The Evolution of Real Estate Valuation in the Kingdom of Saudi Arabia has been saved
The Evolution of Real Estate Valuation in the Kingdom of Saudi Arabia
Real Estate Valuation was first used in the Kingdom of Saudi Arabia (KSA) for inheritance and compulsory purchase purposes approximately 50 years ago. The requirement for real estate valuation grew in the early 1980s, when local banks began lending to companies and investors, and their real estate was used as collateral against loans.
Along with most global economies, KSA suffered from the effects of the global financial crisis towards the end of 2008, the result of which led to the real estate market experiencing a decrease in values across most sectors. This instability in the real estate market is generally considered the catalyst for formal and regulated real estate valuation practices across the Kingdom, designed to provide consistency and quality as well as confidence and security to those who relied on the valuations.
This publication explores the history of real estate valuation in KSA, the introduction of the Saudi Authority for Accredited Valuers (Taqeem) and its collaboration with other regulators, as well as the future of valuation practices in KSA.
If you would like to learn more or have any queries, please contact Saud Alquaifil.