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FINANCIAL NEWS
Dubai values 1,971 properties in 2011
20 Feb 2012
(MENAFN) Dubai’s Land Department’s Real Estate Valuation Committee said that in 2011, the number of properties it valued reached 1,971 worth USD26.94 billion, reported Gulf News.
The committee added that 63 percent of these valuations were for undeveloped plots of land and 37 percent were for completed buildings.
It also said that in the last two years, the department used to receive around 3,000 requests, as the real estate market was going through a restructuring and correction process.
however, the department started to witness a drop in the number of valuation requests for projects in Dubai, indicating that the emirate’s real estate market showed some stability
It is worth noting that until this moment, Dubai’s Land Department is the only authorized body to assess property or land in the emirate, however, this will change once Dubai endorses its Valuation Law, which will allow private firms to perform valuations.
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