New rules issued by the Dubai Government will require real estate valuations to comply with the latest International Valuation Standards (IVS).
The Dubai Government Land Department is the statutory authority responsible for the registration, organisation and promotion of the real estate sector in Dubai. As part of its mission to promote international standards and best practice across the real estate industry, and in line with the emirate’s 2021 strategic plan, the Land Department has this month updated the Emirates Book Valuation Standards (EBVS). The latest edition is built on, and fully integrates the latest International Valuation Standards (IVS), which were issued by the IVSC in June 2019 and which became effective earlier this year.
The launch of EBVS signals a further step in the evolution of the Dubai real estate market. The aim is to firmly establish the market as a transparent and leading international centre for business and investment, with international valuation standards and best practice at its foundation. Commenting on the new standards, Director General of the Dubai Land Department, His Excellency Sultan Beta Bin Majrn, said:
“Real Estate appraisal is one of the most important bases of the real estate industry. It determines the real value of all real estate types and those who work in the valuation profession follow international standards and the Emirates Book Valuation Standards (EBVS) to be transparent and professional. Real estate appraisal contributes hugely in supporting investment and building trust in real estate markets by organizing and managing real estate values, supporting demand and supply equation, and reducing speculative bubbles. Today, we publish the Emirates Book Valuation Standards (EBVS) to be the guide and reference for workers in the real estate market. It includes the bases of real estate valuation and International Valuation Standards, which reflects the Land Department’s commitment to international best practice.”
The objective of EBVS is to provide additional practical details about the implementation of the International Valuation Standards in the emirate.