Doha: The Ministry of Justice (MoJ) is conducting an advanced course on real estate appraisal and valuation for functionaries operating at the Real Estate Registration and Authentication Department, alongside a host of real estate brokers. This initiative aims to enhance the expertise of participants in line with international standards.
According to Qatar News Agency, this two-week, first-of-its-kind course is delivered by a professional real estate expert and showcases theoretical presentations and practical training on professional curricula and tools. The course is primarily intended to equip real estate registration functionaries with the essential skills and knowledge to discharge valuation duties based on the best applied international standards, such as the Royal Institution of Chartered Surveyors (RICS) and International Valuation Standards (IVS).
The course syllabus offers an overall approach to understanding the basics of real estate valuation, along with the pursued evaluation techniques such as comparison, income and cost, Discounted Cash Flow (DCF), the factors influencing real estate valuation, the significance of market analysis, and the domestic and international standards and regulations related to property appraisal. In addition, the course has been augmented with practical applications to the valuation of residential, commercial, industrial, and agricultural property, as well as presentations on preparing valuation reports professionally in accordance with the pursued standards.
Moreover, the program has been designed to be inclusive, enabling the participants to build a solid foundation in valuation, whether they are beginners or skilled professionals who wish to hone their skills and obtain professional accreditation. The course tackles the role of real estate in the economy, classifying it as a crucial driver of the economy due to its merits in creating job opportunities, encouraging investment, and driving funding through real estate mortgages.
Real estate is one of the assets that maintain its value, making it the preferred option for investors, as its impact extends to other sectors such as construction, banks, and tourism, thereby helping support the state budget through taxes and fees. With technological advancements, real estate has had a greater role in the digital economy through leveraging smart platforms that bolster transparency and encourage enduring investment. Consequently, inaccurate valuation poses a latent threat to real estate market stability.
Assistant Undersecretary for MoJ's Real Estate Registration and Documentation Affairs, Amer Saeed Al Ghafri, underscored the importance of this course, which will imbue the functionaries with essential knowledge in this field. Despite the cutting-edge technologies leveraged by the ministry in this area, including the 'Al Muthammin' application, which is one of the best applications being executed in this field, personal knowledge still plays a paramount role in dealing with the market. The application bolsters the employees' role in helping the real estate sector's stakeholders make proper decisions, in addition to providing them with counselling in this area, Al Ghafri highlighted.
He pointed out that, as part of its interest in the real estate market, the ministry had concluded a similar course last week for real estate brokers, as they are the ones primarily concerned with valuation based on scientific and objective underpinnings. Al Ghafri praised the outcomes of this course that brought together over 25 MoJ-licensed real estate brokers. He added that a similar event will be organized in the future as part of the MoJ's plan to empower stakeholders in the real estate market with evaluation and appraisal tools in accordance with the best globally recognized practices.
For their part, real estate brokers lauded the organization of these kinds of advanced courses, underscoring their importance in advancing real estate stakeholders.