CROATIAN ASSOCIATION OF COURT EXPERT WITNESSES AND VALUERS WELCOME ADDRESS OF HDSVIP PRESIDENT

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1 . CROATIAN ASSOCIATION OF COURT EXPERT WITNESSES AND VALUERS WELCOME ADDRESS OF HDSVIP PRESIDENT SPRING TEGOVA MEETING BERLIN 2015 mr.sc.,melita Bestvina,d.i.g. stalni sudski vještak za graditeljstvo predsjednica Hrvatskog društva sudskih vještaka i procjenitelja

2 Respected Mr President of TEGoVA, ladies and gentlemen, dear coleagues It is my great pleasure and honour to address you at the TEGoVA General Assembly organisation in which the Croatian Association of Court Expert Witnesses and Valuers intends to become full time member.

3 At the beginning, please allow me to introduce to you the country where I come from: THE REPUBLIC OF CROATIA -The Republic of Croatia is a European country, geographically situated at the transition from Central to South-Eastern Europe, -To the North it is bordered with Slovenia and Hungary, to the East with Serbia, in the South and East with Bosnia and Herzegovina and Montenegro, while it has a sea border with Italy, -In the course of its history, the most important cultural influences came from the Central-European and Mediterranean cultural circle. -According to the political structure, Croatia is a country of parliamentary democracy. It has been a UN member since May 22, Croatia is a member of the Council of Europe, OECD, NATO, World TradeOrganisation and, since July 1, 2013 member state of the European Union.

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5 - Croatia has the land area of square kilometres and the territorial sea area of about km2, - The Croatian Adriatic is the closest warm sea for many Europeans and also one of the most beautiful ones; - The sea shore, including the islands is km long and it is one of the most rugged coastlines of the Mediterranean. With its islands, islets and rocks it is named the Country of a thousand islands. - Krk and Cres are the largest, while Hvar is the best known island in the Adriatic.

6 HDSVIP THE CROATIAN ASSOCIATION OF COURT EXPERT WITNESSES AND VALUERS - The Croatian Association of the Court Expert Witnesses and Valuers was established in May 1980 as Association of Expert Witnesses in Zagreb, Croatia as a voluntary, non government and non-partisan association with a major role to enhance the court expert institution and its role in judiciary and other institutions. It cooperates with legal entities and individuals in accordance with the laws and regulations of the Republic of Croatia. - In1985 the Association adopted the Code of Ethics which also comprised the court experts engaged in valuation of real estate and movable assets.

7 - The HDSViP has total of members, while 195 of them are the valuers. From March 2015 the Association changed its name into the Croatian Association of Court Expert Witnesses and Valuers, due to the fact that the Regulation on Real Estate Valuation, (enacted in June 2014 by the Croatian Government) provided for that the property valuations should be performed by licensed expert witnesses for property valuations and licensed court valuers. -For many years the HDSViP has been practicing the permanent vocational training of its members and regularly organizes seminars, conferences and congresses.

8 - Inasmuch it performs education of young experts, thus qualifying them for performance of expertises, valuation and forensics. - The professionals wishing to become the valuers in the Republic of Croatia are obliged to undertake the education in professional association, working with a mentor; together with him they must produce examples of valuations with mandatory verification of knowledge from various fields that are needed for a property valuer.

9 - Through many years we have had good cooperation with the Slovenian Institute of Auditors, where we were invited as guests on their annual Valuer s conferences. We have also established excellent cooperation with the National Association of Valuers of Serbia (NUPS) and its president, Mrs Danijela Ilić, who encouraged us to apply for TEGoVA membership. - On June 26, 2014 the Croatian Ministry of Construction and Physical Planning adopted the Ordinance on Methods of Real Estate Valuation, which elaborated in details the three methods of property valuations (comparative, revenue and cost methods), manner of collecting and recording data and their evaluation for all properties in the Republic of Croatia, while it does not have as yet the data base which is still under work (only the country capital Zagreb has such data base).

10 - As the largest and most competent association we have submitted a number of comments to these two regulations, primarily due to the lack of data base and too detailed prescription of standard methods, without obligation to adhere to European standards and mandatory code of ethics. - Currently the procedure concerning the adoption of Real Estate Valuation Act is under way, with very strict penal provisions should the valuers fail to adhere to the provisions of the Ordinance on Methods of Real Estate Valuation.

11 - In our opinion, the most important role of the real estate valuation act should be as follows: a) prescribing of conditions and methods of property valuation, b) defining of professional qualification of persons who perform valuations, conditions for obtaining the licence for valuers and expert witnesses for property valuations, c) supervision of fulfilment of the prescribed criteria, accreditation of valuers associations, who will monitor the work of expert witnesses and valuers and perform education, licencing and continuing professional education,

12 d) clear criteria should be established for issuance, renewal and revocation of the licence (appointment) as well as for exam necessary for acquisition of the profession of licenced valuer according to the programme prepared by the profession (professional accredited association), e) mandatory contents of the Programme for permanent professional education including minimal education requirements should be prescribed.

13 Unless the above mentioned elements were not comprised by the Act, in our opinion it would not meet the requirements arising from the European standards; The goal of our membership in TEGoVA is to broaden the professional profile and skills of our members engaged in property valuation up to the level as established in TEGoVA s Minimal educational requirements (MER). We believe that the European valuation standards should become part of the property valuation practice, which is the key security component on the real estate market. Thank you for your attention!