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Azerbaijan hosts an international congress on the potential development of the property market appraisal

26 November 2008 14:47 (UTC +04:00)

Baku. Nijat Mustafayev - APA-Economics. An International Congress on the topic of â€œThe Potential Development of the Property Market Appraisalâ€ has kicked off in Baku.
Ziyad Samedzade, chairman of a parliamentary commission on economic policy, spoke of the countryâ€™s prospective economic growth, underlining that per capita GDP will reach $6 3000 in the near future.
â€œAzerbaijan’s foreign debt accounts for 6% of GDP and this is a normal rate. In some other countries, external debt exceeds 80% of GDP,â€ he added.
He emphasized that the development of the property market is an important issue for Azerbaijan and the Government is taking steps in this direction.
According to him, the lack of normal valuation system in the country impedes municipalities generating income.
Arif Garashov, Chairman of Azerbaijan Real Estate Registry Service, added that there were gaps in the field of real estate market.
â€œThere will be revival in the real estate market as part of the implementation of the World Bank-supported Real Estate Registration Project for Azerbaijan.
Garashov noted that the absence of proper valuation and methodology creates problems in the collection of property tax and in mortgage lending.
â€œValuation is currently based on the basic prices of 1991. We propose to establish a modern system of valuation,â€ he added.
MP Khanhuseyn Kazimli said that there is a need to bring the valuation system up to international standards.
Representatives from Georgia, Ukraine, Russia, Belarus, Moldova and other countries are attending the two-day congress.
The congress is supported by the International Finance Corporation, CIS Appraisers Association and Azerbaijan Appraisers Society.