METHODOLOGIES from other countries should be considered to solve local valuation problems, says Real Estate Agents Licensing Board (REALB) chairman, Dr Abdul Hassan.
Speaking at the seventh annual conference of the Fiji Institute of Valuation & Estate Management in Pacific Harbour, he noted that a key characteristic of the local valuation profession was the pragmatism of the reliance upon local methodology to suite local market conditions and land tenure systems.
“This approach needs changes by having an academic approach to solving valuation problems,” Dr Hassan noted.
“We should adopt methodologies from other countries and blend it to Fiji conditions.
There is a need for local research into solving our own valuation problems with methods and techniques drawn from scientifically analysed research.”
Dr Hassan said the growth area in Fiji for valuers was in the specialization of professional functions within the profession itself, which was likely to develop concurrently with the greater demand for valuers in real estate consulting and counselling expertise.
“There is an urgent need for property investment decision-making and the valuers should have professional expertise to provide such service.
“One of the most significant major investments in the country today involves placement of funds into real estate investments that require the calculation of returns commensurate with the risk and cost involved.”
Dr Hassan told participants that this required good advice on investment decisions by all valuers, urging them to provide better services and improve standards.