Appraiser Day in Russia Date in the current year: November 27, 2024

An appraiser is a person that develops an opinion of the market value or another value of real estate, equipment, enterprises, transport vehicles, personal property, work, right of claim, business share, etc. They are expected to perform evaluation services in an independent, partial and objective manner.

The profession of an appraiser began to emerge in Russia after the collapse of the Soviet Union, since the economy of the USSR was based on state ownership and there wasn’t much need for asset valuation. The demand for appraisal services in Russia, most notably in real estate, first arose after the adoption of the Law on the Privatization of State and Municipal Property in 1991.

On November 27, 1996, the Ministry of Labor and Social Development of the Russian Federation approved the qualification profile for the position of an appraiser (a property valuation expert). This date is considered the official “birthday” of the appraising profession in Russia. In 1999, the Russian Society of Appraisers, in collaboration with the largest professional web portal for Russian appraisers, decided to celebrate Appraiser Day on November 27 each year.

The professional activities of appraisers in Russia are regulated by the Federal Law On Appraisal Activities in the Russian Federation, adopted in 1998. According to the law, the main task of appraisers is to analyze assets (resources owned by a business or economic entity that could produce positive economic value) and determine their value. They also determine how much it costs to maintain the assets and how much their owners can profit from the assets in the future.

Today, there are approximately 20,000 licensed appraisers in Russia. About 7,000 of them are members of the Russian Society of Appraisers. Founded in 1993, it is the oldest and the largest professional organization of valuation experts in the Russian Federation.

Although Appraiser Day is not an official holiday, i.e. it hasn’t been approved by the Russian government, it is widely celebrated within the professional community. It is usually marked with various professional events organized by the Russian Society of Appraisers, such as conferences, congresses, seminars, workshops, etc. They allow Russian appraisers to exchange experience, network and promote their profession.