The Ministry of Housing, represented by the Real Estate Regulation Division, and the Saudi Authority of Accredited Valuers (Taqeem), signed a joint memorandum of understanding on Sunday, 21 July 2019, corresponding to 18 Dhul-Qi'dah 1440 AH. This memorandum aims to combine and integrate efforts and to leverage available systems and capabilities.
The memorandum was signed by representatives of both entities. The Ministry of Housing was represented by the General Supervisor of Real Estate Regulation, Engineer Mazen bin Mohammed Al-Dawood, and the Saudi Authority for Accredited Valuers was represented by its Secretary-General, Engineer Sultan bin Jarris Al-Jarris.
This memorandum is based on the importance of joint cooperation between the Ministry of Housing and the Taqeem Authority to achieve public interest and the desired objectives in organizing the real estate valuation profession in the Kingdom. It also seeks to enable beneficiaries to directly benefit from services provided by valuers in determining rental values for residential and commercial units offered for lease, and to facilitate cooperation that allows real estate brokers to practice valuation within the requirements and regulations set by the Saudi Authority for Accredited Valuers. Furthermore, it includes exploring the possibility of establishing specific controls for licensing valuers of rental values in accordance with legal requirements.
The memorandum also aims, through the connection of the Ejar program with the Ministry of Housing, to enable those seeking valuation services to submit requests via the Electronic Rental Services Network (Ejar program) through an integrated electronic link between the Ejar system and the Qiyam program. It explores adding the option of technical valuation alongside real estate valuation in a unified platform, making it easier for beneficiaries to select either service. It also focuses on developing a mechanism for linking price indicators and valuations with the Ejar unit display system, providing support in general consultation regarding real estate valuation and valuer accreditation, and facilitating data exchange that benefits both entities.
Additionally, the memorandum seeks to encourage valuation companies accredited by the Authority to provide real estate valuation services for developmental housing as part of their corporate social responsibility efforts. It also includes providing training and qualification services in real estate valuation, offering specialized courses for staff members of developmental housing programs, civil associations, cooperative societies, and volunteers in accordance with the Authority's regulations and requirements. Moreover, it involves cooperation in conducting studies and experiments in real estate valuation to contribute to improving the performance of the developmental housing program and its partners.