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Dubai property regulator to classify property valuators
Dubai Land Department (DLD), the emirate’s property registration body, has launched a classification project for the real estate valuation companies.
There are currently 71 valuators working in 48 real estate valuation companies in Dubai. The real estate valuator classification project is based on the five star-classification system, and is based on four main criteria and nine sub-criteria.
Real Estate Regulatory Agency (RERA), the regulatory arm of DLD will carry out the classification programme based on certain criteria.
They will be classified into gold, silver, bronze, and general categories, and is based on four main criteria and 10 sub-criteria. The main criteria are number of valuation transactions, valuation company’s compliance with laws and regulations, experience of the real estate valuation company, and efficiency and distinction of real estate valuation companies.
Ali Abdulla Al Ali, Director of the Real Estate Licensing Department at DLD, said: “The project reflects DLD’s endeavours to continue launching initiatives aimed at developing the performance of real estate companies, ultimately ensuring the provision of high-quality services to all parties in Dubai’s real estate market, in line with DLD’s vision to position Dubai as the world’s premier real estate destination and a byword for innovation, trust, and happiness. This project also aims to raise the level of efficiency and quality of real estate services provided to customers, and is considered the first-of-its-kind globally.”
The deadline for updating real estate valuation companies and valuators’ data and uploading the required documents to the Trakheesi system is 31 December. The classification will be available to customers on 1 January 2020 where they can view the classification of the real estate valuators and valuation companies through the Dubai REST platform.
“We believe in the important role played by real estate valuation companies, providing them with the tools necessary to play their role in full transparency and stimulating honest competition among all players in this field, based on predetermined objectives. This allows customers to be aware in advance of the classification of companies and the extent of their compliance to the laws and professional ethics before they decide on employing any of them. We worked to establish a reputable community for real estate valuators in the Emirate, and we constantly monitor their performance and commitment to professional ethics,” Al Ali said.