(MENAFN - Qatar News Agency) HE Minister of Justice Hassan bin Abdullah Al-Ghanem said that real estate valuation, as a profession, must be regulated by legislations and administrative systems, and must have the bases needed to go in line with the ambitions of experts and specialists, and achieve the needs of the society.
In an address given at the opening ceremony of "QIB International Conference on Real Estate Valuation" conference, organized by Qatar Islamic Bank (QIB) and commercial real estate services firm CB Richard Ellis (CBRE), HE pointed to the ministry's interest in the legal side of the real estate valuation, and the necessity to regulate it.
HE the Minister of Justice explained that the large number of entities involved in real estate valuation, inconsistencies in their regulations, and the mistakes of outsiders of the field who lack the expertise and scientific knowledge of the profession, harm real estate finance and investment and negatively affects the financial and economic system, as real estate assets of land and property have become an integral part of the modern economic system, involved in giving and taking, selling, mortgage, inheritance, and debt.
HE expressed his pleasure at Doha's hosting of the first conference on real estate valuation, noting that the conference is being held as Qatar witnesses a modern and comprehensive renaissance in all the political, economic, social, religious and cultural fields, so as to implement the Qatar National Vision 2030.
For his part, QIB's Board of Directors Chairman HE Sheikh Jassim Bin Hamad Bin Jassim Bin Jaber AI Thani said in a similar speech that the decision to choose "real estate valuation" as a topic for the conference was made because real estate investments have become one of the basic ingredients upon which economies of the countries and the interests of investors rely on.
HE added that fair valuation has become a necessity, in order to know the real value of real estate assets involved in any investment process.