The government intends to adopt a bill this year concerning the creation of the DOM Portal, which will collect current data and information on transactions on the housing market – it was announced in the list of works of the Council of Ministers. The Insurance Guarantee Fund is to be responsible for running the portal.
The government plans to adopt a project in the fourth quarter of this year to create the DOM Portal, containing current data on transaction prices of apartments and single-family houses in Poland.
“By providing universal access to current and reliable statistics on transaction prices of apartments and single-family houses in Poland, will allow people looking for an apartment to compare market offers with real transaction prices on the local market and, consequently, will facilitate making purchasing decisions. The planned source of information on transactions on the housing market will also be helpful for business entities, including developers, as it will facilitate rational planning and parameterization of housing investments,” it was written.
The DOM portal is also intended to enable public entities to properly parameterise housing support instruments and conduct analyses of the impact of proposed and implemented instruments on the housing market thanks to the ability to generate up-to-date statistical information on the situation on the housing market, based on data and information collected for the portal, including information on the number and structure of transactions, transaction prices of residential real estate and the demographic situation of buyers.
The DOM portal will be operated based on three sources of data and information:
- data from the primary market regarding contracts for apartments and single-family houses covered by the obligation to maintain a housing escrow account, obtained from professional entities obliged to report data to the Register of the Developer Guarantee Fund,
- data from the primary market regarding residential real estate sales contracts not subject to the obligation to maintain a residential escrow account, obtained from professional entities not subject to the obligation to report data to the Register,
- data from the primary and secondary markets provided by the Head of the National Revenue Administration based on information resulting from notarial deeds reported by notaries.
Government real estate search engine is being created
It is proposed that the management of the DOM Portal has been entrusted to the Insurance Guarantee Fundwhich already maintains the Register of the Developer Guarantee Fund pursuant to the Act of 20 May 2021 on the protection of the rights of the purchaser of a residential premises or single-family home and the Developer Guarantee Fund. The Register collects data that may also be partially used to feed the DOM Portal.
“Developers, who are the main source of information about transactions concluded on the primary market, are provided with automatic communication channels to feed the Register. Expanding the scope of data will therefore be faster and cheaper to implement than configuring integration with the new system infrastructure. In order to cover the entire primary market with data, data obtained from the Register will be supplemented with data provided by developers (and other professional entities) who have not previously registered transactions in the Register,” the bill's initiator states.
Additional data from primary market and data from the secondary market will be provided by the National Revenue Administration, which collects data on real estate acquisition transactions for tax purposes and to prevent money laundering and terrorism financing.
As stated in the list, the use of existing structures and databases will reduce the reporting obligations of entities with source knowledge about transactions in the housing market, i.e. primarily developers (for the primary market) and notaries (for the primary and secondary markets).
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