Nicosia, Cyprus. Ask Wire CEO Pavlos Loizou said on Thursday that the Tax Department has partnered with the company to integrate its real estate intelligence platform into daily operations. He said the agreement supports Cyprus’ digital transformation and aims to enhance market transparency and efficiency.
Agreement and digital transformation
Loizou said the agreement marks a key moment in Cyprus’ digital transformation, with the government adopting technology designed to enhance market transparency and efficiency.
“It is a milestone when the government chooses your tech to anchor its digital transformation,” Loizou said.
He added that for partners in the banking, insurance and investment sectors across Cyprus and Greece, the development reinforces the data standard being set across the region.
Market monitoring and data reliability
According to Loizou, the platform will provide “institutional-grade precision”, enabling the Tax Department to use advanced analytical tools to monitor the market consistently.
He said it will improve data reliability by offering a cleansed view of Department of Lands and Surveys transactions, removing errors to reflect the true state of the property market.
“Moving away from historic benchmarks, officials can now interrogate the market in near real-time using AI-driven spatial modeling,” Loizou said.
Risk mapping and asset tracking
Loizou said the system introduces advanced risk mapping capabilities, incorporating overlays of urban planning data, Natura 2000 protected areas and geological risks.
He also said it enhances foreclosure and bank property monitoring, enabling better tracking of assets held by credit acquiring companies and their pricing trends during restructuring.
Stated impact
“This agreement underpins a fairer, more efficient real estate market for every stakeholder,” Loizou said.
How do you think near real-time market monitoring could affect Cyprus’ property market stakeholders?