New property value legislation to be introduced in Dubai

30/03/2010 - Dubai Investment News
New property value legislation to be introduced in Dubai

Posted by Bob Brunskill

Those looking to buy property in Dubai could benefit from new laws set to be introduced to make the real estate market fairer.

The Real Estate Regulatory Agency (RERA) in the United Arab Emirate will publish new guidelines by the end of June this year, which will draw attention to accurate property valuations.

According to the organisation, the rules will help to increase confidence in the Dubai real estate industry as well as improve the number of sales which are taking place.

RERA said in its Mena House View report: "It is essential for the real estate industry to develop and consistently apply common standards implemented by professionally trained valuers able to demonstrate independence, integrity and objectivity."

Figures from the Dubai Land Department recently suggested that more businesses are becoming interested in property investment in the state, with a 75 per cent rise in mortgage lending year-on-year.