Hamdan regulates real estate appraisers
Move to ensure accurate appraisal of property
Published Wednesday, August 26, 2015
Sheikh Hamdan bin Mohammad bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of Dubai Executive Council, endorsed on Wednesday the Resolution No. 37 of 2015 on the regulation of real estate appraiser profession.
The move aims to restrict the profession to qualified real estate appraiser and those listed in the database of the Real Estate Regulatory Agency (Rera).
It also aims to ensure accurate and regulated appraisal of real estate assets for the purpose of attaining credit facilities from banks.
The resolution specifies that Rera will be responsible for registering and renewing the registration of trained appraisers, as well as approving and renewing permit applications of sole proprietor establishments who wish to practice the profession.
It stipulates that only Emiratis are permitted be to real estate appraisers, and they must have the necessary qualifications and training that are specified by the resolution issued by the Director of Dubai’s Land Department.
The appraiser must have a minimum of two years’ work experience or has completed he training specified in the aforementioned resolution.
The agreement must contain the obligations and rights of each party and specify the property that requires appraising, the purpose for carrying out the appraisal and the date in which the process will be completed.
The resolution also specifies the violations and value of fines. The value of the fine will be doubled if the same violation is committed within a year.