The Government has introduced the Valuation Bill, 2024 aimed at streamlining land acquisition processes significantly.
The new legislation if passed into law, is expected to enhance the efficiency of both the real estate and financial markets.
The Minister of Lands, Housing and Urban Development, Judith Nabakooba, introduced the Bill for its first reading on February 11, 2025.
The recently introduced legislation seeks to bolster public trust in valuation services by creating the Institute of Certified Valuers of Uganda, along with a governing council.
This proposed law outlines the establishment of a Chief Government Valuer, responsible for carrying out official valuations.
The Bill emphasizes the importance of professionalizing the valuation process, highlighting its critical role in guiding decisions across various sectors, including real estate, finance, infrastructure, urban planning, fiscal policies, manufacturing, the extractive industry, and international trade.
“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.
