Land acquisition processes are expected to become efficient once the Valuation Bill, 2024 is passed into law.
It is further projected that the proposed law will lead to improved efficiency of the real estate and financial markets.
The Bill was tabled for its first reading by the Minister of Lands, Housing and Urban Development, Hon. Judith Nabakooba on Tuesday, 11 February 2025.
The new law also aims at increasing public confidence in the valuation function and services, by establishing the Institute of Certified Valuers of Uganda and the council as a governing body.
According to the proposed law, there will be a Chief Government Valuer, whose role will be to undertake statutory valuations.
The Bill states the need to professionalise valuation, arguing that, valuations are used to inform decisions in both the private and public sectors such as real estate and financial markets, infrastructure development, urban development, fiscal regimes, manufacturing and extractives industry, international trade, among others.
“Despite this critical role, the valuation function in Uganda is largely limited to land and land developments, with un-streamlined pre and post training curriculum,” the Bill reads in part.
The proposed law also requires one to be a member of the Institute of Certified Valuers of Uganda, if they are to be recognised as a valuer.
“A person who is enrolled as a member of the institute shall be referred to as a certified valuer and shall be entitled to use the designation “Certified Valuer of Uganda”,” the Bill reads in part.
Additionally, valuers who wish to practice valuation will be subjected to vetting by the council, after submission of applications.
“Where the council is satisfied that the person who makes an application qualifies for registration as a practicing valuer, the council shall direct the Registrar to enter the name of the member on the register of practicing valuers,” the Bill adds.
It will also be a requirement for valuation firms to acquire practicing licenses, with each of the partners of the valuation firm having a certificate of practice.
A certified or practicing valuer who permits an unregistered valuer to use his/her name will be liable to a fine of Shs100 million or an imprisonment not exceeding two years, or both, according to the proposed law.
Speaker, Anita Among referred the Bill to the Committee of Physical Infrastructure for processing.
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