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. We develop and regulate the valuation profession, improve services for practitioners, and increase 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.
Valuation of economic facilities
The process of valuing economic 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 appraisal in licensed appraisal 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
Aain is a leading real estate valuation company accredited by the Saudi Commission for Accredited Valuers. It specializes in real estate valuation, with experienced and certified valuers who hold top academic and professional qualifications. The company has over 17 accredited experts who evaluate all types of real estate with exceptional quality, adhering to 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 sets the standards and frameworks needed to ensure the real estate valuation profession maintains 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 supports its members by offering technical and professional consultations and organizing events and conferences to improve communication and share 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.