Azerbaijan Appraisal Chamber

The issue of establishing the Chamber of Appraisers in Azerbaijan was also reflected in the new draft law on appraisal activity submitted to the Milli Majlis.

Vugar Oruj, the newly appointed chairman of the Azerbaijan Appraisal Society (AQC), said this in an interview to “Report”.

He spoke about the necessity of creating the chamber:

“Until 2008, licensing in the field of appraisal was valid in Azerbaijan [by the State Committee for Real Estate Affairs]. Each company started operating only after licensing. Then licensing was canceled and we regulated the activities of individual persons or companies in this field by holding certification exams. , on the one hand, it was a positive issue. The market became independent, the expansion of activity, further development of this field took place. On the other hand, it led to the emergence of very serious shortcomings. Since the assessment activity was not administratively regulated by any institution, with the occurrence of separate negative events First, the number of companies in this field has increased, and among them there are companies that do not follow international valuation standards, represent separate business interests, and discredit valuation companies. As a society, we had no opportunity to take any action against them. has the right to make a request or to address any request. We thought that to overcome this, some administrative body is needed to regulate the appraisal market in the country. We have addressed the Milli Majlis many times in this direction. In general, we have applied for the improvement of the law on assessment activities”.

The head of the AQC said that the draft law is expected to be read for the first time in the spring session of the Milli Majlis:

“I think that a law will be adopted during this year. Probably, a new law will be adopted that is objective, functional and has the ability to regulate the evaluation market. We have high expectations from this law. It will ensure the removal of non-professionals from the market, the regulation of the market and the further improvement of the evaluator’s reputation. We hope that very serious measures will be taken in this direction. We believe that if the Chamber of Appraisers is created, it will be possible to ensure the implementation of objective control, coordination and coordination in this direction. Then new horizons will open for professional companies, which will be able to move from being independent in the market to today. to compensate for the losses he incurred. We hope that the creation of the chamber will result in serious steps in the direction of entrusting the work to a professional, restoring stability in the market, and eliminating arbitrariness.”

V. Oruj noted that the chamber and society will work in parallel:

“Many people think that if a chamber is created, there is no need for society. But this is not the case. For example, Azerbaijan has the State Tourism Agency and the Azerbaijan Tourism Association. The association is engaged in social activities. But the agency is engaged in the administrative management and regulation of this area. After the establishment of the chamber, the administrative in the direction, and the AQC will work in the direction of further development of this profession, application of innovations, standards, coordination of evaluators. The work of these two institutions will not contradict each other, but will be helpful.”