A new regulation regarding real estate valuation will come into force on 1 June. The decree on Real Estate Valuation Instructions for Commercial Banks was approved by the President of the National Bank of Georgia on 14 May. The project, which was initiated in January 2017, involved commercial banks, representatives from international valuation companies, as well as an independent expert.
According to the NBG, the decree on Real Estate Valuation Instructions for Commercial Banks aims to raise awareness about the real estate valuation process, improve the quality of real estate valuation in the banking sector; increase transparency in the valuation process and principles; define and develop ethical standards for the appraisers; determine the criteria for the appraiser’s qualifications; as well as implement the International Valuation Standards and act within their framework.