Spotlight on property valuation during the pandemic

Azlan Othman

Brunei Darussalam participates in the 23rd Virtual Congress of the ASEAN Valuers Association (AVA) on the theme “Assessment in the midst of a pandemic (COVID-19)”, organized by Cambodia from today to tomorrow at the Center international congress (ICC), Berakas.

The Land Department under the Ministry of Development (MoD) is the secretariat of the AVA Brunei section.

Brunei Darussalam is represented by appraisers from the public and private sectors, those registered with the Board of Appraisers and Real Estate Agents (BOVEA) under the Management Division of the Board of Directors of the Ministry of Defense, and members of the assessment division under the lighthouse of the Brunei Institution of Surveyors (BIG) Brunei.

The AVA Brunei Chapter comprises seven board members, with Haji Mohd Don bin Haji Omar as chair and his representatives from public and private sector assessors as well as academics from local higher institutions.

Two main topics will be presented and discussed during round tables: “Market assessment and uncertainty” and “Challenges in applying the regulations during the pandemic”.

This year’s congress takes a closer look at the current regional situation, particularly the impact of COVID-19 on the valuation professions and the real estate market in ASEAN member countries.

Some 1,000 evaluators attend the virtual event, including those from ASEAN member countries, United Kingdom (United Kingdom), United States (United States), Canada, Albania, China and Mongolia.

The event began with the AVA Council meeting to discuss ASEAN matters of mutual interest regarding the assessment professions, such as the ASEAN assessment guidelines.

Currently, the AVA Secretariat is located in Jakarta, Indonesia, under the leadership of Masyarakat Penilai-Penilai Indonesia (MAPPI), while the AVA’s treasury is the Royal Institution of Surveyors Malaysia (RISM). AVA members are primarily professional appraisers, appraisal practitioners and academics related to property. The Sultanate hosted the 11th AVA Congress in 2000, the 15th AVA Pre-Congress in 2007 and the 17th AVA Congress in 2012.

Brunei was also nominated to host the 22nd AVA Congress last year, but due to the COVID-19 outbreak, the AVA board meeting on August 26, 2020 was held virtually and was attended only by AVA board members.

The AVA serves to promote close relations, cooperation and mutual understanding among evaluators from ASEAN member countries; provide the organizational framework for regional cooperation in studying and researching in the harmonization of relevant assessment areas among ASEAN member countries, as required for the social and economic development of the region; and cooperate with international, regional, national and other organizations in the pursuit of the objectives.

The association is also one of the eminent platforms for public and private assessors in the Sultanate to acquire and exchange knowledge, expertise, information, interactions between professionals and practicing assessors and academics of the region.