REFORMS are necessary for valuation laws to reflect current values and practices and to fulfil the needs of modern society, participants were told at the Fiji Institute of Valuation & Estate Managment recent, annual conference.
Real Estate Agents Licensing Board chairman, Dr Abdul Hassan said revisions of the law should be perpetual, due to fast economic and social changes.
“In many countries, valuation of land provides a complete resource for valuers with statements of principle and extensive references to case laws,” he highlighted.
Since its enactment in 1986, the Valuers Registration Act has never been revised or amended.
“A number of cases have been decided, thus expanding the law of valuation, making it easier for valuers to identify required subject matter. In many countries, references to case and law in various topics have developed which is lacking in Fiji.”
Dr Hassan added that due to general prosperity, there was rapid country developments that led to significant increases in land values, which required highly competent and efficient valuers. Valuers, he said, could access modern sophisticated software that allowed them to analyse data and use in the valuation process.
“The need for standardization of valuation approaches and setting valuation standards arises out of needs of the business community in the area of asset valuations for accounting purposes.”
Also noted was that the present characteristics of Fiji’s valuation profession had been virtually under a single, embracing professional institute that covered a spectrum of urban and rural valuers, while other countries had separate associations and professional bodies formed for specialised valuers.