20.03.2008 Professional Real Property Valuation is Urgent in Georgia

On March 18, 2008 presentation on the activities carried out in real property valuation field was held at the National Bank of Georgia. Presentation was initiated by the Association for Protection of Landowners’ Rights and Association of Banks of Georgia and supported by the USAID Small and Medium Enterprise Support Project.

 

Representatives of state and private sectors, insurance companies, banks and other financial institutions discussed the situation in the field, as well as the problems to be resolved. It was mentioned that together with rapid development of real property markets professional valuation services are highly important. Valuation services are needed for securing loans by real estate, condemnation, insurance business, real property taxation, state property privatization and property-related dispute settlement. Basic issues to be settled as of today, among others, are establishment of international valuation standard, legislative regulation and creation real property sales database.

 

APLR presented its project on professional certification of real property surveyors and appraisers. The project aims at real property appraisers’ certification according to ISO standards and at coordination real property valuation related issues.

 

Zurab Gvasalia, president of the Association of Banks of Georgia stated that it is time to take decisive steps to ensure high professional valuation services. According to him ABG is ready for further collaboration with APLR and other stakeholders to advance international standards in real property valuation field and to resolve urgent problems.

 

Dan Berkshire, chief-of-party of USAID SME Support Project considered valuation field development and further related actions to be very important for real estate market. He hoped that APLR, organization taking important steps for real property appraisers’ certification, would act as a mediator among real property valuation market players.