Real estate buyers can now breathe a sigh of relief after the government permitted private practitioners to value property on behalf of the Lands ministry.

For a long time, property deals have been cumbersome, expensive, and tedious as only about 60 government valuers handled 57 registries could countrywide.

This has caused delays in the completion of property deals, created room for overvaluation and undervaluation of land, as well as enabled corruption to thrive as buyers bribe officials in a bid to get services and speed up the process.

The Stamp Duty (Valuation of Immovable Property) Regulations, 2020 gives property buyers the option of either using civil servants or hiring private valuers, bringing on board more than 500 registered private experts.

According to the Institution of Surveyors of Kenya (ISK), the easing of valuation could cut the turnaround period for property registration from up to 90 days to less than a week.

The move is also likely to improve Kenya’s ranking on the World Bank’s Doing Business Index.

Source: Stamp duty rules welcome by Business Daily