Estimated Value (in Sale, Lease and Similar Tenders)

The value estimated for sale, lease, exchange and similar works before the tender. It is determined and decided by the valuation commission. In determining and assessing the value, the current market value is taken as the basis, having regard to the location and characteristics of the immovable property. Participants in sale, lease and similar tenders must submit tenders not lower than the estimated value. The highest of the prices offered is determined as the most favourable price.