Dubai Land Department conducts valuations worth $78bn in 2017

Valuations are conducted for a number of reasons, including sale estimates and company annual audits
Dubai Land Department conducts valuations worth $78bn in 2017
By Bernd Debusmann Jr
Sun 11 Mar 2018 09:32 AM

The Dubai Land Department (DLD) conducted 8,173 real estate valuations worth more than AED 287 billion ($78.1  billion) in 2017, the highest value ever recorded.

According to a report issued by Taqyeem, Dubai’s Real Estate Appraisal Centre, valuations are conducted for a number of reasons, including for investor visas, gifted transfers, auction sales, zakat calculations, sale estimates and company annual audits. Customers include private owners, developers and government entities.

“Taqyeem relies on the data and information available in DLD’s records, and operates according to advanced standards for valuation,” said DLD director general Sultan Butti bin Mejren.

“The centre’s valuation work is undertaken with meticulous attention to accuracy, transparency and professionalism, which reflects DLD’s outstanding performance in providing customer services.”

Additionally, the DLD noted that property valuation helps gauge the growth of other investments, and helps prevent random prices in the market.

The valuations also contribute to the organisation and management of land values, and supports the supply and demand equation used by Dubai’s rental dispute centre to issue judgements based on confirmed figures.

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