DLD's RERA announces real estate valuator classification project
“First-of-its-kind project aims to raise the level of efficiency and quality of real estate services provided to customers”
The Dubai Land Department (DLD) through its Real Estate Regulatory Agency (RERA) has developed the real estate valuation companies and valuator classification project to recognise services provided to various parties in the real estate market.
Through this project, the DLD has taken cognizance of the professional real estate business sector’s requirement of classification, especially for those working in the real estate valuation profession, according to the state-run Dubai Media Office.
There are currently 71 valuators in 48 real estate valuation companies working to ensure the quality of their performance; to ensure that it reflects positively on the real estate market; and to ensure confidence is instilled in the investor community.
The real estate valuation company classification project is based on the gold, silver, bronze, and general categories, as well as four main criteria and 10 sub-criteria. The main criteria for classification include the number of valuation transactions; the valuation company’s compliance with laws and regulations; the experience of the real estate valuation company; and the efficiency and distinction of real estate valuation companies.
Meanwhile, the real estate valuator classification project is based on the five star-classification system, and will comprise four main criteria and nine sub-criteria. The main criteria include the 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; as well as social responsibility initiatives and education.
Commenting on the project, the director of the Real Estate Licensing Department at the DLD, Ali Abdulla Al Ali, said: “This project 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. 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.
Al Ali added: “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.”