ORA discusses real estate appraisal regulation

ORA discusses real estate appraisal regulation

Muscat: Oman Real Estate Association (ORA) discussed the latest developments in the real estate market at a meeting in the Cultural Club in Al Qurum last week.Younis bin Khasib al Harrasi, ORA Chairman, said: “The Ministry of Housing and Urban Planning is preparing to issue regulations for practicing the real estate valuation profession in the Sultanate of Oman, and this session aims to collect the views of the association’s members and those interested in the real estate sector about the new regulations, which will regulate real estate appraisers and adopt professional standards”.Al Harrasi confirmed that the draft regulations for practicing the real estate appraisal profession contain 42 articles that include the mechanism for obtaining licences, conditions and controls for practicing the profession, in addition to aspects of oversight and control of the quality of professional performance, fees, violations and administrative penalties.He pointed out that the regulation will contribute to addressing the gaps faced by practitioners of the real estate valuation profession, and will limit the practice of this activity to offices and companies licenced by the Ministry of Housing and Urban Planning. It will also include setting the necessary conditions and controls, and creating a clear database of companies licenced