The Real Estate Appraisal Center at the Government of Dubai Land Department (LD), valuated 1,090 properties at the request of property owners with total value of Dh42 billion in the first half of this year.
Mohammed Al Dah, Head of the Centre, said appraisal transactions dropped in the first half of year by three per cent while net value of assessed properties dipped by 26 per cent year-on-year.
This, he said, indicated to the market maturity, price stability and investor confidence in Dubai real estate market.
In line with best international practices and transparency criteria, the Real Estate Appraisal Center and members of the Real Estate Valuation Committee at the Land Department used data from the Land Department in addition to field visits to complete the valuation process accurately.
Through the Center of Real Estate Appraisal and the Appraisal Committee, LD strives to meet the market's need and clients' demands. The valuation was requested by clients who needed a fair valuation of their properties for different purposes.
He added that 30 per cent of assessment applications were from Dubai Municipality, 18 per cent from Dubai Courts, 17 per cent for the purpose of sale, 10 per cent for banks, six per cent each for grant, exit and investors' visa, and one per cent for auction.
For the type of evaluation, the vacant plots represented 62 per cent of the applications and completed buildings at 38 per cent.
The Real Estate Appraisal Center endeavors to provide high-quality service for clients by offering a fair valuation for the concerned property. The operations carried out by the center also enhance clients' confidence in the Land Department and consolidates its position as the official real estate reference that safeguards and supports the interests of those involved in the sector.