Namibia - The Namibia Institute of Valuers held its first annual general meeting on Monday following the institution's establishment on February 28. Among the items on the agenda was the draft constitution for the Institution. Nadia van der Smit, vice-chairperson of the NIV, provided an overview of the current valuation practice in Namibia. Van der Smit said the absence of a self-regulating authority in the valuation profession has meant that there has been no governing body in Namibia which can regulate who may and may not conduct valuations, what rates to charge and what methods to be used for specific properties.

Based on the fact that a bill relating to property valuers had been prepared by Government and that it should be tabled in Parliament this year, Van der Smit said the NIV will have the purpose of organising valuers in Namibia to speak with one voice.

Sonny Mulenga, chairperson of the NIV, said although the Institution is not a licensing body, it is a society which will give credence to the licensing of valuers in Namibia.

Mulenga said its role will be to promote the exchange and dissemination of information about land and land tax laws, and the promotion of professionalism. Furthermore, the NIV will set standards and valuation systems, and will work closely with tertiary institutions offering courses in the valuation field.

The NIV chairperson added that the institute will provide a forum for its members to air their views on topical issues relating to their profession.

Mulenga charted the path ahead for the NIV by saying that the Institute should direct its energies and vision towards ensuring that it plays a central role in the enhancement of education at tertiary level, in order to produce valuers "who will be respected in the discharge of their professional work."

Mulenga identified a number of challenges facing the NIV, namely,self-regulation, working in collaboration with other allied professions in the country, and providing wholehearted support to the proposed licensing of valuers.

Other challenging areas will be the hosting of workshops to explain the role of valuers in the national economy, and the formulation of local valuation standards to suit Namibia's social and economic environment.

Nico Smit

The Namibian/16/03/2011