In a world where real estate interests are intertwined, where complexity and multiple parties are involved, there is a need for a regulatory body to ensure the credibility and transparency of this vital sector. In this context, establishing the Saudi Authority of Accredited Valuers was a proactive step towards building trust in the real estate market.
What is the Saudi Authority of Accredited Valuers?
The Saudi Authority of Accredited Valuers was established in 2012 by royal decree to localize the valuation profession in the Kingdom, regulating valuation work and promoting the profession through training and graduating cadres and competencies. Before establishing the Authority, the valuation industry suffered from a lack of standardization, leading to a lack of confidence in valuation reports.
The Authority’s vision is to enhance the quality of the valuation profession in the Kingdom and raise the competence of its members to achieve global leadership. This is done by developing and regulating the valuation profession, improving the services provided to practitioners, and increasing awareness and transparency in the field.
This is achieved by developing and regulating the valuation profession, improving the services provided to practitioners, and increasing awareness and transparency in the field. The Authority works to raise the level of professionalism of valuers. It ensures that valuers have the necessary qualifications and competencies to practice the profession, and raises competency levels through training programs and continuous valuation.
The Authority also seeks to raise awareness of the importance of valuation among the public and to clarify the role of the valuer in protecting the rights of the parties concerned in the event of a contract. This is done through awareness campaigns on social media platforms and the issuance of periodic reports on the sector’s performance.
By providing an effective regulatory environment, the Authority contributes to attracting real estate investments and enhancing confidence in the market. This, in turn, reflects positively on the national economy by stimulating sustainable urban growth and development.
Through its regulatory and developmental role, the Authority aims to be a strategic partner in building a prosperous and safe real estate market for investors and citizens alike.
The Authority’s values are fairness, integrity, professionalism, transparency, and customer-centricity.
Simply put, the Authority acts as a guarantor for consumers, ensuring that they receive accurate and fair valuation reports. This in turn helps build greater confidence in the property market, encouraging investment and property ownership.
Valuation fields
The multiple fields of valuation encompass a wide range of areas beyond real estate valuation to include financial, commercial, industrial, artistic, and other assets. Valuation is concerned with determining the real values of various types of assets through the use of advanced scientific standards and tools to ensure accuracy and transparency. Valuation plays a pivotal role in supporting investment and business decisions, contributing to balancing markets, and providing confidence to financiers, investors, and other interested parties.
By providing objective and reliable valuations, valuation branches contribute to enhancing transparency and integrity in various economic sectors and help achieve sustainable development.
The latest technology is utilized in data collection and processing, ensuring that we have a clear and comprehensive picture of performance. The branches of valuation are as follows:
Real estate valuation:
Real estate valuation is a combination of art and science, aiming to estimate the value of the real property rights of a specific property, for a specific purpose, at a specific time, and for specific parties. A real estate valuer studies all the characteristics and attributes of the property, as well as the basic economic factors of the market.
This includes all interests, rights, and obligations related to the ownership of real estate, including fixed improvements and related appurtenances. For example, a valuer can include acquisitions, dispositions, mortgages, insurance, expropriation, easements, and utilization.
Business valuation:
The process of Business valuation entities involves assessing their value based on a specific type of value and for a specific purpose, regardless of the type of entity.
Valuation of machinery and equipment:
This process involves estimating the value of machinery and equipment of various types, based on a specific type of value and for a specific purpose.
Valuation of precious metals and gemstones:
This field is specialized in the valuation of precious metals and precious stones and everything classified within them, by the guides and standards approved by the Authority.
How do you become a member of the Authority?
Membership in the Authority is a gateway to the world of real estate valuation, offering individuals the opportunity to join a distinguished professional community and benefit from many advantages that contribute to developing their skills and expertise in the field of real estate valuation.
The Authority offers three categories of membership, each designed to meet different needs and aspirations, from basic membership, which is a prerequisite for practicing the valuation profession, to the Student Affiliate membership, which supports aspiring Saudi students.
By joining the Authority, members gain support for professional growth and development, as well as access to the training programs, events, and professional networks offered by the Authority.
Basic membership:
This membership is awarded to individuals who have completed the training pathway, achieved the required hours of experience, and obtained the Fellowship Certificate. This membership is a prerequisite for obtaining a license to practice valuer.
Annual fee: SAR 2000.
Associate Membership:
This membership is granted to individuals who have obtained a university degree from a recognized university and have completed the first level of training courses. This membership allows the holder to practice the profession of valuation in licensed valuation establishments.
Annual fee: SAR 1400.
Student Affiliate Membership:
This membership is granted to Saudi students who are regularly studying for a bachelor’s degree at a recognized university, provided that the applicant is not older than 25 years old.
Fees: Free of cost.
Aain Real Estate Valuation
One of the leading real estate valuation companies accredited by the Saudi Commission for Accredited Valuers, which specializes in valuing the real estate branch, the real estate valuer in A’ain is characterized by his experience, accreditation, and the highest scientific and professional degrees to practice the profession profession profession professionally, and the company includes more than 17 experienced and accredited valuers, to evaluate all types of real estate with the highest quality and by international standards.
Conclusion
The Saudi Authority of Accredited Valuers is a leading professional body that aims to regulate and develop the valuation profession in the Kingdom of Saudi Arabia. The Authority works to set the standards and frameworks necessary to ensure that the real estate valuation profession is practiced with the highest levels of quality and transparency.
The Authority offers the Accredited Valuers System, which monitors the quality of valuation and sets standards, advanced training programs, and accredited certificates to qualify valuers, in addition to providing multiple memberships to suit different professional levels.
The Authority is also committed to supporting its members by providing technical and professional consultations and organizing events and conferences to enhance communication and exchange of expertise. The Authority seeks to achieve international leadership in the field of valuation by raising the competence of practitioners and increasing awareness of the importance of valuation in all economic sectors.
Frequently asked questions:
- Who does the Saudi Authority for Accredited Valuers report to?
The Saudi Authority for Accredited Valuers is an independent professional regulatory body responsible for regulating the valuation profession in the Kingdom of Saudi Arabia. The Authority works to develop the necessary regulations and legislation and apply international valuation standards to ensure the quality and fairness of valuation work.
It also offers qualification and accreditation programs for practitioners based on approved scientific and professional standards. The Authority’s Board of Directors includes a select group of leaders and experts from government agencies and representatives from ministries. The Chairman of the Board of Directors is His Excellency Mr. Mohammed bin Abdullah Al-Jadaan, Minister of Finance.
- What does it mean to be a certified valuer?
A certified valuer is a qualified person who has been officially certified by the Saudi Authority for Certified valuers to practice the profession of valuation.
They have the knowledge and experience necessary to provide accurate valuation reports in accordance with approved valuation standards and work to determine the fair value of assets professionally and impartially, thereby ensuring the preservation of rights and promoting trust and transparency among all parties.
- Who pays the real estate valuer’s fees?
The fees of the real estate valuer are borne by the party benefiting from the real estate valuation service, which is often the property owner, the buyer, or the party requesting the valuation. The fees vary depending on the type and size of the property and the purpose of the valuation, and are agreed upon in advance between the certified valuer and the client.