Rera to bring in new rules for evaluators

Dubai's Real Estate Regulatory Agency (Rera) said yesterday it will introduce conditions and requirements for people looking to get licence as property evaluators as it launched a property evaluation book. Yousif Alhashmi, Director, Real Estate Licencing Department, Rera said: "We are preparing new conditions and requirements for getting the licence." He also warned people not to represent themselves as real estate valuers when they just have a brokerage licence. In the meeting where Rera had invited all real estate evaluation companies, agency officials discussed the challenges that real estate evaluators face in the current market situation. Rera CEO Marwan bin Ghalita assured that the agency was providing the sector with all the information to increase transparency and effectively in the regulation system Mahmoud Alburai, Director, Developing the Real Estate Sector Department, Rera, said the most important criteria of evaluating any property is to study supply, demand and prices in the market, followed by specifications, age and the location of the building. Alburai said Rera is co-operating with Royal Institution of Chartered Surveyors and other international associations to help introduce best practices of international standards in the industry. There will be valuers record, procedures, code of ethics, which will be required to be followed by all valuers, he added. Keep up with the latest business news from the region with the daily Emirates Business 24|7 newsletter. To subscribe to the newsletter, please click here .