment and will be requested in consultation with you.

Among other things, the following documents may be required, for example:

• Land registry extract
• Proof of other rights and encumbrances
• Power of attorney from the owner
• Fire insurance policy
• List of rental and lease income
• List of Operating Expenses
• Minutes/Resolutions of Owners’ Meetings
• Proof of investments made over the past 10 years
• Energy Performance Certificate
• Site Plan
• Construction Plans/Floor Plans
• Other

Fees are charged for the preparation of market value appraisals. These are based on the values determined in the appraisal. In addition, expenses may be incurred depending on the individual case.

The exact calculation of fees can be found in the current extract from the administrative cost regulations for the Ministry of Economic Affairs, Energy, Transport and Housing.

There are no deadlines to be observed.

The processing time depends on the other statutory tasks of the expert committees or other pending appraisals. The average processing time is between 4 and 16 weeks.