University of Khartoum

Real Estate Appraisal in Sudan: Challenges and Potentials

Real Estate Appraisal in Sudan: Challenges and Potentials

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Title: Real Estate Appraisal in Sudan: Challenges and Potentials
Author: Elkhalifa, Akram A.
Abstract: Nowadays, investment in real estate is a unique investment for a diversity of reasons. The RE investment is characterized by high risk associated with the relatively high returns. Investment in the sector of real state is more risky in developing countries, Sudan in not an exception despite the general perception of being safe. Substantial fund is required for investing in real estate; therefore most of the developing countries find it difficult to establish organized markets for real estate. Politicians and planners in these countries face difficulties in the allocation and reallocation of funds available for development required for different sectors in the economy. More attention is drawn to the sector of real estate as tool for sustainable .development. Appraisal/valuation has recently been christened as an ‘Emerging Global Profession’. The assessment of real properties value is crucial to eliminate risks and uncertainties in real estate investment. The political and economical stability, in addition to the availability, accuracy, and reliability of information are considered key stone in the efficiency of real estate markets. Most of the developing countries, Sudan is not an exception, face severe problems in getting accurate and reliable information; if any is available. The absence information sources and knowledge sharing concept makes it difficult for investors to participate in the real estate market making the real estate appraisal more difficult. Moreover, the absence of professional institutions and codes of conduct set a barrier in providing a professional appraisal services. This paper reviews the real estate investment in Sudan and its environment. A special focus is drawn to the practice of real estate appraisal in Sudan. The Authors provide clear definitions to terms related to the Real Estate Appraisal Process and the objectives behind Appraisal Process and the most common methods of valuation. The study highlights the challenges and limitations with which the appraisal practice in Sudan is faced. A general review of the appraisal practice in the global context help setting guidelines for a more professional practice of real estate appraisal. The study draws some conclusions and recommendations for the development of the real estate appraisal as a profession.
URI: http://khartoumspace.uofk.edu/123456789/16795
Date: 2009-06


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