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FINANCIAL NEWS
Property appraisals drop 26% in Dubai in H1
23 Aug 2012
(MENAFN) An official report showed the total value of properties requested for valuation in Dubai during the first half of 2012 fell by over a quarter, WAM news agency reported.
According to the Real Estate Appraisal Centre (REAC) at Dubai Land Department (DLD), 1,090 properties were valued at the request of property owners with a total value of USD11.4 billion.
The number of appraisal transactions declined by three percent in the first six months of the year, while the net value of assessed properties dropped by 26 percent compared to a year earlier, Mohammed Al Dah, head of REAC said .
Dubai Municipality valued about 30 percent of the requested properties, while Dubai Courts assessed 18 percent, and 17 percent for the purpose of sale, 10 percent for banks, 6 percent each for grant, exit and investors’ visa, and one percent for auctions.
The data also unveiled that completed buildings only accounted for 38 percent of the appraisals, RAC said.
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