The Society of Independent Appraisers (SEI) and the Association of Officers of the Court (OREJ) signed on Tuesday a constituent agreement on the establishment of the Support Organization “Mayak” [lighthouse]. The main activity of the partnership will be to render help to debtors in selling their property without coercive factors on the principles of a maximum efficiency.

At the Tuesday’s press conference held at INFOTAG, SEI Executive Director Dumitru Taraburca said that forced sales make up about 20% of the real estate market, but the Moldovan regulatory framework regulates this segment of sales very weakly.

“Given this fact, there can be many discussions about their legitimacy, but very often action comes first, and then judgments. Therefore, as a rule, the outcome of these discussions is a foregone conclusion, and the withdrawal of the debtor's funds takes place in an enhanced format. Forced sales are widespread not only in enforcement proceedings, among the population and in the residential real estate market. They are widely used in matters of collateral, insolvency processes of enterprises,” the expert said.

According to him, in the autumn of 2022, SEI conducted a survey in the banking sector of Moldova, which industry or segment of the real estate market causes the greatest concern.

“The survey was conducted in credit departments and departments for the sale of collateral assets. The answer surprised. Practically 100% of respondents mentioned industrial and warehouse real estate. The conclusion is sad - Moldova remains without commercial potential and under these conditions it will be difficult to achieve the mobilization of assets,” said Taraburca.

He remarked that what is happening in this segment of Moldova is contrary to European norms, in particular, the provisions of the Treaty on the Functioning of the EU.