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Real estate

Real Estate Appraisal: Agreement on Higher Remuneration for Experts

21 ИЮНЯ 2022
Темы
Mercado Imobiliário Destaque Notícia Homepage Imobiliárias Portugal
ASAVAL has reached an agreement with banks and investment fund management companies on an increase in fees for property appraisers.
Real Estate Appraisal: Agreement on Higher Remuneration for Experts
According to the secretary general of the association, Rui Esteves, quoted in a statement, "it is with great satisfaction and a strong sense of accomplishment that we are able to communicate to our members the strong adherence by banks and Investment Fund Management Companies in agreeing to our requests and concerns, with agreements already implemented in the updates of fees, among other corrections so necessary".

The difficulties for real estate appraisers come in the wake of rising fuel prices and inflation, caused by the covid-19 pandemic and, more recently, the armed conflict in Ukraine.

The Association of Valuation Companies and Valuers of Portugal (ASAVAL) began in March to meet with banks and fund management companies, in order to raise awareness about the difficulties of its members, expert appraisers, due to the "retreat of fees" practiced in real estate valuation, calling for measures aimed at a better remuneration of the activity, among other measures.

With the launch of this initiative, and given that ASAVAL says it wants to be the association "of all" real estate appraisers, it sensitized its collective members to update the fees of their external expert appraisers.

The association argues that "we are on the right track, we will continue to raise awareness of those entities that, for this or that reason, have not yet done so. But we are fully convinced that they will do so within an acceptable timeframe".

Although not all real estate appraisers in Portugal are members of ASAVAL, the secretary-general recalls that they will not be left out of these improvements.

Also in March, ASAVAL began meetings with banks and fund managers, which the Movement of Property Appraisers (MPAI) promoted a suspension of assessments for banks until April 3, claiming better remuneration and more time for execution of credit processes, among other objections.

The remuneration of the appraisal services provided by the experts registered with the Securities Market Commission (CMVM) was one of the reasons for the suspension, with the MPAI considering that "it is not compatible with the expenses inherent to the execution of the processes and sustainability of the activity to pay the new expenses associated with the activity, such as civil liability insurance and CMVM fees".
Темы
Mercado Imobiliário Destaque Notícia Homepage Imobiliárias Portugal
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