Azerbaijan may be included into list of countries with minimal global financial crisis impact: Russian Appraisers Society

Azerbaijan, Baku, March 11 / Trend , U.Ismayilova/  

Development of real estate market, including mortgage market, in Azerbaijan is impossible without professional appraisers, Russian Society of Appraisers (RSA) First Vice-President Igor Artemenkov said in Baku at the first examination for certification of residential real estate appraisers of Azerbaijan on March 11.

"Worldwide experience has shown that countries with a developed appraisal system and professional appraisers are among the countries with minimal global financial crisis impact, as they were able to evaluate risks," Artemenkov said.

Appraisers are an important element of market economy. These professionals will play a big role in development of the Azerbaijani economy, he said.

Appraisal is one of important economic directions of the country. It actively affects changes in the market.

Appraisal has been developing in Azerbaijan for about 15 years, but there are no uniform requirements for appraisers, It is important to introduce uniform requirements for appraisers' qualification to enable development of real estate market in the country, Artemenkov said.

Certification of appraisers in Azerbaijan is carried out for the first time. A pilot test is held as part of the International Finance Corporation (IFC) program on development of primary mortgage market in Azerbaijan and Central Asia jointly with the International Appraisal Center and Azerbaijan Society of Appraisers.

The first stage of the exam tests nine appraisers out of 16 applicants. Examiners are Igor Artemenkov and RSA Qualification Commission Deputy Chairman RPO Hamid Mamajanov. Exams are conducted in two stages - the first stage is written and the second is oral. Further certification will be conducted by appraisers who have passed the exam today.

Appraisal in Azerbaijan is governed by the Law on Appraisal, adopted in 1995. The Azerbaijan Society of Appraisers is preparing amendments to the Law.