The Real Estate Valuation Committee, in cooperation with the Real Estate Appraisal Center (Taqyeem) at the Government of Dubai Land Department (LD), has successfully valuated 1,090 properties worth AED42 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 utilizing 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% in H1 compared to the same period in last year and the total value of appraised properties has declined by 26% 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% of applications were presented to Dubai Municipality, 18% to Dubai Courts, 17% for sale purposes, 10% for bank assessments, 6% for grants, 6% for exit, 6% for investor’s visas and 1% for auction purposes. There were two main types of valuation, 62% of the transactions were for empty land plots and 38% 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.
Price for Evaluated Plots in 2012
|
| Al Barsha 1-Value Ratio | Al Barsha 1-No of Procedures
| Al Nahda 2-Value Ratio | Al Nahda 2-No of Procedures |
| First half of 2011 | AED 776/Square Foot | 25 | AED 354/ Square Foot | 20 |
| First half of 2011 | AED859/ Sq ft | 11 | AED 339/ Sq ft | 9 |
| First half of 2012 | AED 872/ Sq ft | 16 | AED 388/ Sq ft | 6 |