Administrative
Resolution No. (67) of 2020
Determining the
Requirements and Procedures Governing the
Real Property
Valuation Profession in the Emirate of Dubai[1]
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The Director General
of the Dubai Land Department,
After perusal of:
Law No. (7) of 2013 Concerning the Land
Department;
Law No. (4) of 2019 Concerning the Real
Estate Regulatory Agency;
Executive Council Resolution No. (37) of
2015 Regulating the Real Property Valuation Profession in the Emirate of Dubai;
and
The presentation of the Chief Executive
Officer of the Real Estate Regulatory Agency,
Does hereby issue this Resolution.
The following words and expressions, wherever mentioned in this
Resolution, will have the meaning indicated opposite each of them unless the
context implies otherwise:
|
UAE: |
The United Arab Emirates. |
|
Emirate: |
The Emirate of Dubai. |
|
DLD: |
The Land Department. |
|
RERA: |
The Real Estate Regulatory Agency. |
|
Director General: |
The director general of the DLD. |
|
Resolution: |
Executive Council Resolution No. (37) of 2015 Regulating the Real
Property Valuation Profession in the Emirate of Dubai. |
|
Real Property Valuation: |
Estimation of the market value of specific Real Property on a
specific date and for a specific purpose, based on its location,
characteristics, specifications, and other factors that may affect its value. |
|
Profession: |
The Real Property Valuation profession. |
|
Firm: |
A company or sole proprietorship authorised to practise the
Profession in the Emirate. |
|
Valuer: |
A natural person registered on the Roll to practise the
Profession in the Emirate through a Firm or through a licensed bank or
financial institution. |
|
Roll: |
A paper or electronic record maintained by RERA on which Valuers
and Trainee Valuers, who meet the conditions and requirements stipulated in
the Resolution, are registered. |
|
Emirates
Real Property Valuation Book: |
The book issued by the DLD that contains the standards of Real
Property Valuation. |
To be registered on the Roll as a Valuer,
a person must hold the
following academic qualifications and certificates:
1.
A UAE national must hold at least a general secondary school certificate and the Real
Property Valuation diploma accredited by the DLD. Where the UAE national holds an academic qualification higher than the general
secondary school certificate, he will be exempt from the requirement to hold
the Real Property Valuation diploma, in which case he must complete the Real Property Valuation training course accredited by the DLD.
2.
A non-UAE national must hold at least the aforementioned diploma and a certificate of completion of the
Real Property Valuation training course accredited by the DLD.
a.
The form of the
identification cards of Valuers and the information and details that must be contained therein will be determined in accordance with the rules approved
by the Chief Executive Officer of RERA in this respect.
b.
A Valuer must, whenever he conducts Real Property Valuation or performs any
task related to Real Property Valuation, produce his identification card to
clients, or provide them with an electronic copy of the card where he interacts with them remotely.
Opening one or more branches of a Firm in the Emirate will be
subject to the following:
1.
The trade name stated
on the branch licence must be the same trade name stated on the head office
licence.
2.
The head office of
the Firm must have at least ten (10) Valuers.
3.
The number of Real
Property Valuations completed by the Firm in the year preceding the application
for opening a branch must not be less than twenty (20).
a.
A Firm must maintain an electronic register of valuated Real Property. This register must contain:
1.
the
names of persons
requesting Real Property Valuation;
2.
the
contact details of persons requesting Real Property Valuation;
3.
the legal status
of
persons requesting
Real Property Valuation; whether they
are natural persons or public or private legal persons;
4.
the purpose of requesting Real Property Valuation;
5.
the type of valuated Real Property;
6.
the details of valuated Real Property,
including the plot number, district, project name, building name, Real
Property Unit number, and area of the Real Property;
7.
the names of developers of valuated Real Property, if any;
8.
the
form of ownership
(i.e. freehold or restricted ownership) in the districts in which the valuated Real Property are located;
9.
the
estimated value of the
valuated Real
Property; and
10.
the date on which the Real Property Valuation is conducted.
b.
The Firm must maintain a scanned version of the reports, files, records, and documents of all valuated Real
Property for at least five (5) years.
c.
The Firm must use the electronic system to immediately register all Real
Property Valuations conducted by the Firm once completed.
Pursuant to this Resolution, the Emirates Real Property Valuation
Book is hereby adopted as a key reference for Real Property Valuations. The DLD
will be responsible for publishing this book, which includes the Real Property
Valuation standards and methods, on its website for the purpose of determining
the market value of the Real Property to be evaluated.
Any provision in any other administrative resolution will be
repealed to the extent that it contradicts the provisions of this Resolution.
This Resolution will be published in the Official Gazette and will
come into force on the day on which it is published.
Sultan Butti bin Mejren
Director
General
Land
Department
Issued in Dubai on 26 November 2020
Corresponding to 11 Rabi al-Thani 1442 A.H.
©2021 The Supreme Legislation Committee in
the Emirate of Dubai
[1]Every effort has been made to produce an
accurate and complete English version of this legislation. However, for the
purpose of its interpretation and application, reference must be made to the
original Arabic text. In case of conflict, the Arabic text will prevail.