Standardising Valuation a challenge says FIV President
The main aim of the Fiji Institute of Valuation is to make land accessible and affordable and secure for all Fijians
The President of the Fiji Institute of Valuation, Solo Nata, said adoption of the International Valuation Standard will benefit the institution as standardising was one of the challenges they had been facing. “Standardising our valuation has been one of the challenges the institute has been facing for some years now and we have adopted the International Valuation standards, ”Mr Nata said.
“Our current focus is the international valuation standard being adapted as we need to practice it,” he said. “We need to standardise with the global standards because when we do, we take away the inconsistencies and questionable valuation.” He added it was important to be conscious and aware of the trends in terms of the growth in whatever sector, like residential, tourism, commercial and other key sectors. “Sometimes we come across issues like undervaluation or over valuation but what we should be doing is fair valuation, ”Mr Nata said. “While we continue to uphold ethics, conducting standards, we must ensure that we are fair to our clients.” Mr Nata also highlighted Fijians should work together in supporting economic growth with the Government. “We should also support the property and the estate management in the most ethical conduct as this is very important for Fiji.”
The Fiji Institute of Valuation conference was themed: The Trending Property Market in Fiji- Startegies to manage and address growth.
It was held at the Pearl Resort in Pacific Harbour. The Valuation conference is an yearly event for people who are in the valuation sector mainly in the property market to discuss issues surrounding the valuation institute. The main aim of the Fiji Institute of Valuation is to make land accessible and affordable and secure for all Fijians.