The Saudi Authority for Certified Appraisers has signed an agreement with the Real Estate Development Fund regarding technical integration and the use of services provided by entities licensed to practice the appraisal profession through the “Qim” system, such as the Saudi Authority for Certified Appraisers Engineer Sultan Al-Jreis, Secretary General of the Authority, signed the agreement on behalf of the Authority, while Mansour bin Madi, General Supervisor of the Real Estate Development Fund, signed on behalf of the Fund.
This agreement aims to establish a direct technical link between the two parties, ensuring that the Real Estate Development Fund has easy access to licensed real estate appraisal firms and can conduct business with them electronically through the "Qim" system which provides a mechanism for electronically tracking all steps and procedures of the appraisal process—from submitting the request, through selecting and contracting with firms, to conducting the appraisal and delivering the results to the client. The system also provides a dashboard that enables the Fund to monitor appraisal operations, analyzeand their distribution across various regions of the Kingdom, in addition to numerous services and benefits that will help streamline the services the Fund provides to beneficiaries with efficiency and professionalism.
Implementation of the Certified Appraisers System
Engineer Sultan Al-Jreis, Secretary General of the Saudi Appraisers Authority, said: "This agreement is part of a model for strategic partnerships that we are working to implement with entities that benefit from appraisers" services, whether in real estate appraisal or in the various sectors overseen by the Authority. This will contribute to a more effective implementation of the Certified Appraisers System by relying on licensed firms to conduct appraisals, ensuring that beneficiaries receive these services professionally, efficiently, and in accordance with approved standards—thereby enhancing their confidence and aiding them in their decision-making.
Providing Services in Accordance with Global Standards
For his part, Mansour bin Madi, General Supervisor of the Real Estate Development Fund, explained that providing real estate appraisal services in accordance with international standards will contribute to further strengthening and regulating the real estate market, in addition to improving the quality of financing solutions offered by the Real Estate Fund in partnership withsuch as banks and accredited financing institutions in the Saudi market. He noted that the agreement with the Saudi Authority for Accredited Appraisers represents a significant and distinctive addition aimed at enhancing the efficiency, quality, and outcomes of real estate appraisals and leveraging the engineering expertise developed through the Fund’s experience in this field.
The agreement will support the creation of a shared database between the two parties to serve future market studies of the residential real estate sector, thereby enabling the Fund to develop and improve the services provided to beneficiaries. He noted that, based on the Real Estate Fund’s commitment to collaborating with relevant entities to achieve integration in service delivery, quality, and speed of implementation—which will positively impact the end beneficiary—the “Taqyeem” agreement with the Real Estate Fund will introduce a new dimension that achieves strategic objectives and will have an effective impact on improving and developing real estate financing outcomes.
It is worth noting that this agreement is one of several recently signed by the Saudi Authority for Certified Appraisers to facilitate the use of certified appraisers“ services, whether through technical integration or by utilizing the ”Qayim“ system, which facilitates access to licensed firms, allows users to obtain multiple quotes for appraisals, compare them, and track and manage all steps of the process entirely online via the ”Qayim" system.
Related Topics: Real Estate – International Trade – Real Estate Sector – Residential Villas – Licenses – Loans – Housing Projects – Services – Construction
Editor-in-Chief Abdulaziz Al-Issa writes: Transformation... Post-Pandemic Investment
”Municipal and Rural Affairs" Grants 60 New Powers to Regional and Provincial Secretaries, Deputy Ministers, and Department Directors
The Ministry of Justice issues 10,897 rulings during the period when in-person attendance at workplaces was suspended
Riyadh Chamber Reviews Initiatives to Mitigate the Impact of the COVID-19 Pandemic
Services
