Rera updates Emirates real estate evaluation guide

The agency has been setting qualifications for companies and individuals to encourage the real estate valuer license.

In a meeting Rera invited all real estate evaluation companies. Marwan bin Ghalita CEO of Rera and Mahmoud Al Burai discussed challenges that the real estate evaluation sector in Dubai is facing and the current situation of the market.

Marwan bin Ghalita Rera CEO assured members that the agency is providing the sector with all necessary information to increase transparency and effectively regulate the system.

Mahmoud Alburai, Director of Developing the Real Estate Sector Department outlined that all real estate evaluation reports at Dubai Land Department are from evaluating lands, buildings, apartments, villas, commercial and residential complexes, industrial facilities and hotels.

The most important criteria of evaluating any property is to study supply, demand and prices in the market, specifications, age and the location of the building.

Al Burai also said that the qualifications, practices and experience are important in the process of licensing the real estate valuer and Rera is actively cooperating with RICs and many other high level international associations tp help increase the level of practices to best practices at an international level.

He added that there will be a valuers record, procedures and code of ethics which will be required from all real estate valuers.

Banks and financial institutions will be one of the most interested sectors in this activity depending on evaluation in all real estate financing.

Valuers were give the opportunity to discuss their ideas as well as their opinions in regulating this activity as they consider this step as one of the most important steps in protecting and supporting the sector in Dubai.

Yousif Alhashmi Director of Real Estate Licensing Department assured that his department is preparing new conditions and requirements for licenses.

He warned people who represent themselves as real estate valuers against performing duties outside their paramaters.