What does the Transaction Price Map provide? Do I gain only up-do-date data? Are transaction prices of real estate really that important? - You will find answers to these and other questions here.
What is Transaction Price Map?
Transaction Price Map is an application that enables you to search real market prices of selected dwellings.
Transaction Price Map is an application where you can find all the important information about prices of real estate in the Czech Republic. It is the first tool of its kind within the Czech Real Estate market because it derives from real transaction prices registered by cadastral offices - that way, the application provides an overview of accurate market prices that houses and apartments get currently sold for. The real market data element is what makes this application to stand out from all other price maps that so far always used data from offer made - therefore accounted only for prices that sellers were offering real estate for with no respect to the actual price the property was sold for.
Transaction Price Map analyses and organizes a wide database of accurate market prices that houses and apartments get currently sold for. The application sorts this information by property type and property location.
What data is included in the Transaction Price Map?
The data in the Transaction Price Map is complex, up-to-date and real.
The goal of the Transaction Price Map is to register the maximal possible amount of dwellings and maximal possible amount of prices from transactions. Therefore, the application puts in an order the available data about privately owned apartments and family houses.
Nowadays, the application includes data about 1.3 mil apartment buildings, apartments and family houses from selected locations, as well as 130,000 prices from realized sale transactions. In regard to the new construction, the application provides information about more than 1,300 apartment projects that were realized since 1994.
Locations available today are Prague, Brno, Ostrava, Plzen, Olomouc, Hradec Kralove, Pardubice, Liberec, Ceské Budejovice, Jihlava, Karlovy Vary, Zlín and Usti and Labem, selected districts like Prague-East and Prague-West and selected areas of Central Bohemian Region, especially the towns of Benesov, Beroun, Kladno and Mlada Boleslav.
The data about buildings and prices are matched to the map. Besides the general map, there are other map types available, including satellite map, cadastral map, traffic map, etc.
Where does the data in the Transaction Price Map come from?
The source for the Transaction Price Map is official data from cadastral offices.
Transaction Price Map sources data exclusively from CUZK (Czech Office for Surveying, Mapping and Cadaster) and from cadastral offices respective to each location. All information about prices originates from purchased set of completed sale transactions, specifically from purchase contracts registered by cadastral offices (publicly accessible data).
Is information in the transaction price map up-to-date?
Updates of data in the application takes place every 3 months.
All data in the Transaction Price Map gets updated every quarter. Upon each update, information about newly constructed apartment buildings, apartment units, prices from realized transactions that were registered into the cadastral of real estate in preceding quarter. Therefore, there is about 8,000-10,000 new prices and hundreds of newly constructed buildings added to the database each quarter.
Who is the Transaction Price Map for?
Information from the Transaction Price Map can be used for professional, as well as private matters.
Transaction price map is intended for all individuals, business entities, institutions, churches, and organizations that need to gain fast and organized information about up-to-date, real prices of dwellings for any purpose.
Based on the scope of accessible information, we provide 3 types of access to the application:
- Access for general public - this access will enable a better orientation in the price of real estate when solving daily life situations. Thanks to the Transaction Price Map, anybody can find out the real price of an apartment or a house at any time, and hence can sell or buy the dwelling more sophisticatedly. When there are changes in legal relationships in a family, Transaction Price Map will quickly help to find out the current real property value, and will assist in defining prenuptial marriage agreements and preventing conflicts upon divorce. Mortgage clients will be provided with an information about the value of a foreclosure. The access for the general public has, therefore, multiple types of practical use.
- Access for professionals - the Transaction Price Map provides an simple and comfortable tool of daily use for professionals like experts, real estate and mortgage brokers, notaries and attorneys.
- Access for financial institutions - Transaction price Map is an extend analytical tool that can be used in all fields of banking.
Why are real sale prices more important that offer prices?
There can be a difference of millions of crowns between the offer and the real sale price.
Real transaction prices are prices that dwellings got actually sold for. Offer prices are prices that were listed as a wished sale price by sellers and that get usually advertised by the real estate agency or real estate development company. So far, the development of the real estate market in the Czech Republic was regarded always only based on offer prices and that is why such assessments were often biased.
Offer prices have been used when conducting expert opinion for bank institutions, in litigations, or in negotiations about property settlement. Experience indicates that the pieces of expert opinion that were created in past based on offer prices can be considered as invalid. In cases in which the offer price was used for the comparison in litigation, and then the real estate property was sold for a much different price compared to the offer price (or was not sold at all), the expert opinion can be even refused by court.
How does the transaction price map sort and compare different types of dwellings?
The transaction price map classifies dwellings base of its type and other selected parameters.
Dwellings are arranged into new construction (in development projects) and apartment units in older buildings (other residential construction). Family houses are designated into a separate group. Apartment units expect new construction in development projects are arranged into old brick buildings, old prefab (panel) buildings, old houses in city centers and new individual construction.
In regard to new construction in development projects, the Transaction Price Map allows comparing apartment projects by price, as well as by specific parameters. A new comparing standard called CULT was introduced solely for this purpose. Thanks to the CULT standard, projects can be compared by criteria such as comfort (C), user costs (U), location (L) and construction technology (T). That what it is significantly easier to compare price of the apartments depending on the quality of the project.
What will you not find in the Transaction Price Map?
The Transaction Price Map does not contain biased information, neither does it include personal information of property owners.
The application does not take into account data about sale prices of nonstandard sales transactions like sale of apartments in privatization from cities or municipal boroughs, transfers of shares in a cooperative, partial sales of dwellings, etc. Those transactions are non-standard sale transactions and therefore are not considered in the application. Moreover, the Transaction Price Map does not take into account sale prices in sales of apartments owned by cooperatives - this is not a sale of a real estate property but it is a sale of a share of a cooperative plus transfer of the right to use the property.
The transaction price map contains exclusively data about dwellings, and does not contain any personal or other private data about property owners.
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