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Saudi Arabia sets up body to supervise property assessors
- Saudi Arabia: Thursday, October 04 - 2012 at 08:54
The Saudi commerce and industry ministry has announced violators of the price assessment regulations drawn up by the ministry will be fined up to SR200,000 with a full-year jail term, Arab News has reported. According to the regulations that will be implemented shortly, the ministry will not permit anyone to practice the property assessment without its licence. The newly set up Real Estate Evaluation and Assessment Authority will supervise the professional activities of property assessors and evaluators. "The ministry will launch a register for accredited real estate assessors shortly. This is in line with a decision of the Council of Ministers taken a few months ago," a ministry official said.
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