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Whether you are buying or selling real estate, property valuation will assist with major financial decisions. Whether you are familiar with the UAE market or not, it is essential to have access to accurate information and professional independent advice to make informed decisions.
Professional advice is critical in navigating today's complex markets and choosing a professional service provider that you can trust is important in your financial planning and decision-making.
When considering a property valuation, find a valuation firm that is registered with the Royal Institution of Chartered Surveyors (Rics), a global professional body that provides regulation and mandatory standards for surveyors practicing as property valuers.
A Chartered Surveyor is among the most highly qualified and regulated property professionals in the real estate industry, adhering to the highest professional standards and best practice guidelines.
Since March, any Rics member undertaking a real estate valuation in the UAE must be enrolled in the Valuer Registration Scheme. The UAE is the first country in the Middle East to introduce the valuer registration scheme. The initiative has been widely welcomed to discourage non-regulated and underqualified valuers and to reduce the exposure of financial institutions and the public to various risks.
The ultimate aim is to provide high-quality, professional valuation services in the UAE.
Knight Frank has seen an increase in inquiries from all sectors of the market since the financial downturn. Our clients come to us looking to receive accurate, internationally recognised valuation of their assets.
The UAE is an emerging and slowly maturing real estate market that has endured the boom-and bust cycle. There has been huge inward investment in the past five years and the country is growing as an increasingly important trade and logistics hub and tourist destination. The market here is very opaque. Information is not openly shared and institutional investment is relatively rare due to land ownership structure, short-term leases and lack of planning controls.
The UAE has ambitious plans for growth and expansion with a number of large development projects in the pipeline. Accurate property valuations are critical in providing confidence to local and international investors, as these valuations are required to support their investment decisions and financing.
Whether a valuation is required of a single office unit, a large-scale development project or your home, it is important that clients trust the professional advice they receive. Choosing a Rics-accredited firm, with Rics surveyors and registered valuers, provides you with the comfort and reassurance that you are receiving the best service as if you
were in London, Singapore or Sydney.
Source: Stephen Flanagan, Special to Property Weekly
Stephen has more than ten years experience In the Middle East real estate market. He is a Partner at property agency and consultancy Knight Frank