Data from valuers important to assist policymakers - Ahmad Maslan

KUCHING - Data obtained from valuers is important to assist policymakers in producing efficient and accurate property-related policies, according to Deputy Finance Minister I Datuk Seri Ahmad Maslan.

He said valuers are responsible for guiding and educating consumers, especially buyers and prospective property owners, to obtain information on the property market.

By carrying out their duties professionally and upholding ethics, the market values of transacted properties can be translated into reliable economic data, Ahmad said.

"Data users such as banks, researchers and other related professions will also be able to use and analyse the data and assist policymakers.

"With the assistance of artificial intelligence and the Internet of things (IoT), a more-informed, specific and reliable decision can be made immediately,” he said this in his keynote address at the 25th Asean Valuers Association (AVA) Congress here today.

Ahmad said valuers and property players are considered global professionals because their expertise is integral to the functioning of the global real estate market.

"Their (valuers) skills and knowledge are essential for making informed decisions, managing risks, and ensuring the integrity of property transactions across borders,” he added.

The three-day AVA congress, which started on Sept 18, serves as a platform to promote cooperation, create mutual understanding, establish closer relationship, knowledge and experience in the relevant fields of valuation among valuers and allied professionals of Asean member countries.

Formed in June 1981, AVA currently has eight member countries comprising Brunei, Cambodia, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. - BERNAMA