LD conducts valuation worth Dh42b

The Real Estate Appraisal Centre, or REAC, at the Government of Dubai Land Department (LD), valuated 1,090 properties at the request of property owners with total value of Dh42 billion, in the first half of year.

By (Wam)

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Published: Thu 23 Aug 2012, 11:24 PM

Last updated: Tue 7 Apr 2015, 2:34 PM

Mohammed Al Dah, Head of the Centre, stated on Wednesday appraisal transactions dropped in the first half of year by three per cent while net value of assessed properties dipped by 26 per cent 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 Center 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 Center of Real Estate Appraisal and the Appraisal Committee, LD strives to meet the market’s need and clients’ demands.

He added that 30 per cent of assessment applications were from Dubai Municipality, 18 per cent from Dubai Courts, 17 per cent for the purpose of sale, 10 per cent for banks, six per cent each for grant, exit and investors’ visa, and one per cent for auction.

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