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!Narusebinaugurates first Council for Property Valuation Profession

Fri, 15 November 2013 21:05
by Online Reporter
News Flash

The Minister of Lands and Resettlement Alpheus !Naruseb today inaugurated the first newly-appointed members of the first Namibian Council for Property Valuation Profession.

The appointed council comprises seven members including MLS valuer general, Rudolf! Nanuseb; lawyer, Amalia Shikongo; MLS public service valuer, Janett Karin; City of Windhoek (CoW) practicing  valuer, Linda Teofeus; private valuer, Nadia van der Smith; Standard Bank Namibia practicing valuer, Akutu Ndasilwohenda; and practicing private valuer, Albert Peter Brockerhoff.

The Namibian Council for the Property Valuation Profession was established by the Property Valuers Profession Act, No. 7 of 2012. The Act provides for regulation of the valuation profession through registration of valuers and thus ensures persons providing valuation services have the required qualifications and expertise. The council will also ensure high ethical standards are adhered to by all registered practicing valuers.

Thus, the first council is expected to play a pivotal role in the administration of the valuation profession in the country.

As noted by !Naruseb, valuation has become a complex science in which one has to have the knowledge and understanding of the economy, the value of money and how to translate the value of goods into monetary terms. In this regard, there is a standard set of qualifications required for one to be called a valuer.

“The issue of escalating property prices has been topical during the last four years and this has raised grave concerns to the ruling party. In many instances, the price escalations have been blamed on the quality of services provided by property professionals, especially valuers. The reality we find ourselves in is that valuation practice is dominated by a number of persons who do not have the requisite qualifications to value or have limited knowledge and expertise to undertake valuation,” !Naruseb said.

He therefore called on the newly-appointed council to put in place mechanisms that will all embrace and encourage persons to upgrade their valuation qualifications and expertise.