Baku Realtors Association to improve real estate legislative framework

Azerbaijan, Baku, Jan. 30 / Trend , A.Badalova/

The Baku Realtors Association (BRA) will develop the Azerbaijani real estate legislative framework.

Realtor activity in Azerbaijan is poor, and there are serious gaps in staffing, BRA President Vafadar Akhundov said. The BRA aims to develop realtor legislative and regulatory framework and create a market infrastructure conforming to international standards.

"We have problems contracting players on the real estate market. Our main goal is to create a common database in this area," Akhundov said.

The association intends to establish branches in regions throughout the country, he said.

The BRA will develop and submit a bill on realtor activities in Azerbaijan to the government, MBA Group consulting company head Nusrat Ibrahimov said. The International Finance Corporation agreed to provide the association with support on the issue.

Ibrahimov said the association's main tasks are to define realtor activity standards in Azerbaijan, establish a center to specialize training and introduce a realtor certification system.

BRA founders are MBA Group, New Europe and Baki Emlak. The association was registered at the Justice Ministry in October 2008.

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