Mohamed Farid, Chairperson of the Financial Regulatory Authority (FRA), highlighted the Authority’s ongoing efforts to digitize real estate appraisal by developing electronic applications to assist appraisers in various regions. These applications will include all the necessary details for issuing appraisal reports and will lay the foundation for creating real estate indicators for all areas.
Farid made this announcement during his speech at the Second International Conference of the Egyptian Association of Real Estate Appraisal Experts. He emphasized the vital role of real estate appraisal in determining asset values and its broader impact on the national economy. He stressed the importance of collaborative efforts to improve the skills of real estate appraisal professionals moving forward.
Farid underscored that real estate appraisal plays a key role in maximizing asset values and contributing to the national economy. In response, the FRA has worked on developing accounting standards to ensure accurate asset valuation disclosures. These include incorporating a revaluation model for fixed and intangible assets, as well as a fair value model for real estate investments. These measures aim to reflect the true value of assets in companies’ financial statements and include adjustments to Egyptian accounting standards to account for the effects of exchange rate fluctuations by reclassifying the impacts of currency differences.