The long-awaited reforms in Uganda’s land acquisition and real estate sectors are set to take shape with the introduction of the Valuation Bill, 2024 in Parliament.
The bill, tabled for its first reading by the Minister of Lands, Housing and Urban Development, Hon. Judith Nabakooba, on Tuesday, February 11, 2025, is expected to streamline land acquisition processes, boost public confidence in property valuation, and enhance efficiency in the real estate and financial markets.
The proposed legislation seeks to professionalize property valuation by ensuring that only qualified and certified professionals handle valuation processes.
This will be achieved through the establishment of the Institute of Certified Valuers of Uganda (ICVU) and a governing council, which will oversee the sector.
Additionally, the bill provides for the appointment of a Chief Government Valuer to undertake statutory valuations, ensuring transparency and consistency in property assessments, particularly in cases of land acquisition for public projects, real estate transactions, and financial sector operations.
The bill argues that valuation services in Uganda are currently unstructured and limited, primarily focusing on land and land developments. Yet, valuation plays a critical role in multiple sectors, including: Real estate and financial markets, Infrastructure and urban development, Manufacturing and extractive industries and International trade and fiscal regimes
By professionalizing the valuation sector, the law aims to standardize training, certification, and licensing, ensuring that both the public and private sectors can rely on credible valuation reports for informed decision-making.
One of the standout provisions of the bill is the requirement that all valuers must be registered members of the Institute of Certified Valuers of Uganda to be recognized as professionals.
Only members of this institute will be allowed to use the title "Certified Valuer of Uganda."
Furthermore, individuals who wish to practice valuation will undergo vetting by the governing council before being officially registered.
The council will have the authority to approve, reject, or revoke certifications based on professional conduct and qualification standards.Valuation firms, too, will be required to acquire practicing licenses, with each partner holding a valid certificate of practice.
The proposed law introduces strict penalties for unauthorized practice and misconduct within the valuation sector. A certified valuer who allows an unregistered individual to operate under their name will face severe consequences, including:
A fine of UGX 100 million, Imprisonment for up to two years Or both fine and imprisonment
These penalties are meant to eliminate unqualified valuers and ensure that only trained professionals handle valuation matters, thereby improving trust and accuracy in property assessments.
After its first reading, Speaker Anita Among referred the Valuation Bill, 2024 to the Committee of Physical Infrastructure for further scrutiny and stakeholder consultations. The committee is expected to review the bill, gather public input, and recommend any necessary amendments before it returns to Parliament for debate and approval.
If passed into law, the Valuation Bill will bring significant changes to how land acquisition and real estate transactions are conducted in Uganda.
The bill is seen as a step forward in addressing Uganda’s long-standing land governance issues and ensuring that landowners, developers, and investors operate in a well-regulated environment.
The Valuation Bill, 2024 is a landmark reform that seeks to modernize land acquisition and real estate valuation in Uganda.
With proper implementation, the law has the potential to enhance public confidence, market efficiency, and investment in Uganda’s real estate sector.
Stakeholders, including real estate developers, financial institutions, and landowners, are encouraged to follow the legislative process closely and engage in discussions to ensure the final law meets the country’s needs.
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