On 27/4/2022 the President Antigoni Dounavi, the General Secretary Anastasios Ambatzis and the member of the Board. Ms. Eleni Adamopoulou, representing the Association of Valuers of Greece, met with the Minister of Finance Christos Staikouras.
The meeting took place in a warm atmosphere and during the meeting the Minister was presented with the work of the Association, the problems faced by the valuers-members of the Association, as well as the quest of further assistance of the valuers in matters of interest to the Ministry and the Public Sector.
More specifically, after it was highlighted to the Minister of the role of the Association in order to ensure high quality valuations thanks to their continuous training (procedures of examination and annual surveillanceprocesses), he was informed about our current cooperation with the Ministry of Finance in matters of valuations regarding the setting of the zone prices for the determination of the objective values, which should be updated periodically, as well as for the needs that arise in the local tax offices and the auctions. There were also mentioned all the problems arising in these proceedings as well as the earnings of the valuersfor this kind of work.
Moreover, we discussed the need of further cooperation of the Ministry of Finance with the AVAG in matters of raising the awareness of state bodies and local government in order to assign tasks to certified valuers so as to eliminate incidents of remote valuations.
Finally, the Minister was pointed out the expected update of the European Union Directive on Capital Requirements Regulation (CRR), according to which Banks are given the opportunity to make mortgage estimates using automated real estate valuation models (AVMs), something that is at the discretion of each country to implement it or not. The proposal of the Association is that in Greece due to the peculiarities of the Real Estate Market and in order to reduce the risk for future new red loans, this directive should not be implemented, as this is at the discretion of the Greek government and the Bank of Greece.
In closing, we offered the Minister the book of European Valuation Standards, which the Minister gladly accepted and pledged to ensure even closer cooperation of AVAG with the competent services of the Ministry to resolve the issues of valuers and the fair remuneration of their work.
