Commerce Ministry approves combination of “real estate brokerage” and “appraiser roles”

Khalifa Al-Ajeel, Minister of Commerce and Industry, issued Resolution No. 208 of 2024, about amending some provisions of Ministerial Resolution No. 164 of 2020, regarding regulating the practice of the real estate brokerage profession.

According to the amendment, The Ministry of Commerce allowed combining the professions of “real estate brokerage” and “real estate appraisal”.

The decision included the cancellation of the text contained in Article 3, first, paragraph 5 (not to be registered in the real estate appraisers’ registry), while the rest of the decision’s articles remain unchanged.

According to confirmed information, the Ministry has been interested in preparing a curriculum for real estate appraisers in cooperation with the Institute of Banking Studies, which requires passing as a condition for obtaining a license.

More so, the decision of the Ministry of Commerce reflects a clear keenness to provide the market value of the property with greater accuracy, in addition to the necessity of regulating transactions in the real estate sector.

This comes at a time when the market is witnessing an increasing demand for real estate appraiser services from government institutions, banks, companies and individuals.