Azerbaijan Real Estate Register State Service Receives New Realty Appraisal Methodology

Business Materials 28 November 2008 17:37 (UTC +04:00)

Azerbaijan, Baku, 28 November / Trend corr. U.Ismayilova/ Lithuanian expert Albina Aleksiene submitted a real estate appraisal methodology to the Azerbaijan Real Estate Register State Service. The methodology was designed within the joint Real Estate Registration project of the Azerbaijani Government and World Bank (WB), State Service said on 28 November.

The methodology provides for internationally used methods and main facts to appraise realty.

Expert's document also indicates the current situation in Azerbaijan's realty appraisal field.

In July 2007, the Government of Azerbaijan and World Bank signed an agreement to establish a unified real estate cadastre. The project consists of four components - registration of real estate; management and registration of State property; base mapping and land registry; trainings, policy formulation and project management. The cost of the project is $38.57mln, of which the share of the WB loan accounts for $30mln. Credit resources were allocated for a period of 20 years with grace period of five years.

"There is a range of problems with realty appraisal in the country, with one of them being lack of qualified appraisers," head of the Real Estate Register State Service Arif Garashov said earlier.  

The correspondent can be contacted at [email protected]