Arabic
The Chief Executive Officer of the Saudi Authority for Accredited Valuers,
based on the powers granted to him by law,
after perusal of Administrative Decision 525 dated 15 Muharram 1446, corresponding to 21 July 2024,
approving the Rules Governing the Provision of Real Estate Valuation Services to Financing Entities,
and perusal of article 8(11) and article 7(17) of the Regulation on the Powers of the Saudi Authority for Accredited Valuers issued by the board of directors of the authority Decision 3/B/23 dated 6 Muharram 1445 [24 July 2023], which includes the power of the chief executive officer of the authority to issue decisions and rules related to the profession and to restrict the provision of valuation services to platforms approved by the authority subject to its direct supervision and control,
and in pursuance of public interest,
hereby decides
First
As an exception to the effective date of the Rules Governing the Provision of Real Estate Valuation Services to Financing Entities stipulated in clause Second of Administrative Decision 525 dated 15 Muharram 1446 [21 July 2024], the provisions of article 6, article 13(1), article 14(3), and article 27(2) of the amended rules pursuant to clause Second of this decision hereby enter into force as of the date of completion of the stages of the official launch of the Qaim electronic platform, as determined by the competent department, and it must be published on the official website of the authority.
Second
The Rules Governing the Provision of Real Estate Valuation Services to Financing Entities are hereby amended as follows:
1․ A new paragraph numbered 8 is added to article 13 with the following text:
The confidentiality provisions contained in the Law on the Oversight of Banks and the Law on the Oversight of Financing Companies must be adhered to, the relevant instructions of the Saudi Central Bank must be compiled with, and the privacy of clients and personal and credit information and data must be protected, in accordance with the provisions of the Personal Data Protection Law, the related laws, and the relevant instructions and controls.
The order of the paragraphs is amended accordingly.
2․ The title of chapter 4 is amended to have the following text: “Qaim platform Requirements”, and article 14 is amended as follows:
The Qaim platform requires the following to provide real estate valuation services:
1․ Providing the documents and information necessary to carry out real estate valuation operations upon each valuation request through the Qaim platform.
2․ Obtaining the approval of the owner of the real estate subject to the valuation or whoever has a legal interest in it to carry out the real estate valuation service.
3․ All real estate valuation requests must be submitted and followed up on via the Qaim platform, and no other means must be used. The procedures stipulated in the rules must be followed in regard to it, without prejudice to the cases stipulated in article 30 of the rules.
4․ Responding to the comments received from the accredited valuer on the Qaim platform within a maximum period of five days from the date of submitting the comments, in a manner that enables the accredited valuer to complete his work.
5․ Reviewing the valuation reports within a period not exceeding ten days from the date the accredited valuer submits the report on the Qaim platform, and the report must be prepared after the expiry of the period without any final objection.
3․ Article 17 is amended as follows:
Without prejudice to the longer periods agreed upon by the financing entity and the valuation establishment to meet the professional requirements, the minimum time periods for fulfilling real estate valuation requests by valuation establishments via the Qaim platform must be as follows:
| Asset type |
Asset location |
Area less than 1,000 m* |
Area from 1,000 m to less than 5,000 m |
Area from 5,000 m and above* |
| Empty land |
Within major cities |
One working day and after 24 hours of assigning the valuation request to the valuer, so that the request is completed on the second working day from the day the request is assigned. |
Two working days and after 48 hours of assigning the valuation request to the valuer, so that the request is completed on the third working day from the day the request is assigned. |
Three working days and after 72 hours of assigning the valuation request to the valuer, so that the request is completed on the fourth working day from the day the request is assigned. |
| Empty land |
Outside major cities |
Two working days and after 48 hours of assigning the valuation request to the valuer, so that the request is completed on the third working day from the day the request is assigned. |
Three working days and after 72 hours of assigning the valuation request to the valuer, so that the request is completed on the fourth working day from the day the request is assigned. |
Four working days and after 96 hours of assigning the valuation request to the valuer, so that the request is completed on the fifth working day from the day the request is assigned. |
| Apartment/duplex/building/villa and the like* |
Within major cities |
One working day and after 24 hours of assigning the valuation request to the valuer, so that the request is completed on the second working day from the day the request is assigned. |
Two working days and after 48 hours of assigning the valuation request to the valuer, so that the request is completed on the third working day from the day the request is assigned. |
Three working days and after 72 hours of assigning the valuation request to the valuer, so that the request is completed on the fourth working day from the day the request is assigned. |
| Apartment/duplex/building/villa and the like* |
Outside major cities |
Two working days and after 48 hours of assigning the valuation request to the valuer, so that the request is completed on the third working day from the day the request is assigned. |
Three working days and after 72 hours of assigning the valuation request to the valuer, so that the request is completed on the fourth working day from the day the request is assigned. |
Four working days and after 96 hours of assigning the valuation request to the valuer, so that the request is completed on the fifth working day from the day the request is assigned. |
*The area of the real estate is calculated in accordance with the land area plus the building surface area.
4. Article 23 is amended as follows:
The valuation report submitted by the accredited valuer may be rejected—via the Qaim platform—in the following cases:
1 . Failure to submit the valuation report within one working day of the expiry of the period specified for depositing it in the Qaim platform.
2․ If the valuation request received from the financing entity includes the preparation of more than two reports for the real estate asset, and the difference in value between the report and the other reports prepared in the same request exceeds 15%.
3․ The accredited valuer does not respond to the comments of the financing entity on the report within one working day from the date of submission via the Qaim platform.
5․ The order of article 27 is amended to be article 28, and its text is amended as follows:
If the accredited valuer is removed in accordance with articles 26 and 27 of the rules, then he does not have the right to submit an application to be reinstated on the list except after one year has passed from the date of his removal. The same conditions and procedures stipulated in chapter 2 of the rules must be followed in the application.
The numbering of the above-mentioned articles is amended accordingly.
6 . Article 27(1) is amended as follows:
Issuance of more than two decisions by the committee for considering violations by the accredited valuer for violations of the provisions of the law during a year, or issuance of a final decision with the punishment of suspension—irrespective of its duration—or with a fine exceeding half of its maximum limit during a year.
7. A new article numbered 29 is added as follows:
The authority, in coordination with the Saudi Central Bank, shall take the necessary measures it deems appropriate to ensure that the services and works of the financing entities and the valuation establishments included in the list are not affected by any interruption, disruption, or similar emergency circumstances that affect the business continuity of the platform and the regularity of its works, including the power to exempt from some provisions of these rules and their effective dates, provided that the exemption ends with the end of those emergency circumstances.
8․ The articles are reordered in accordance with the provisions of this clause.
Third
This decision must be published in the official gazette, comes into force from the date of its publication, and repeals any decisions that conflict with it.
Chief Executive Officer
On behalf of Faisal bin Bader Al-Mandeel
Abdulaziz bin Abdullah Al-Mutlaq
Issued on: 12 Sha’ban 1446
Corresponding to: 11 February 2025
Published in Umm Al-Qura 5072 issued on 21 February 2025.
