Valuation services sector developing in Azerbaijan

The valuation services sector in Azerbaijan is currently in a development phase, with significant reforms being implemented. This was stated by Vugar Oruc, Chairman of the Azerbaijan Valuers Association (AVA).

According to him, cooperation between government institutions and valuation companies is steadily expanding. This collaboration is mainly carried out through the Azerbaijan Valuers Association (AVA) and the Valuers Chamber. Government agencies obtain valuation services through tenders and official requests from accredited and recommended companies.

“In order to enhance transparency and professionalism in the valuation process, control mechanisms are being improved based on unified criteria,” said Vugar Oruc.

The AVA Chairman noted that in recent years, the demand for valuation services has also increased in the regions. However, compared to Baku, the quality and accessibility of these services remain limited. Although some valuation companies operate in various cities and districts, a lack of qualified professionals and weak technical infrastructure affects service quality.

To address these challenges, the AVA regularly organizes training sessions in the regions, plans to conduct professional certification exams, and encourages the establishment of new regional branches.

In parallel with these efforts, the periodic updating of valuation standards is also underway. As a member country of the International Valuation Standards (IVS), Azerbaijan is working to implement the latest updates of IVS at the national level. The process of updating standards is carried out based on expert opinions provided by the AVA and the Valuers Chamber.

“The main goal is to develop a valuation methodology that meets modern economic and technological realities,” added Vugar Oruc.

He emphasized that steps taken to strengthen the legal framework and expand regional capabilities are expected to make valuation services more professional and accessible in the coming years.