15 Mar 2006

Land leases in Vanuatu now subject to standardised valuation

4:28 pm on 15 March 2006

All businesses and individuals in Vanuatu wishing to lease their land in future will have to register themselves with the land valuer code.

The code was recently introduced by the ministry of land to develop a standard land valuation method.

The minister of land, Maxime Carlot Korman, says the government decided to introduce a coherent valuation system, because many people over- or undervalue their land.

"The valuers code is the professional code that every valuer has to follow. We never had a code of valuers in Vanuatu. This is the first one. It will be the directive for the profession of the valuer in Vanuatu."

Mr Korman says anyone who breaches the code will be disciplined and will have their license cancelled.

Currently, there is only communal land in Vanuatu, but people can lease land for 75 years.

After that, both sides can choose to renew the contract for another 75 years.