Kazakhstan makes amendmendts the rules in the field of appraisal activities
Kazakhstan is preparing changes in the field of appraisal activities. The Ministry of Finance of the Republic of Kazakhstan initiated amendments to the legislation, which should improve the quality of services and create uniform requirements for the assessment of property in the EAEU space. The reform will allow businesses to save money and time, make the market more transparent, and predictable for investors.
Property valuation plays an important role in various areas of economics and law, including sales transactions, lending, investment and litigation. In modern conditions, the level of trust on the part of both business, financial community and individuals directly depends on the accuracy and transparency of this procedure.
In order to further develop this area and integration into foreign economic space, the law is being amended to provide property assessment services within the Eurasian Economic Union (EAEU). The innovations will create a legal basis for working in the domestic market not only for local appraisers, but also for appraisers from other member states of the Union.
Currently, the professional community of appraisers in Kazakhstan already has significant potential. The country has four chambers, each with more than three hundred members. In total, about 1.7 thousand qualified specialists work on the market, which forms the basis for the development of competition.
Thus, the existing infrastructure, combined with the upcoming legislative changes, is aimed at creating a more open, competitive and high-quality market for appraisal services. This will contribute not only to protecting the interests of consumers, but also to strengthening economic ties within the EAEU.
How the new law will work
In connection with the opening of a single market for property valuation services within the EAEU, the law has been supplemented with a new chapter "Activities within the framework of the functioning of a single market for services." It regulates the duties and responsibilities of Kazakhstani appraisers, appraisers of other EAEU member states and, accordingly, the chambers of appraisers.
"These amendments will allow our appraisers and non-resident appraisers to carry out their activities in the Union. The main innovation of the reform is the recognition of the assessment results in all EAEU countries. Now, if the Kazakhstani appraiser assessed the property, this assessment will be valid in the countries of the Union. This not only reduces costs, but also makes business processes faster and more predictable," said Anar Nurdybaevna, Director of the Department of Accounting, Audit and Evaluation Methodology of the Ministry of Finance of the Republic of Kazakhstan.
Experts believe that in the context of the integration of the EAEU markets, such a measure will significantly simplify cross-border cooperation and increase confidence in the assessment system as a whole.
How the Amendments will affect investment
The Amendments will directly affect the investment climate in Kazakhstan. Transparency, predictability and trust in the asset valuation system are the most important factors for investors.
"Amendments to the legislation of the Republic of Kazakhstan on appraisal activities within the framework of a single market for property appraisal services within the EAEU will strengthen the image of Kazakhstan as a country with a transparent regulatory system and competent personnel," the Ministry of Finance of the Republic of Kazakhstan concluded.
As a result of the reform, experts say, Kazakhstan gets a more open market, where everyone benefits: from small businesses to large international companies.