Dubai's Real Estate Appraisal Centre conducts valuation worth Dh42 billion in H1

Dubai, Aug 23, 2012 (WAM) - In the first half of year, the Real Estate Appraisal Centre at the Government of Dubai Land Department (LD), valuated 1,090 properties at the request of property owners with total value of Dh 42 billion. Mohammed Al Dah, Head of the Centre, stated yesterday appraisal transactions dropped in the first half of year by 3% while net value of assessed properties dipped by 26% year-on- year. This, he said, indicated to the market maturity, price stability and investor confidence in Dubai real estate market. In line with best international practices and transparency criteria, the Real Estate Appraisal Centre and members of the Real Estate Valuation Committee at the Land Department used data from the Land Department in addition to field visits to complete the valuation process accurately. Through the Centre of Real Estate Appraisal and the Appraisal Committee, LD strives to meet the market's need and clients' demands. The valuation was requested by clients who needed a fair valuation of their properties for different purposes. He added that 30% of assessment applications were from Dubai Municipality, 18% from Dubai Courts, 17% for the purpose of sale, 10% for banks, 6% each for grant, exit and investors' visa, and 1% for auction. For the type of evaluation, the vacant plots represented 62% of the applications and completed buildings at 38%. The Real Estate Appraisal Centre endeavours to provide high-quality service for clients by offering a fair valuation for the concerned property. The operations carried out by the centre also enhance clients' confidence in the Land Department and consolidates its position as the official real estate reference that safeguards and supports the interests of those involved in the sector. – Emirates News Agency, WAM