August 15, 2018 (Toronto) — Axilogic announced today that it has executed an agreement with the Lebanese Republic and their Ministry of Finance, to conduct a comprehensive Proof of Concept (POC) of the MPAC Valuation as a Service (VaaS) property classification and valuation ecosystem.
Under the terms of the Agreement, Axilogic will lead a POC in the capital city of Beirut, wherein an estimated 150,000 properties will be selected and modelled using VaaS. Among other things, the purpose of the POC is to represent Lebanon’s data within VaaS, compare and contrast existing rental values with current market values and compute lost revenue due to inventory and valuation challenges.
The POC will kick off September 10, 2018 in Beirut and will be completed in under 100 days using the Rapid Results Approach, with a project team composed of members of Axilogic, MPAC, Ministry of Finance and Lebanon’s valuation department. Upon the successful completion of the POC, the results will be used to guide a national modernization of Lebanon’s systems of valuation.