KUCHING: Property valuers play a pivotal role in ensuring sustainable economic growth particularly in the Asean region, including guiding and educating buyers and prospective property owners to obtain key information.
Deputy Finance Minister Datuk Seri Ahmad Maslan said by carrying out duties professionally and upholding ethics, the market value of transacted property can be translated into reliable economic data.
In addition, he said, valuers must practise with trust, dedication and compliance to all applicable provisions, rules and regulations.
In Malaysia, he said, The Board of Valuers, Appraisers, Estate Agents and Property Managers (LPPEH) has produced standards for every profession under its purview such as Malaysian Valuation Standards, Malaysian Estate Agency Standards and Property Management Standards.
These standards are constantly being improved in accordance with current requirements and serve as guidance to all valuers, real estate agents and property managers in providing professional and ethical services while complying with the provisions of the law.
“I believe that the board will be able to provide better and more effective services to its registered members to gain the trust of stakeholders and the people,” he said.
Speaking at the launch of the 25th Asean Valuers Associations (AVA) Congress held here today, Ahmad Maslan said data users such as banks, researchers and other related professions will also be able to use and analyse the data and assist policymakers in producing efficient and accurate property-related policies.
“With the assistance of Artificial Intelligence of Things or AIoT, a more-informed, specific and reliable decision can be made immediately,” he added.
As part of the economic sector, he said, real estate also plays a crucial role in the Malaysian national economy by meeting housing and commercial needs, boosting small and medium enterprises (SME), creating jobs, driving economic growth, developing infrastructure, attracting investments, supporting tourism, impacting supply chains, and generating government revenue.
Also present were AVA president Abdul Razak Yusak and organising chairman Subramaniam Arumugam.
