Scheme is designed to boost investor confidence in the property market and meet international standards
Property valuers in the UAE are set to be regulated under a new scheme designed to deliver transparency and boost investor confidence in the property market.
The Royal Institution of Chartered Surveyors (RICS) announced Monday that their UAE members will adopt increased levels of regulation to ensure property valuations by their members adhered to the strictest international standards.
The RICS said recent reports of an overheating property market in the UAE and the potential for a further boom and bust cycle could have severe consequences on investor confidence, in particular with investors from outside of the Middle East region.
It said whilst Dubai’s position was currently seen as a relatively safe haven for investment, short-term initiatives being introduced by the Dubai Government also needed to be complemented by mid to longer-term focused regulatory improvements to ensure sustainable growth.
“RICS sees the introduction of Valuer-Registration as a fundamental step to supporting the Dubai government in their drive for a transparent and sustainable property market through the adoption of international standards and best practice,” RICS Middle East director Rob Jacksons said.
“It will also provide governments, lenders, agents and auditors access to transparent and regulated valuations which support their own internal risk management processes.”
Following the last global financial crisis, RICS developed the regulatory monitoring initiative, known as Valuer Registration (VR), to ensure the consistent application of professional valuation standards worldwide.
Termed a “pro-active, risk-based regulatory program”, it evaluates and oversees the performance of valuers and provides quality assurance to clients, financial institutions and regulators that valuations are performed by qualified professionals to the highest professional standards, in a transparent and auditable process and in accordance with International Valuation Standards (IVS).
Qualified members of the Valuer Registration scheme will be identifiable by the designation “RICS Registered Valuer”.