Dubai Land Department (DLD) conducted 8,173 real estate valuations worth more than $78bn (AED287bn) in 2017, the highest value ever recorded by the authority.
According to a report issued by Taqyeem, Dubai’s Real Estate Appraisal Centre, valuations are conducted for investor visas, gifted transfer, auction sales, zakat calculations, sale estimates, and company annual audits.
HE Sultan Butti bin Mejren, director general of DLD, said: “Taqyeem relies on the data and information available in DLD’s records, and operates according to advanced standards for valuation.
Property valuation complements many other activities, and helps gauge the growth of investments. Accurate and regular valuations help prevent random prices in the market which leads to reduced speculation.
Customers include private owners, developers and government entities.
The valuation contributes to the organisation and management of land values and supports the supply and demand equation, which is used by Dubai’s Rental Dispute Centre to issue judgments based on confirmed figures issued by specialised entities.
Developers can also benefit from the findings of the valuation committee to make well-thought out market presentations, ensuring that they create campaigns based on reasonable long-distance pricing forecasts.
DLD’s work is governed by the International Valuation Standards Council (IVSC) that is the world-governing body for valuation.