<The Real Estate Committee of the Riyadh Chamber recently hosted a workshop for accredited assessors, where the meeting, which was held in the presence of specialists from the Saudi Commission for Accredited Assessors and a number of owners of real estate development offices and companies, real estate services and interested parties, addressed the effects of the Accredited Assessors Authority on the real estate sector.
The Secretary General of the Saudi Commission for Accredited Valuers Issam Al Mubarak set the beginning of the year 2017 as the date for the official start of the official practice of the valuation profession, considering this period until the scheduled date as a transitional period in which the Commission will carry out many activities and works to develop and qualify residents based on scientific foundations in accordance with international standards of valuation in force globally.
In the meeting, which was moderated by Dr. Abdul Wahab Abu Dahsh, Chairman of the Finance and Valuation Subcommittee, Al Mubarak explained that according to the commercial register, there are more than 700 offices and companies practicing real estate valuation as an activity and not as a profession, pointing out that according to the new real estate valuation system, these offices are required to change the valuation activity and adopt it as a profession, stressing that no real estate office can be registered unless they obtain membership in the Authority, and that registration will start next September.
He explained that the Authority is currently preparing a study on the needs of appraisers, expecting the number of appraisers to reach 500 certified appraisers, explaining that the Authority aims to accredit the evaluation with accurate international standards that give the asset whatever its real market value, and that the Authority is concerned with the evaluation of assets in general, whether real estate, economic facilities, equipment and movable property, and is now working on a project to qualify residents in the field of vehicles and others, expecting that this profession will create promising job opportunities. The Secretary General of the Certified Valuers Authority said that the Authority was based on the urgent need to upgrade the valuation profession, which is the most important element of preserving the savings and assets of public money, pointing to the need for most sectors such as banks, insurance companies, real estate companies and state agencies concerned with expropriation to assist them in making accurate decisions and evaluations such as buying, selling, acquisition, merger, division of companies, inheritance, dispute resolution, compensation, determining the feasibility of investments, replacement and so on.
For his part, Hamad Al-Shuwaier stressed the importance of this meeting, and said that we have heard from the brothers all that matters and legalizes the important valuation profession for all economic sectors, which has a direct impact on preserving the real estate wealth from inflation and collapse.
The Secretary General of the Saudi Commission for Accredited Valuers Issam Al Mubarak set the beginning of the year 2017 as the date for the official start of the official practice of the valuation profession, considering this period until the scheduled date as a transitional period in which the Commission will carry out many activities and works to develop and qualify residents based on scientific foundations in accordance with international standards of valuation in force globally.
In the meeting, which was moderated by Dr. Abdul Wahab Abu Dahsh, Chairman of the Finance and Valuation Subcommittee, Al Mubarak explained that according to the commercial register, there are more than 700 offices and companies practicing real estate valuation as an activity and not as a profession, pointing out that according to the new real estate valuation system, these offices are required to change the valuation activity and adopt it as a profession, stressing that no real estate office can be registered unless they obtain membership in the Authority, and that registration will start next September.
He explained that the Authority is currently preparing a study on the needs of appraisers, expecting the number of appraisers to reach 500 certified appraisers, explaining that the Authority aims to accredit the evaluation with accurate international standards that give the asset whatever its real market value, and that the Authority is concerned with the evaluation of assets in general, whether real estate, economic facilities, equipment and movable property, and is now working on a project to qualify residents in the field of vehicles and others, expecting that this profession will create promising job opportunities. The Secretary General of the Certified Valuers Authority said that the Authority was based on the urgent need to upgrade the valuation profession, which is the most important element of preserving the savings and assets of public money, pointing to the need for most sectors such as banks, insurance companies, real estate companies and state agencies concerned with expropriation to assist them in making accurate decisions and evaluations such as buying, selling, acquisition, merger, division of companies, inheritance, dispute resolution, compensation, determining the feasibility of investments, replacement and so on.
For his part, Hamad Al-Shuwaier stressed the importance of this meeting, and said that we have heard from the brothers all that matters and legalizes the important valuation profession for all economic sectors, which has a direct impact on preserving the real estate wealth from inflation and collapse.
