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Azerbaijan to introduce new directions of property appraisal

Business Materials 5 August 2010 12:31 (UTC +04:00)

Azerbaijan, Baku, Aug. 5 / Trend, U. Ismayilova /

Azerbaijan Society of Appraisers (ASA) plans to begin introducing new types of appraisal on the local market next year, ASA executive office's head Amil Ismayilov said.

"At the first stage it is planned to introduce car appraisal," Ismayilov said.

He said appraisal of other types of property will also be introduced in the future.

Ismayilov believes that one of the new important directions for appraisal activities in the country will be appraisal of business, including factories, companies, etc.

He said that in connection with introduction of new directions of appraisal regularly training will be held for local professionals, and the longest courses will be classes on the study methodology for appraisal the business, which will last two to three months.

Today there are no specialists in the field of appraisal in Azerbaijan to evaluate not only real estate that is the most common type of appraisal activity in the country.

The lack of such specialists is due to the demand existing on the market. At present, Azerbaijani appraisers are engaged only in the appraisal of real estate.

Recently, the ASA received appeals to appraise personal property, in particular, equipment and cars. There are also requests from the appraisers to undergo relevant trainings conducted by international experts in the field of personal property.

Azerbaijan Society of Appraisers has already begun discussions with international experts in order to introduce additional types of property appraisal.  

Appraisal activities in Azerbaijan is regulated by the law "On appraisal activity" adopted in 1995.

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