Nasser Al-Ayyaf Al-Qahtani, a real estate specialist, confirmed that real estate appraisal is one of the most important mechanisms of communication between the real estate market and the financial and business markets, indicating that it is the procedure that transforms the property into a financial number, adding: “I am not here to mention the importance of the evaluation in a way. In general, and real estate appraisal in particular, my colleagues have satisfied this axis with an explanation and clarification, but I will list the factors affecting the value of the property and the skills that the resident must possess, including environmental, planning, architectural, technical, economic, administrative and social influences. Al-Ayyaf Al-Qahtani indicated that the real estate appraisal profession was in the past entrusted to the experienced, experienced and knowledgeable in the market. He explained and justified it until the Saudi Authority for Accredited Evaluators came to set standards and methodology in the evaluation process.”
He added: “But in the transitional period between the practice of parents and grandparents and modern practice, some companies working in the field of evaluation sought the assistance of With residents from outside the market who possess scientific knowledge, but lack knowledge of the nature of the Saudi real estate market and its environmental, planning, architectural, technical, economic, administrative and social dimensions, meaning that the resident who is remote or alien to the location of the property may not master the factors affecting the evaluation of real estate in the region, and the international standards that The authority adopted it to set the condition that the resident spend an appropriate period of time at the location of the property or seek the assistance of an approved resident familiar with the area as a condition for the validity and safety of the evaluation report.” Exploiting the support provided by the Commission for employment and training of national cadres. For example, the Commission offers a 50% discount in the prices of courses and memberships to our university students, and coordinates with the Human Resources Fund to support the salaries of Saudi employees.”
The real estate specialist said that in the past, the real estate appraisal process was carried out through real estate offices, and some negative practices that were practiced in those offices had infiltrated the valuation processes such as price speculation and The existence of a conflict of interest in the appraisal process and the reliance on some untrained or qualified expatriate workers in evaluating the property from the same appraiser for more than one party, until the Saudi Authority for Accredited Valuers came to set a charter for the profession.”
The real estate specialist advised Al Ayyaf Al-Qahtani, colleagues, to abide by the charter for practicing the evaluation profession, is your protector after God – the Almighty – from the dangers of working in evaluation.
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