The International Finance Corp. (IFC) has helped establish the first residential property system in Azerbaijan, which should foster the development of the local mortgage market.

Appraisal issues are entering the spotlight as a deteriorating economy is expected to ratchet up foreclosures and loan restructurings.

The new “appraisers’ certification system in the country that should help improve appraisal practices and minimize systematic risks,” the agency said in a press release.

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