Kuwait, 22 January 2024: Kuwait International Bank (KIB) announced that it has evaluated more than 14,000 properties during the year 2023. Thanks to a vast experience dating back to 1973, the Bank’s Real Estate Appraisal Division has become respected as a reliable source of reference for governmental agencies, local banking institutions, real estate investment companies and individuals. Over the years, the department has continued to demonstrate high credibility, reliability and confidentiality in the market and among its customers. 

In this regard, Ali Alshakhs, Senior Manager of Real Estate Appraisal at KIB, said: “The Real Estate Appraisal Division under the Real Estate Department provides its customers with a detailed report on all types of properties that require appraisal through the Bank’s entirely new digital real estate platform, KIB Aqari. This allows the Bank to address customers’ needs in a more comprehensive, efficient and secure manner, and further solidifies its commitment to keeping pace with the latest digital banking technologies while expanding its e-banking services and products.” 

He added: “All real estate appraisal reports submitted by KIB are in line with the guidelines of the Ministry of Commerce and Industry, as they include a description of the property, its condition, contents and occupancy rates. The reports also provide estimated rental values for the property units, which are determined following an inspection of the spaces and services available within the properties and the surrounding areas. They also include estimated values of the properties that are evaluated based on scientific methods used on an international level, in addition to technical notes, a photo of the property and an accurate map of its location.”
Alshakhs further explained that the Real Estate Appraisal Division also inspects real estate projects under implementation, prepares reports on their completion rates, marks any observations, and carries out project feasibility studies. He affirmed that the division is comprised of a highly competent team with extensive scientific and practical experience, including engineers and assistant engineers specialized in real estate. The team is considered among the best in this field, as its members have completed extensive training and specialized courses in Kuwait and abroad. 

According to Alshakhs, the Real Estate Appraisal Division studies and evaluates different properties by applying scientific approaches, namely cost, income capitalization, and sales comparison, to determine each property's fair and reasonable market value based on its type and then arrive at the sale value. To obtain the value of any property, the division takes into consideration supply and demand market conditions, determines a suitable sale period, and utilizes other special property appraisal methods. 
It serves to note that KIB constantly strives to offer advanced and comprehensive digital banking solutions that suit the lifestyles of its customers. The Bank continues its journey of innovation through its new strategy that focuses on providing a more advanced and rich experience to its customers, driven by its main slogan ‘Bank for Life’.