New guidelines for property valuations in Dubai are planned for the middle of 2010 aimed at making the emirate’s real estate industry more professional, it has been announced.

Dubai’s real estate watchdog is looking to bring in new legislation to regulate how house valuations are conducted, following the slump in prices which saw well over $100 billion wiped off its property market assets.

The Real Estate Regulatory Authority is currently working with the Dubai Land Department and other interested parties to draft appropriate legal guidelines to regulate how valuations are conducted, the organisations head real estate appraisal Mohammed Khodr Al-Dah confirmed.

‘Having recognised the increasing importance of accurate evaluation of real estate assets, RERA is currently working on new guidelines,’ he said.
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