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The Real Estate Valuation Committee, in cooperation with the Real Estate Appraisal Center (Taqyeem) at the Government of Dubai Land Department (LD), has successfully valuated 1,090 properties worth Dhs42bn at the request of property owners during the first six months of 2012.
Mohammed Al-Dah, Head of Real Estate Appraisal Center said that the center and members of the Real Estate Valuation Committee have conducted the valuation by utilizing data and information available at the LD’s records according to internationally adopted best practices and standards in terms of transparency.
Al-Dah added that both LD, through the Center, and the Committee strive to meet the demands of the real estate sector and customers who wish to acquire a fair valuation of their properties for a variety of reasons.
The number of valuation transactions have declined by 3% in H1 compared to the same period in last year and the total value of appraised properties has declined by 26% in H1 compared to H1 2011, thus reflecting maturity in the market, price stability and investor confidence in the sector.