[Photo: FILE]

The government is moving to overhaul its property valuation laws, with the coalition looking to improve professional standards and give buyers and sellers better access to market information.

Lands Minister Filimoni Vosarogo says the Valuers Registration Act of 1986 is more than four decades old and no longer reflects Fiji’s property market, financial sector or land administration.

Cabinet approved the proposed reforms on September 22.

They will strengthen the registration and regulation of valuers, including education, competency, practical experience and continuing professional development.

The reforms will also introduce stronger professional and ethical standards, with clearer processes for complaints, investigations and disciplinary action.

Fiji also plans to adopt internationally recognised valuation standards.

Vosarogo says this is intended to make property valuations more consistent and give greater confidence to investors, financial institutions and the public.

“The Government intends to adopt internationally recognised valuation standards as part of the reform. This will give Fiji’s valuation profession international standing and ensure that valuation figures are trusted and understood by investors, financial institutions and the public.”

But access to property sales information is also being raised as part of the reform.

Opposition MP Premila Kumar questioned whether Fiji could establish a publicly accessible system showing the prices properties have actually sold for.

“Is there a plan to have a site like in Australia and New Zealand where buyers and sellers can go and see the prices of properties sold, so that they can make informed decisions?”

Vosarogo says the Chief Valuer’s Office already maintains a sales data repository, but it is not yet complete.

He says the Government is considering ways to make more property sales information available under the new law.

The reform will now involve consultation with valuers, the Valuers Registration Board, financial and professional bodies, government agencies and landowners.

The Government says the aim is to create a more transparent and accountable valuation system that reflects Fiji’s land tenure arrangements and supports economic activity.