Cypriot fintech Ask Wire this week announced its partnership with the Ministry of Finance, where, as part of their collaboration, it will provide the Cyprus Tax Department with access to its recently-launched Real Estate Dynamics (RED) analytics tool.
According to the announcement, the tool represents a powerful data analytics platform that offers comprehensive market insights through the visualisation of transactional data and asking prices.
“With RED’s help, the Tax Department will gain unprecedented access to transactions and listings, enabling it to enhance efficiency and streamline the decision-making process,” the company said.
In addition, RED provides access to a vast database of over 140,000 transactions, updated monthly, and over 22,000 listings, updated daily.
The transaction data is cleansed, sorted by type, and mapped, providing a clear picture of the market trends.
Moreover, the platform includes asking prices from all banks and NPL servicers, properties in the foreclosure process, and aggregator websites.
Furthermore, RED offers additional layers of information, such as the profile, per the Land Registry, of all properties across Cyprus, town planning zones, government land, and green areas, among others.
“This partnership is a significant milestone for Ask Wire and the Cyprus Tax Department, as it will enable them to work together towards a more efficient and effective tax system,” the company stated.
“With RED’s advanced analytics capabilities and the Tax Department’s expertise, this collaboration is expected to produce valuable insights that will benefit the real estate industry and the Cyprus economy as a whole,” it concluded.