The Eurasian Economic Union (EAEU) plans to launch a single market of valuation services, which will start functioning from January 1, 2025. This was announced by Lusine Tumyan, Deputy Director of the Department for the Development of Entrepreneurial Activity of the Eurasian Economic Commission (EEC), at the international conference “Real Estate in Focus: Valuation, Regulation, Development” held on September 20 in Moscow.

"The EEC together with its Member States is actively promoting the creation of necessary conditions for a single market of valuation services operating. It is expected that at the end of September this year, the agreement on administrative cooperation will be sent for domestic procedures for subsequent signing,” she said.

The conference was also addressed by Anna Zhurova, Advisor to the Department, who emphasized the importance of the upcoming launch of the single market for the EAEU and explained the main aspects related to its introduction. The participants discussed the issues of preparation for the new regime of the valuation services market and possible changes in the legislation of the EAEU countries in this area.

The EEC Council has already approved the draft agreement on administrative cooperation, aimed at ensuring effective interaction between the state bodies of the EAEU countries. This document provides for access to regulatory legal acts, registers of appraisers and exchange of information upon request on completed property appraisals.

EEC Minister for Economy and Financial Policy Bakhyt Sultanov pointed out that the launch of a single market for property valuation services will not only simplify the interaction between states but ensure the protection of consumer rights as well.

“The agreement will help prevent violations and support bona fide market participants,” he added.

The conference, organized by the Institute of Professional Education and the Self-Regulated Interregional Association of Appraisers, gathered representatives of government agencies, banks, developers and experts from the EAEU countries, and Uzbekistan, Turkey and other states.