Russia’s Society of Assessors to Consult Working Group on Development of Assessment in Azerbaijan

Business Materials 18 June 2008 13:42 (UTC +04:00)

Azerbaijan, Baku, 18 June / corr. Trend I. Khalilova/ A working group has been set up to improve assessment activities in Azerbaijan and first meeting of this group will be held in July, said Azar Aliyev, the financial analyst of the project of the International Finance Corporation (IFC) on the initial development of mortgage lending in Azerbaijan and Central Asia.

The head of the Society of Assessors of Russia (SAR), Iqor Artemenkov, is also expected to take part in the meeting. SOR has stated that it is ready to render technical assistance to train the staff in assessment sphere and consulting working group to improve the assessment," Aliyev said.

The establishment of the working group with the participation of interested parties was initiated in a conference held in Baku on 26 May, dedicated to the study of the international experience in development of the institute of the independent assessment and prospects of this system in Azerbaijan.

IFC has revealed the lack of license for the assessment activities in Azerbaijan during the studies conducted earlier. According to the experts of the Corporation, the realtor services are developing in Azerbaijan, but still there is no public data base on deals regarding housing.

The lack of standards and data base, low skills of the staff, insufficient normative legal basis and lack of practical control over the evaluators were mentioned during the conference. The manager of IFC on Azerbaijan Aliya Azimova believes that the development of independent assessment of Azerbaijan is very important for the credit organizations to evaluate the real cost of real estate.

"The assessment is a very basis for the mortgage lending, and it is impossible to make chattel mortgage without reliable assessment system which affects mortgage lending as well," Azimova said.

The measures are being carried out to develop an assessment in Azerbaijan within the second phase of the IFC technical assistance. The project will be financed by IFC together with the State Secretariat of Switzerland (Seco).

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