Internationally recognized specialists and organizations to be  granted right to conduct real estate appraisals in Armenia

ArmInfo.  Internationally recognized specialists and organizations will also be granted the right to conduct real estate appraisals in Armenia. At its November  26 meeting, the National Assembly's Committee on Economic Affairs  approved the amendments to the Law "On Appraisal Activities"  submitted by the Armenian government for the first reading.

As Deputy Chair of the Cadastre Committee Nane Ghazaryan noted in her  speech, appraisal is crucial for ensuring the stable and transparent  functioning of the Armenian economic system. Appraisal results are  widely used in civil transactions (property purchase and sale, lease,  loan, pledge, etc.), tax proceedings, and administrative and judicial  proceedings. All this demonstrates that the availability and quality  of appraisal services directly impact not only the legality and  effectiveness of individual transactions but also the stability of  the investment environment in the economy.

The Law of the Republic of Armenia "On Appraisal Activity" currently  grants the right to conduct appraisals only to specialists qualified  in the Republic of Armenia. However, the intensive development of  economic relations, the growth of international investment programs,  and the integration of the Republic of Armenia into international  markets necessitate legislatively enshrining the possibility of  conducting appraisal activities in the country by foreign specialists  and organizations with qualifications recognized by international  treaties ratified by the Republic of Armenia, including the Treaty on  the Eurasian Economic Union.

The adoption of the draft law is aimed at developing appraisal  activities in the country, increasing its competitiveness,  transparency, and compliance with international standards. The  proposed regulatory act will enable the Republic to enter the  international appraisal market and create a system that ensures the  provision of high-quality, reliable, and investment-friendly  services. Favorable conditions will be created for foreign investors,  as they will have the opportunity to utilize the services of  internationally recognized specialists and organizations.