Business

There is distortion in the real estate market: Dr Hassan

January 21, 2020 6:34 am

Dr Abdul Hassan

A slowdown in the Real Estate market has resulted in fewer jobs for valuers.

There are 60 registered valuers in the country, but only about 10 to 15 of them are finding work in the field according to the Valuers Registration Board.

The board believes the market is not as uniform as it should be.

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Board Chair Dr Abdul Hassan says there is distortion in the current real estate market.

“Hopefully, this will pick up in the latter part of the year and this is the main concern. Otherwise, the market is not as uniform as it should be and there is a distortion in the market.”

Dr Hassan says there are lots of factors which affect real estate properties and their evaluation, including the ability of people to pay.

“One major constraint would be the availability of funds from the land institutions. The other is the income level of the people. If they do have a certain level of income where they could spend on housing then definitely the market will be there for the properties.”

The Valuers Registration board has also confirmed that all the banks have their own panel of valuers and will not accept the report from anyone who is not on their panel.