Abstract:

The valuation of individual assets in Bulgaria throughout the last thirty years has gone through multiple phases of development. The first phase is related to the privatization of state and municipal property. The second one is connected to the creation of the Independent Valuers Act (IVA) and the Chamber of Independent Apraisers in Bulgaria (CIAB). This period is key for the development of independent valution activity due to the fact that a new legal framework has been created to organize and control said activity. The Bulgarian Valuation Standards (BVS) have been introduced, which increase opportunities for regulation of independent valuation activity while reflecting the actual need for a uniform valuation framework for different valuation needs. These events have led to the development and regulation of the activity of independent valuers and display a significant increase in the number of persons who have acquired a valuer certificate and member privileges of CIAB for the last ten years. One of these opportunities was first presented in 2018 when Bulgarian valuers were able to acquire REV statuses (Recognised European Valuer). The methods used for this study are a comparative and a survey method. Data has been presented, indicating the difference in the number of registered valuers in CIAB (natural persons) out of a 1000 citizens from the populations of the biggest cities in Bulgaria for the period of 2012-2020 as well as the change in the total amount of valuers, natural and legal persons, and the members of CIAB for the same period. The conducted survey includes 120 independent valuers and relates to the satisfaction they received from their professional activity as well as to the created BVS. Conclusions and future prospects for the development of valuer activity in Bulgaria have been made on the basis of the acquired results.