Real estate panel valuates Dhs42b in H1

The Real Estate Valuation Committee, in co-operation with the Real Estate Appraisal Center (Taqyeem) at the Government of Dubai Land Department (LD), has successfully valuated 1,090 properties worth Dhs42 billion at the request of property owners during the first six months of 2012. Mohammed Al-Dah, Head of Real Estate Appraisal Center said that the center and members of the Real Estate Valuation Committee have conducted the valuation by utilising data and information available at the LD’s records according to internationally adopted best practices and standards in terms of transparency. Al-Dah added that both LD, through the Center, and the Committee strive to meet the demands of the real estate sector and customers who wish to acquire a fair valuation of their properties for a variety of reasons. The number of valuation transactions have declined by 3 per cent in H1 compared to the same period in last year and the total value of appraised properties has declined by 26 per cent in H1 compared to H1 2011, thus reflecting maturity in the market, price stability and investor confidence in the sector. The Head of Real Estate Appraisal Center said that the valuation of any property is conducted on the demand of government authorities or owners only and in accordance with the approved policies implemented at the Department. According to the annual report issued by Taqyeem, 30 per cent of applications were presented to Dubai Municipality, 18 per cent to Dubai Courts, 17 per cent for sale purposes, 10 per cent for bank assessments, 6 per cent for grants, 6 per cent for exit, 6 per cent for investor’s visas and 1 per cent for auction purposes. There were two main types of valuation, 62 per cent of the transactions were for empty land plots and 38 per cent for buildings. The Real Estate Appraisal Center endeavors to provide high-quality service for clients by offering a fair valuation for the concerned property for the sale, purchase or other legal purposes. This will enhance clients’ confidence in the LD and consolidates its position as the official real estate reference that safeguards and supports the interests of those involved in the sector. Dubai Land Department was established in January 1960 to provide a systematic method for registration of land and property and protect the rights of clients and ensure all legal aspects relating to the sale and purchase of land, which enabled the Department to organise the registration process, which aims primarily to protect all relevant parties.