Mohamed Gbashy, a member of the Egyptian Association of Real Estate Valuation Experts, revealed the main recommendations of the Second International Assembly Conference, which began in the middle of this month, and whose events were held under the auspices of the General Authority for Financial Control in mid-January entitled “Real estate valuation and its role in protecting the national economy.”
He explained that the conference saw a wide participation of real estate valuation experts and financial control officials, where attendees discussed the role of real estate valuation as a key tool to ensure the stability of the real estate market, enhance transparency and support the national economy, noting that the conference discussed the developments of the real estate valuation industry to provide a platform for scientific and professional discussion between real estate valuation experts and parties associated with the valuation process and real estate investment.
The conference also focused on the need to raise community awareness of the importance of assessing and promoting integration between competent authorities and relevant parties and to keep abreast of regional and international developments in the real estate valuation industry and associated standards.
The Conference’s recommendations contained several themes, most notably:
1. Continued fruitful and constructive cooperation between the Financial Supervisory Authority represented by its distinguished Board of Directors headed by Dr. Mohamed Farid Saleh and the Egyptian Association of Real Estate Evaluation Experts chaired by Prof. Ahmed Rajai Anis to prepare a real estate database as well as in the field of training and continuing education to enhance the professional performance of valuation experts and belief.
2. Emphasize the need for all government agencies and economic sectors of the State to use real estate valuation experts who are registered with the Financial Supervisory Authority and who are qualified to evaluate all real estate assets in order to ensure fair valuation of those assets in the pricing of land submissions, or for the purposes of compensation in cases of expropriation or valuation of State assets by the General Financial Supervision Authority.
3. We invite the Central Bank to represent its good governance in expanding the base of participation of real estate valuation experts and Financial Supervisory Authority (FSA) in assessing bank guarantees for banks operating in Egypt and facilitating the registration process wherever the registration conditions apply.
4. Work to create a legislative framework for the real estate valuation profession by seeking to establish a consortium that brings together real estate valuation experts under its umbrella, involving the parties of the system and competent bodies and sponsoring the Financial Supervisory Authority in prior community discussions on the promulgation of laws related to the real estate valuation profession in Egypt.
5. Work on the preparation of a cooperation protocol between the Real Estate Development Chamber of the Federation of Egyptian Industries and the Egyptian Association of Real Estate Evaluation Experts to prepare a unified code for spaces that is circulated to all real estate development companies to comply with it when determining load ratios
6. The need for continuous communication and cooperation between Egyptian evaluation institutions and international evaluation institutions under the auspices of the General Authority for Financial Control (GFSA), which is the organizer of the registration of real estate evaluation experts, in the field of keeping with the updates of international evaluation standards and the exchange of experiences in the field of training and continuing education through the signing of memorandums of understanding and joint work projects aimed at the preparation of ongoing training and qualification programmes for experts in Egypt.
7. To contribute actively to the dissemination of the culture of real estate valuation and to familiarize society with its importance through the publication of written, audiovisual and digital media to cover all events or developments related to the real estate valuation industry locally, regionally and internationally.
8. Submit the recommendations of the Conference to the responsible authorities and follow-up communication with them through the Board of Directors of the Association headed by Prof. Ahmed Anis to work towards the realization of the hoped-for objectives of the real estate assessment system and present the recommendations achieved at the next session of the Conference.
