Industry watchdog urges new standards on valuing UAE real estate
The Royal Institution of Chartered Surveyors, a global membership body that works to raise ethical and practical standards in real estate, is pushing the UAE to adopt international guidelines on how property is measured and valued to achieve consistency, as well as a mediation platform to resolve construction disputes, its chief executive said.
The proposals are intended to give greater confidence to investors looking to acquire property in the UAE at a time when the national government is also taking steps to increase transparency. The Dubai Land Department is creating a blockchain-based digital platform to record property sales and rentals by 2020 and make it easier for overseas investors to conduct transactions.
“Having consistency around the world is really important in bringing professional standards to the marketplace and encouraging investment,” said Sean Tompkins. “There has historically been a massive lack of clarity on how properties are measured, which impacts valuations.”
The institution is the oldest real estate professional body in the world, founded in the United Kingdom in 1868 with the purpose of accrediting qualified chartered surveyors, lobbying for regulations to improve the profession and imposing ethical standards, though it has no lawmaking powers.