This week saw the launch of the Institute of Real Property Valuers (IRPV), a professional body that will ensure that property valuation is carried out professionally and transparently throughout the country.
Complaints have been rife, as property owners accuse buyers of undervaluing their assets during transactions. Besides, quantifying land value especially when applying for a bank loan, is a challenge that has affected many.
This will be a thing of the past, courtesy of the advent of IRPV.
However, the Regulatory Council for Real Property Valuation, a body charged with vetting valuers and monitoring their performance, must enforce transparency in the sector.
The Regulatory Council for Real Property Valuation, which is composed of representatives from National Bank, Bankers Association, National land Centre, Ministry of Infrastructure, Private Sector Federation and members of Real Property Valuers Institute (IRPV), must ensure that IRPV develops into a regionally competitive sector that is transparent, effective and efficient.
Indeed, land is a very valuable asset especially in a developing economy like Rwanda and it must therefore be properly managed. It may initially be a huge task, since all financial institutions, districts and the general public are required to only use the services of certified valuers.
The current figure is a paltry 57 and stake holders should extend a helping hand to enable IRPV achieve fast growth.