According to the RA Government N465 decree of October 22, 1997 implementation of real estate systematized observation (monitoring) system was defined, based on which the following systematized monitoring is carried out by the state cadastre committee, that is the research of the state/condition of real estate, value and quality criteria influencing it. Real estate systematized observation object is the real estate present in the territory of Republic of Armenia: land (used on purpose) and buildings (independent on the form of property). The aim of systematized real estate monitoring is the following:
- Support the development of real estate market;
- Guarantee the establishment of real estate information database and trustworthy information in real estate market;
- Provide objective and analytical information on real estate market condition and price situation;
- Develop suggestions on improving real estate evaluation methods, which assume the description of limits of area evaluation zone of steadings and buildings, underlining the coefficients of zoning and base values, as well as introduction of suggestions for developing real estate evaluation formula.
As a result of systematized monitoring of real estate market, the committee developed way of cadastre evaluation of residence land, limits of area evaluation zoning, coefficients and base values, based on the price-making coefficients of real estate market and on the founded principles of market values. Those were approved by the RA Government in N1746 decree of December 24, 2003 that approves the way of cadastre evaluation of residence land, area evaluation (where it is situated), zoning coefficients and limits. The area evaluation zones and coefficients defined by this decree serve as basis for the cadastre� value calculation of state or community owned residence land amortization (directly or by means of auction), rent,� the right to give for encumber. As a result of systematized monitoring the descriptions and coefficients of cadastre estimation of area evaluation zoning of buildings were developed and approved by the Government.
Systematized monitoring, analysis of real estate market� is carried out periodically, i.e. monthly, quarterly, by semester and annually, material on which is published in press and illustrated by the mass media for the sake of keeping state bodies, members of real estate market (realtors, evaluators) and public informed on the situation of real estate market.
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