KIGALI - Property valuation will now be in the hands of a professional and regulated body, reducing the challenges faced by the various players in the real estate sector.
This follows Tuesday evening’s launch of the Institute of Real Property Valuers (IRPV).
According to Teta Isibo, the chairperson of the Regulatory Council for Real Property Valuation, IRPV will enhance transparency and competitiveness in the real estate business.
“Our vision as a regulatory council is to see real property valuation develop into a regionally competitive sector that is transparent, high-tech, efficient and highly professional,” Isibo said.
“We also aim to develop a valuation database as soon as possible to improve the efficiency and transparency of the valuation system”.
Only certified valuers are allowed to carry out real property valuation following the promulgation of the law No.17/2010 which establishes and guides real estate property valuation in the country.
All financial institutions, districts and the general public are required to use only certified valuers for valuation of buildings and land.
So far, 57 real property valuers have been certified since their registration begun in January.
Egide Gatsirombo, the President of IRPV, however, said that the institute needs Rwf 480 million to implement its projects that include building a data bank for valuation profession practices, establishing international valuation standards and setting up of an operational executive secretariat.
“It difficult to raise these funds at once. We prioritised building professional practice data banks for all types of property in Kigali City and for land across the country,” Gatsirombo said adding that the two projects will take five months and cost over Rwf 106 million.
Stanislas Kamanzi, the Minister of Natural Resources, who presided over the event, noted that the fraudulent assessment system that was in place before enacting the law led to losses observing that culprits could not be held accountable since the profession was unregulated.
“The law now says that valuers will be held accountable for their actions,” Kamanzi said, urging them to uphold ethical practices.
He appealed to stakeholders to facilitate the implementation of the law by using only certified valuers.
The list of certified personnel can be viewed at the National Land Centre (NLC) website - www.nlc.gov.rw which is updated periodically.
IRPV, overseen by the NLC in the Ministry of Natural Resources, will among other responsibilities, ensure professional standards, build the capacity of valuers, streamline valuation methods, report formatting and fee structures of property.