Valuation measures 'essential' to UAE recovery

Property investors in the UAE need to see more professional valuation standards if confidence is to return to the once booming market in the emirate, it has been claimed.

A new report, produced by real estate consultancy firm Jones Lang LaSalle, has stated that the gulf region needs to introduce an "accurate and regular" valuation system to give the market more stability.

Currently, potential investors in the region do not have a reliable measure of market information and as such must rely on other sources to gauge the position of the property sector.

According to Jones Lang LaSalle, the lack of a measure was a major factor in the property boom and subsequent bust of the market.

The report says that the introduction of a reliable scheme will cause a return of "trust and confidence required for the recovery of the real estate markets and inject independence, integrity and objectivity" to the region.

Dubai's Land Department recently released figures which showed that there had been a 75 per cent increase in property lending compared to last year.

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