The properties appraisers’ compiling complaints against unprofessional realtors who tend to display fake prices prompted Saudi Arabia to regulate the profession to convert appraising from just a business activity to a real profession carried out by career professional with a permission.
The new regulation aims restricting appraising in Saudi Arabia on qualified real estate appraisals registered in TAQEEM registries.
Real estate appraising is known as the science defining the real value of properties by following a number of scientific procedures like defining the property’s costs and business income fines. In addition to adapting the comparative sale system which depends on the surrounding area’s statistics.
TAQEEM Authority has entitled all people engaged in appraising in Saudi Arabia to take into account the profession main concepts and to abide by appraising standards included in the real estate appraising book.