The process of acquiring land is anticipated to become more streamlined once the Valuation Bill, 2024 is enacted.
Additionally, the proposed legislation is expected to enhance the effectiveness of real estate transactions and financial markets.
The Bill was introduced for its first reading by the Minister of Lands, Housing, and Urban Development, Hon. Judith Nabakooba, on Tuesday, February 11, 2025.
One of its key objectives is to boost public trust in the valuation profession and services by establishing the Institute of Certified Valuers of Uganda, along with a governing council.
As per the provisions of the Bill, a Chief Government Valuer will be appointed, tasked with conducting mandatory valuations.
The draft law emphasizes the need to professionalize the valuation industry, highlighting that valuation services play a crucial role in decision-making within both the public and private sectors. These sectors include real estate, financial markets, infrastructure and urban development, taxation policies, manufacturing, the extractive industries, and international commerce, among others.
“Despite its significant importance, Uganda’s valuation sector is primarily confined to land and real estate developments, with inadequate regulation of training and professional development,” the Bill states.
The proposed law further stipulates that individuals must be members of the Institute of Certified Valuers of Uganda to be formally recognized as valuers.
“A registered member of the institute shall be designated as a Certified Valuer of Uganda and will be authorized to use the title accordingly,” the Bill specifies.
Furthermore, professionals seeking to practice valuation will undergo an assessment by the council following the submission of their applications.
“If the council determines that an applicant meets the criteria for registration as a practicing valuer, the council shall instruct the Registrar to include the applicant’s name in the official register of certified valuers,” the Bill outlines.
Valuation firms will also be required to obtain practice licenses, and each partner in a valuation firm must hold an individual certificate of practice.
According to the proposed law, a certified valuer who allows an unlicensed individual to operate under their name will face a penalty of Shs100 million or a prison sentence of up to two years, or both.
The Speaker of Parliament, Anita Among, has referred the Bill to the Committee on Physical Infrastructure for further examination and review.
