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Amendments to the Law on appraisal activity discussed at the forum of the Public Council under the SMBDA 15.03.21

An online forum on changes expected in the Law of the Republic of Azerbaijan "On Appraisal Activity," arranged by the Public Council under the Small and Medium Business Development Agency (SMBDA) and in partnership with the Public Association Azerbaijani Society of Appraisers, was held on March 15

At the forum arranged with the support of the SMBDA and attended by the representatives of the Milli Mejlis, relevant government agencies, public organizations, and business entities engaged in appraisal activities, the legal regulation of appraisal activities, and other issues related to the expected changes in legislation and those having interest for entrepreneurs operating in this sphere were discussed and the participants’ questions answered.

The Chairman of the SMBDA Board Orkhan Mammadov stressed that the establishment of effective ties between the public and private sectors and the development of the state-business cooperation are the main directions of the Agency’s activity, and for this purpose, meetings and forums on various topics are regularly held. The goal of the online forum was mediating a public discussion of the expected changes in the legislation for appraisal, studying the proposals of the relevant agencies and entrepreneurs in this area. It was underlined that the discrepancy between the legal framework of the appraisal sphere with the modern requirements and market conditions and other issues created certain difficulties for appraisers in the development as a business entity.

Chairman of the Public Association Azerbaijani Society of Appraisers Nusrat Ibrahimov spoke about the organization’s activity, adding that currently, 36 appraisal companies were members of the society. He noted that the law on appraisal activity adopted in 1998, does not meet modern challenges and international standards and restricts control over the professional activity. The new legal framework being developed considering the international standards will be an important step in the development of this sphere.

At the forum, Milli Mejlis deputy Vugar Bayramov, head of the legal department of the Ministry of Economy Nurana Abbasova, an expert in real estate Ramil Osmanli, and representatives of appraisal companies and the Azerbaijani Society of Appraisers shared their views on the current situation in the field of appraisal and the new bill and proposals.