Justice Sets Rules for Expertise and Property Evaluation
A decision has been issued by the Kuwaiti Ministry of Justice to organize the profession of real estate appraisal experts, aiming to develop real estate valuation practices and improve the quality of technical reports. The decision stipulates the establishment of a comprehensive regulatory framework that includes conditions for appointment, rights, obligations, and guidelines for report preparation, with a focus on integrity and independence. It requires that experts be Kuwaiti nationals, over 30 years old, with at least five years of experience in real estate valuation, and hold a real estate appraiser license from the Ministry of Commerce and Industry. The goal of this decision is to raise the professional standards, protect the rights of litigants, and ensure transparency by obligating experts to disclose any conflicts of interest and to refrain from dealing with properties they have previously appraised. Additionally, the decision specifies the content of the reports to ensure their accuracy, with input from experts from relevant real estate authorities to enhance the efficiency of experts’ work and the quality of property valuations.
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