The competent authorities are expected to start applying the new real estate valuation regulation at the end of this year, and the real estate valuation profession must obtain the status of a basic member of the Authority before December 31, 2015.
The real estate community expects to start applying the new regulation for real estate valuation at the end of this year.
Duties of the professionValuation Real Estate
The real estate valuation profession focuses on determining the value of real estate in all its forms, including land, housing, shops, factories, factories, farms and facilities, with the aim of reaching the true and fair market value in most cases. It requires knowledge of statistics, economics, finance, engineering, market study, and knowledge of the prices of everything that goes into the real estate industry at the time of construction and at the time of valuation, with knowledge of the variables of these prices and their positive and negative effects on the market in general. Until the real value of the real estate facilities is reached. The importance of the real estate appraisal “profession” for the sector as a whole is focused on preserving the rights of workers and those dealing with the sector on the one hand, and to keep pace with what the sector is witnessing in granting several real estate loans to citizens, pointing out that this profession still suffers from randomness in its affairs and the entry of personalities with varying experiences.
Minimizing the real estate appraisal profession
Minimize the error rate
The economic importance of the profession is still suffering from randomness in its affairs and the entry of personalities in it.
The economic importance of real estate valuation
Accurate and realistic evaluation of real estate, so as not to raise prices without deserving them, or fancy them, underestimating them, by qualifying and training national cadres.
The positive impact of real estate appraisal
The positive impact of real estate valuation on the reconstruction movement in the Kingdom, which will inevitably revive and grow, as long as there are parties working on valuation in accurate scientific methods, and encourage Saudi and foreign investors to enter the Saudi real estate sector and pump money into it.
Achieving an economic balance. Achieving an economic balance in the real estate sector, the absence of any material waste due to economic inflation, which is caused by randomness in the market by exaggerating or reducing prices, in addition to activating the economic wheel in a distinctive way and attracting money to the real estate market, for no other reason than that it will be a safe and stable market based on sound scientific controls and requirements, maintaining the value of the local currency, and most importantly knowing and correcting the market situation and the possibility of obtaining reports on the market situation.
More importantly, knowing and correcting the market situation and the possibility of obtaining reports on the market situation.
