New resolution issued by Shaikh Hamdan Bin Mohammad to regulate Dubai real estate appraisers. The profession will be restricted to only those who are qualified and registered in RERA database.
Dubai Crown Prince and Chairman of Dubai Executive Council, Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum approved a new resolution on Wednesday. The resolution No.37 of 2015 regulates the profession of Dubai real estate appraisers and restricts it to only those who are qualified and registered with RERA.
The aim of the resolution is to restrict the profession to only those appraisers who are qualified and are registered with Real Estate Regulatory Agency (RERA) in Dubai. The purpose of the resolution is to ensure regulated and accurate appraisal for real estate properties so that proper credit facilities can be attained from banks and other financial institutes.
Those who wish to work as Dubai real estate appraisers will have to register with RERA and get a permit. The only authority responsible for issuing and renewing of the permit is RERA in Dubai. As per the resolution, no foreign national is allowed to become Dubai real estate appraiser and it is only limited to Emiratis at the moment. The interested candidates should have necessary training and qualification that is required as per the resolution issued by Dubai Land Department’s director.
A person wishing to become an appraiser must a minimum of two years of work experience or should have completed the specified training program.
Unique establishments such as single proprietorship companies will have to sign an agreement with the body that is requesting the appraiser for their real estate property. The agreement should clearly state the obligations of the appraiser and rights of the body requesting the appraiser along with specific reason for which appraiser is requested and a timeline in which appraiser will be completed.
A list attached with the copy of resolution contains the violations and fines information. If same violation is repeated two times in a year, the fine will be doubled.