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The Government of Dubai Land Department (LD) has published the results of 2012 property valuation report in Dubai. The valuation transactions were conducted by the Real Estate Valuation Committee, in cooperation with LD’s Real Estate Appraisal Center. Total of 2791 properties worth Dhs94bn were subject to evaluation in 2012.
Mohammed Ahmed Belgaizi, LD’s Director of the Technical Affairs Department and Head of the Real Estate Valuation Committee, said, “The Real Estate Appraisal Center and members of the valuation committee relied of the data and information collected from the LD records and were based on best international practices and transparency criteria.”
Belgaizi stressed on the importance of real estate valuation in achieving economic growth describing valuation as a practical tool to eliminate random pricing and reduce speculative practices.
The valuation is a main pillar in building a solid real estate sector and a helps in reorganizing and managing values. Valuation secures balance between supply and demand and has direct impact on resolving disputes. According to the reports, all areas of Dubai witnessed enhanced real estate values.
In the first half of 2012, the committee received 1090 valuation requests of properties worth Dhs42bn, while the valuation requests increased by 25% in second half to 1691 properties worth Dhs52bn. The evaluation was conducted following field visits to the concerned properties.