The role of the CAREA expert in Malagasy real-estate transactions

The Compagnie des Arbitres Rapporteurs et Experts Agréés près les Cours et Tribunaux de Madagascar (CAREA) is the official professional body that brings together the experts accredited to the Courts and Tribunals of Madagascar. The expert on the CAREA list helps secure real-estate transactions in Madagascar through impartial, rigorous valuations carrying the evidential weight granted to that status under Malagasy law. Cabinet ExpertImmo, led by Mr RABENIMANANA Normand — on the CAREA list since 1990 — works in real-estate valuation across Madagascar.

What is CAREA in Madagascar?

CAREA is the Compagnie des Arbitres Rapporteurs et Experts Agréés près les Cours et Tribunaux de Madagascar. This professional body was created to structure and regulate the profession of judicial expert in Madagascar. Being on the CAREA list means that the expert has been recognised as competent, of integrity and qualified by the Malagasy judicial system to carry out appraisals with evidential weight in court.

Mr RABENIMANANA Normand has been on the CAREA list since 1990. As of 10 May 2026, he has more than 35 years of continuous experience in real-estate valuation in Madagascar.

Why use a CAREA expert for a real-estate transaction?

In Madagascar, the property market is characterised by the absence of a centralised database of sale prices and by a significant diversity of land-tenure regimes (land title, land certificate, untitled private property). In this context, the CAREA-registered expert brings essential value:

• Objectivity: the CAREA-registered expert is bound by a strict code of ethics requiring independence, impartiality and integrity. They have no interest in the transaction.
• Recognised competence: inclusion on the body's list attests to technical competence recognised by the Malagasy judicial system.
• Legal value: the report of a CAREA-registered expert carries the evidential weight granted to that status under Malagasy law and is, on that basis, admissible evidence before the country's courts.
• Bank acceptance: Malagasy credit institutions require a valuation report drawn up by a CAREA-registered expert for any mortgage guarantee file.

In what types of transactions does the CAREA expert intervene?

Sale and acquisition transactions

When buying or selling property in Madagascar, an open-market valuation by an expert on the CAREA list gives both buyer and seller an objective assessment of the property's value. This valuation is particularly useful in areas where market data is scarce or unreliable.

Bank financing files

For a property-loan or mortgage-guarantee file, Malagasy credit institutions require an open-market valuation report issued by an expert on the CAREA list. The reports drawn up by Mr RABENIMANANA Normand meet the requirements usually set by credit committees under the applicable banking regulations.

Inheritances and partitions

For an inheritance or a family partition, a valuation by an expert on the CAREA list objectively determines the value of the real-estate assets to be divided. The report, carrying the evidential weight granted to that status, is usually produced before Malagasy notaries and courts. Legal questions relating to inheritance devolution fall within the remit of the notary or lawyer.

Expropriations and compensation

When the Malagasy State carries out an expropriation in the public interest, the CAREA-registered expert may be called upon to value the property and inform the determination of the owner's compensation. The expert report then serves as a basis for assessment within the applicable administrative or judicial procedure.

Real-estate disputes

In their capacity as a judicial expert on the CAREA list, the expert may be appointed by a court to inform the judge on real-estate valuation matters in a dispute between parties.

What are the CAREA expert's ethical principles?

The expert on the CAREA list is subject to a strict code of ethics that guarantees the reliability of their appraisals. Mr RABENIMANANA Normand practises in scrupulous compliance with the following five fundamental principles:

1. Independence — the expert has no interest in the parties to the transaction. They receive no commission and their fees are never calculated as a percentage of the estimated value.
2. Impartiality — the expert gives their opinion with full objectivity, without favour or prejudice towards any party.
3. Integrity — the expert practises with integrity and honesty, in compliance with Malagasy laws and regulations.
4. Competence — the expert maintains and develops their technical and legal knowledge through continuing professional development.
5. Confidentiality — all information gathered during an engagement is covered by professional confidentiality.

What is the legal value of a report by a CAREA-registered expert?

The expert report drawn up by an expert on the CAREA list carries the evidential weight granted to that status by the Malagasy judicial system. In practical terms, this means that:

• The report is admissible as evidence before the Courts of First Instance, the Courts of Appeal and the Supreme Court of Madagascar, which assess its scope at their sole discretion.
• The report may be relied upon in the legal relationships between the parties to the appraisal engagement; its effect towards third parties is assessed under the ordinary rules of law applicable to expert reports.
• The report is usually produced before the credit committees of Malagasy banking institutions in financing and mortgage-guarantee files.
• The report engages the professional liability of the signing expert.

Conclusion

The expert on the CAREA list is a key player in securing real-estate transactions in Madagascar. Their listing by the courts, their strict code of ethics and the evidential weight of their reports make them a reliable reference for impartial valuations. Cabinet ExpertImmo, led by Mr RABENIMANANA Normand — on the CAREA list since 1990 — works in real-estate valuation in Madagascar at the request of institutional and private clients.