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.
