Legal Risk Analysis by Monitor.Estate in the Real Estate Market
Monitor.Estate is a Kyiv-based start-up that looks for and analyses legal risks in the primary real estate market with the use of open data. Due to corruption, Ukraine has many problematic new construction projects. Even seemingly legitimate condominiums can turn out to be unreliable, entangled in litigation or built on land officially designated for other uses. Moreover, developers with a solid record can suddenly go bankrupt. Therefore, citizens face a risk of buying illegal property.
Monitor.Estate can mitigate some of these risks by using open data. Monitor.Estate has monetised the analysis of seven state registers, including the register of the State Architecture and Construction Inspectorate, the Uniform State Register of Legal Entities and Individual Entrepreneurs, the Uniform State Judicial Register, the Register of Debtors and others. The project currently lets users run a background check on 1,100 properties in 7 Ukrainian cities, including Kyiv, Lviv and Odessa. While in 2017 this service was used by an average of 100 people a month, this number is currently up to 4,000 users.
The new housing construction background check functionality of Monitor.Estate is currently integrated into major housing search services the likes of Dom.ria. The project also teamed up with the Nerukhomi online service, which offers information about developers and provides legal services in this field. Monitor.Estate is promoting a YouTube channel that has already received almost 600,000 views and is regularly cooperating with the mass media in exposing unlawful new housing construction projects.
Monitor.Estate is one of the over 650 use cases published on the European Data Portal. If you are aware of another inspiring use case, share your experience and knowledge on different applications and websites using open data with the EDP via mail, Twitter, Facebook or LinkedIn.