VALUATION AND ESTATES OFFICE (VEO)

 

Who we are

The Valuation & Estates Office (VEO) provides a comprehensive range of professional valuation and real estate services to Government. It comprises a professional team of Chartered Surveyors who are members of the Royal Institution of Chartered Surveyors (RICS)  – which is one of the most respected and high-profile global organizations representing qualified property professionals who are involved in land valuation, real estate, construction, planning, and environmental matters. The RICS is an independent, not-for-profit organization whose purpose is to maintain and uphold the professional standards of its members worldwide.

 

What we do?

The VEO undertakes the following functions:

Stamp Duty

The assessment and adjudication of the valuation of land and buildings for Stamp Duty purposes under the Stamp Duty Law and Land Holding Companies Share Transfer Tax Law.

Valuation

We undertake all valuation work on behalf of the Government for the acquisition or disposal of property under The Governor (Vesting of Lands) Law & The Lands Acquisition Act.

Compulsory Acquisition and Compensation

Acting as an agent of the National Roads Authority, we provide compensation estimates for road schemes. We work closely with the Survey Section to negotiate and settle claims with Landowners affected by new road schemes.

Acquisition of Property and Lease

We acquire both land and buildings for the Government by way of negotiated agreements and also procure all rented accommodation for Government Departments.

Disposal and Letting of Crown Land

All Crown property that is surplus to Government requirements is sold or let by the VEO to the private sector.

Management

We manage the Crown Estate of owned and leased properties, carrying out lease renewals and rent reviews for other Government Departments, Ministries & Portfolios, and deal with licenses, rights of way & easements.s.

General Property Advice

We are responsible for providing general professional property advice to Government Departments, Statutory Authorities, Ministries, and Portfolios but regrettably are unable to provide professional advice to any external companies, organizations, or individuals.

Government Property Valuation Panel

We appoint private-sector valuation firms to undertake valuations on behalf of the Government.