Vugar Oruc: "The Use of Digital Technologies in the Valuation Sector is Expanding"

The application of digital technologies in the valuation sector is rapidly expanding, and several real projects have already been implemented in this direction. This was stated by the Chairman of the Azerbaijan Society of Appraisers, Vugar Oruc.

According to him, in cooperation with Pasha Bank, valuation reports are now being submitted in electronic format:

“This project has eliminated the need for paper documents and led to both an acceleration of the valuation process and a more technologically efficient approach. All stakeholders were satisfied with this digital experience, and currently, other banks are also beginning to adopt this model.”

Vugar Oruc noted that one of the key areas for the application of digital technologies is data-driven valuation processes. He emphasized the importance of relying on trustworthy data sources to ensure more objective and accurate decision-making:

“The analysis of the real estate market and the development of information databases should be built upon reliable data. The use of modern technologies allows professionals to gather necessary information from digital databases and conduct more accurate analyses.”

The Chairman of the Society of Appraisers also highlighted the significance of using digital tools in report preparation, emphasizing that this aligns the sector with the demands of the 21st century:

“Basic calculators and outdated manual methods no longer reflect the actual state of the market. Analyses based on accurate data lead to more precise outcomes and ensure that decisions are made objectively.”