CIR 02/23 | Rural Lease Valuations
The Council of the Kamra tal-Periti has been alerted to a legal notice directing periti to produce fictitious values for agricultural land that have no underpinning in the market.
It appears that the purpose of this exercise is to artificially contain the value of farmland, and direct periti away from reporting a fair market value in line with international and national valuation standards.
In view of the above, the Council is advising periti not to file valuation reports in accordance with such legal notice until further notice as such reports may give rise to potential professional negligence, besides exposing periti to litigation by aggrieved parties due to the apparent unconstitutionality of such subsidiary legislation.
Perit André Pizzuto
President