Dubai’s Executive Council has passed a resolution to create a law governing standards for surveyors and property valuers.
The new law will mean that that people who assess property values will need to possess certain qualifications and be registered with Dubai’s Real Estate Regulatory Agency (Rera).
Qualified practitioners will need at least two years’ worth of valuation experience, although trainees can also be registered, subject to passing certain qualifications.
Rera will be given the power to decide whether surveyors are allowed on to the register and what existing licences should be renewed. It will also look into complaints against property valuers.
The move is aimed at preventing unlicensed and underqualified professionals from valuing properties.
Assessors will only be able to act for one party when completing a valuation – be it a bank or a property client.
Any breaches of Rera’s rules will lead to fines, which will be doubled if offences are repeated. Rera will also be able to suspend, or even revoke, permits for those who continue to breach its rules.
Sultan Butti bin Mejren, the director-general of the Dubai Land Department, welcomed the resolution, which was passed by the executive council’s chairman, Sheikh Hamdan bin Mohammed, Crown Prince of Dubai.
Mr bin Mejren said the move would “contribute to enhancing the transparency and credibility of the real-estate market in Dubai” by putting in place rules about who is authorised to value properties.
This will, in turn, serve the banking sector well by giving greater confidence in home valuations.
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