New experience requirements for accredited appraisers in Saudi Arabia 2025
The Saudi Authority for Accredited Valuers (Taqeem) announced the adoption of a comprehensive and updated regulatory policy for calculating members' experience, a step aimed at raising the quality of professional practices and ensuring the efficiency of outputs in the Kingdom's valuation sector. This step complements the Authority's efforts to regulate and develop the profession in accordance with international standards and the Kingdom's Vision 2030.
Context of regulating the valuation profession in the Kingdom
The valuation sector is a cornerstone of preserving savings and assets and supporting sound economic and investment decisions. Since its inception, the Authority has worked to establish legislative frameworks that ensure the impartiality and fairness of valuations. This new policy is part of the Authority's strategy to streamline the professional path to obtaining the fellowship certification. It no longer simply requires passing theoretical exams, but now necessitates documented practical experience that demonstrates the valuer's ability to navigate real-world market dynamics.
Details of required experience hours for each branch
The new policy sets a timeframe of no less than two years of actual practice in licensed facilities, with a minimum and maximum number of annual experience hours to ensure knowledge progression. The details are as follows:
- Real estate appraisal branch: Requires completion of 3000 hours of experience, with a maximum of 1500 hours per year.
- Vehicle Damage Assessment Branch: Requires 3500 hours, with a maximum of 1750 hours per year, due to the nature of the branch and the density of cases.
- The Economic Establishments Evaluation Branch requires 2000 hours, with a maximum of 1000 hours per year.
- Machinery and Equipment Evaluation Branch: Requires 2000 hours, with a maximum of 1000 hours per year.
- Precious Metals and Gemstones Branch: Requires 2500 hours, with a maximum of 1250 hours per year.
Quality standards and diversity of reports
The policy did not merely specify the hours worked, but focused fundamentally on the quality of the expertise gained. Article 4 mandated that members submit diverse reports covering the three valuation methods (income, market, and cost) in most branches. For example, a real estate appraiser must submit at least 30 reports covering residential and commercial assets, while an appraiser of economic establishments is required to submit 10 reports for establishments of varying sizes.
Regarding the assessment of vehicle damage, the policy stipulated the preparation of 1,000 reports covering minor, moderate, and major damages, to ensure that the assessor is familiar with all accident scenarios.
Expected economic and professional impact
This policy is expected to enhance confidence in assessment reports issued in the Kingdom, positively impacting the banking and finance sector, which relies heavily on these reports for granting loans and mortgages. These measures will also curb arbitrary practices and ensure that those holding the fellowship certificate actually possess the necessary technical and practical skills.
Documentation and accreditation mechanism
The authority clarified that applications for experience accreditation are submitted electronically, and the relevant department reviews and decides on applications within 30 days. The policy emphasized that any experience older than five years will not be accepted, stressing the necessity of official documentation through approved systems to guarantee practitioners' rights and the reliability of records.
