[Dubai, United Arab Emirates, 10th March 2018]: Dubai Land Department (DLD) has confirmed that it successfully conducted 8,173 real estate valuations worth over AED 287 billion — the highest value ever recorded — in 2017.
According to a report issued by Taqyeem, Dubai's Real Estate Appraisal Centre, valuations are done for a variety of reasons such as: investor visas, gifted transfer, auction sales, zakat calculations, sale estimates, and company annual audits. Customers include private owners, develpers and government entities.
His Excellency Sultan Butti bin Mejren, Director General of DLD, commented: "Taqyeem relies on the data and information available in DLD's records, and operates according to advanced standards for valuation. The Center's valuation work is undertaken with meticulous attention to accuracy, transparency and professionalism, which reflects DLD's outstanding performance in providing customer services." DLD's work is governed by the International Valuation Standards Council (IVSC) that is the world-governing body 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.
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.
-ENDS-
About Dubai Land Department:
Dubai Land Department (DLD) was found in May 1960 to establish the most prominent real estate sector in the Middle East and in the world.
DLD provides outstanding services to all its customers whilst developing the necessary legislation to propel the real estate sector in Dubai, organizing and promoting real estate investment, and spreading industry knowledge. DLD seeks regional and worldwide innovation in real estate with the aid of its active organizations that include: Real Estate Regulatory Agency, the regulatory arm, Real Estate Investment Management & Promotion Center, the investment arm, Dubai Real Estate Institute, the educational arm, and Rental Dispute Center, the judicial arm.
Unified Toll Free Number:
In order for Dubai Land Department to provide the best possible service in a rapid manner and to ensure the comfort and happiness of our customers, it has activated a new toll-free call centre number [8004488]. This can be used for all Dubai Land Department and Rental Disputes Center enquiries.