Dubai valuers meet the international grade



Research from Heriot-Watt University's Dubai campus has found that local property valuers are meeting international expectations related to commercial property valuations. 

The findings of the research will lead to a better understanding of valuation practices in newly emerging global real estate markets.  

The PhD research has provided new empirical evidence on the existence and extent of valuation variance in Dubai, a measure of the consistency of value applied by different professionals on the same property. Around 70% of local practitioners valued the subject property within a 10 percent range of each other, in line with comparable international studies.

Valuation practices in emerging markets like Dubai are changing at a fast pace, and alignment with international best practice appears the most accepted end point for new global markets.

Michael Waters, associate professor in real estate

Michael Waters, assistant professor in real estate, EGIS, Dubai campus, said, "Despite a slightly lower level of transparency in property market information in Dubai, this study highlighted the excellent levels of professionalism present within the local valuation industry. 

"This is a testament to the significant development of government regulation, training initiatives and relevant professional bodies in the marketplace.”

Locally, the research has important ramifications for valuers, lending institutions and long-term institutional investors. Research that provides original observational analyses on valuation variance in Dubai will assist in relevant developments of future legislation and regulation in real estate valuations.