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The International Real Property Foundation (IRPF) launched the new Azerbaijan program by formalizing a Protocol Agreement between IRPF, The Azerbaijan Appraisers Society (AAS) and the Union of Participants of the Real Estate Market (Union). This program is aimed at establishing self-sustaining, market-oriented professional associations: Brokerage/Property Management and Appraisal and elevating the knowledge of real property professionals towards meeting international standards.

On March 29, 2007 IRPF’s Norman Flynn, President and CEO signed a protocol with Eldaniz Oruyov, Chairman of the AAS. There were 45 people in attendance including government officials, two which were members of the Parliament. Also the Independent Bankers Association President was there as well as other members of their Board of Directors. Also present were television and print media. There were approximately eight speakers all which lauded the new protocol signing and who were encouraging the Appraisers to continue their growth and work.

On March 30, 2007 Mr. Flynn signed a protocol with Nusrat Ibragilov, Executive Director of the Union. Another successful turnout with 38 people in attendance at the signing, among them were members of print and television media. Contrasted to the Appraisers, this one had lively discussion and nearly 30 minutes of questions following the presentations. This allowed the Union to inform the press of all its programs, products and services.

Following each Protocol Signing, Mr. Flynn met with the associations to determine future programming efforts. “I believe that the AAS will be an excellent partner having been formed since 1998. They have, on their own, become reasonably self-sustaining but have lacked the funds to bring professional training and additional recognition to the appraisers through a certification program,” said Flynn. The Union of Participants of the Real Estate Market, organized in 2006, has made progress but is also in need of funding necessary to provide meaningful training programs to offer the association more credibility. Flynn adds, “It appears that for a young organization while in conception since 2003 and actually organized in 2006, it has made substantial progress. It seems to have the major players in the market as its members and is aggressively pursuing expanding the organization to become more all inclusive.”

IRPF, along with ShoreBank International, are also developing “Mortgage Tool Kits” hopeful that local banks will co-fund a Train the Trainer program for mortgages. Mr. Flynn determined prior to leaving that a full-blown Mortgage Tool Kit was less than necessary than it had been after the initial Azerbaijan market assessment due to implementation of previous recommendations made by ShoreBank International Program Manager Garth Bedford.

IRPF is based in Chicago, Illinois, and is devoted to creating viable, private real estate markets worldwide which are essential for strong democracies and developing economies. This mission is achieved through work supported by the following core strategies: to develop partnerships in the commercial sector; to create alliances with other real estate related trade organizations; and, to position IRPF as the "standard setter" in real estate reform in emerging markets around the world.

For more information please contact Sylvia Luchini, Managing Director of IRPF at (312) 329-8692 or

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