Rwanda: Real Estate Appraisers Discuss Way Forward in Rwanda

Real estate prospectors from around Africa are in Kigali for a four-day conference entitled 'unleashing the price of the African real estate' to discuss how to improve their careers.

Victor Akujuru, the President of African Real Estate Society (AfRSES), said that the conference gives real estate agents a platform to collaborate as peers.

According to Egide Gatsirombo, the chairman of Institute of Real Property Valuers (IRPV) in Rwanda, the conference is luck to share expertise with their colleagues on the continent. "There will be networking with other experts and will help us improve our career," he said.

Gatsirombo pointed out that there is still a gap in knowledge and very few experts in that domain. From instantly on, he said that the existence of that institute has changed the way values are given to citizens' properties.

"Officials used to determine the price of properties of people in case of expropriation for instance, but instantly the price is determined by independent experts," he indicated, adding to complaints to officials by citizens are instantly reducing.

A lot of cases the appraisers meet are that of valuing land mainly for expropriation purposes. Gatsirombo explained that price of land or any other property is determined by its location and its productivity.

On her part, the Permanent Secretary in the Ministry of Natural Resources, Caroline Rwivanga Kayonga, said that there is still a need to sustain the real estate market on the continent; "the real estate market in Africa has long way to go," she observed.

Professor Francois Maarten Viruly of the University of Cape Town in Africa\">South Africa, pointed out that there is still a gap in knowledge part appraisers on the continent.

He said that Africa as it grows needs additional real estate professionals. "We are seeing high level of economic increase that is leading high request of real estate," noted Prof. Viruly.

"The success of property as a better sense of price can promote property market." In that perspective, he observed that qualified appraisers are key in allowing that evolution and property to grow.

From instantly on, he mentioned that lack of skills remain a great constraint to achieve that goal. "There is a skills gap in valuation and property management."

Prof. Viruly pointed out that governments need to see the price in valuing properties:

"Valuation can be a complex exercise. To insure that people being expropriated are given price of their properties, the government needs to understand the sense of valuing."