Standardized Property Evaluation System For Dubai Eyed

May 27, 2009
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Foreign Real Estate

Dubai’s real estate market can be pretty amazing but despite its modern approach on property development it is still wanting in standardized property evaluation system. PRD nationwide Middle East Real Estate Executive Chairman Gary Bugden said there is a need to systematized Dubai’s data collection including the registration of property valuers so they would be properly recognized minimizing if not eliminating the existing practice where just about anyone can evaluate property.

The concern is being addressed by the Real Estate Regulatory Agency which is now working hard to improve Dubai’s data collection system particularly when it comes to the real estate sector. Budgen said Rera should come up with regulations that will create a standard measurement procedure for Dubai’s property units. At present, he said, developers in Dubai use different approaches and standards.

Bin Shabib and Associates Managing Partner Jimmy Haoula said the measurement of properties is really a contractual issue and there may be something to qualify that since the contract shows what the investor has bought and that will guide the transaction. Lawyers however said while a standard contract for resale transactions is possible there should however be a common clause in purchase agreements.