DLD announces development of real estate valuator classification project
The system aims to raise the level of efficiency and quality of real estate services provided to customers and is considered the first-of-its-kind globally
Dubai, UAE, 17 December 2019: Dubai Land Department (DLD) continuously works through its various sectors to develop services provided by its partners, with the most recent effort being the development of the real estate valuation companies and valuator classification project by the Real Estate Regulatory Agency (RERA), in recognition of the important services they provide to various parties in the real estate market.
This project comes as a result of DLD’s awareness of the professional real estate business sector’s requirement of classification for those working in the real estate valuation profession. There are currently 71 valuators working in 48 real estate valuation companies according to international standards, characterised by transparency and professionalism, to ensure the quality of their performance, reflect positively on the real estate market by establishing confidence in the investor community.
Ali Abdulla Al Ali, Director of the Real Estate Licensing Department at DLD, said: “The project reflects DLD’s endeavours to continue launching initiatives aimed at developing the performance of real estate companies, ultimately ensuring the provision of high-quality services to all parties in Dubai’s real estate market, in line with DLD’s vision to position Dubai as the world’s premier real estate destination and a byword for innovation, trust, and happiness. This project also aims to raise the level of efficiency and quality of real estate services provided to customers, and is considered the first-of-its-kind globally.”
Al Ali added: “we believe in the important role played by real estate valuation companies, providing them with the tools necessary to play their role in full transparency and stimulating honest competition among all players in this field, based on predetermined objectives. This allows customers to be aware in advance of the classification of companies and the extent of their compliance to the laws and professional ethics before they decide on employing any of them. We worked to establish a reputable community for real estate valuators in the Emirate, and we constantly monitor their performance and commitment to professional ethics.”
The real estate valuation company classification project is based on the gold, silver, bronze, and general categories, and is based on four main criteria and 10 sub-criteria. The main criteria are number of valuation transactions, valuation company’s compliance with laws and regulations, experience of the real estate valuation company, and efficiency and distinction of real estate valuation companies.
The real estate valuator classification project is based on the five star-classification system, and is based on four main criteria and nine sub-criteria. The main criteria are number of valuation transactions and their value and type, customer happiness and the extent to which the real estate valuator adheres to the laws and regulations, experience of the real estate valuator, and social responsibility initiatives and education.
The deadline for updating real estate valuation companies and valuators’ data and uploading the required documents to the Trakheesi system is 31 December. The classification will be available to customers on 1 January 2020 where they can view the classification of the real estate valuators and valuation companies through the Dubai REST platform.