Abu Dhabi Finance ties up with RICS to regulate property valuations
Hope that transparency in the UAE property market will boost investor confidence
In an effort to ensure better regulation of property valuations, Abu Dhabi Finance (ADF) has signed a Memorandum of Understanding with the Royal Institution of Chartered Surveyors (RICS).
It hopes that transparency in the UAE property market will boost investor confidence and increase foreign direct investment (FDI) into the country.
“Home owners, investors, regulators and lenders all want to see a consistent, professional approach to valuations,” said Chris Taylor, CEO of ADF, “and a move towards greater regulation of valuers will help build confidence in the market.”
ADF understands artificially elevated property valuations can overheat the property market and can impact investor confidence from outside of the region. It is therefore hoping the collaboration with RICS can help contain this market uncertainty.
“By working with RICS Registered Valuers, ADF can help promote consistency and transparency in the UAE valuation profession, and thus limit the risk faced by investors and those buying their own home,” said Taylor.
RICS developed the regulatory monitoring initiative, known as Valuer Registration (VR) following the last global financial crisis to ensure the consistent application of professional valuation standards worldwide.
It is a proactive risk-based regulatory programme that evaluates and oversees the performance of valuers and provides increased quality assurance to clients.
“RICS is delighted that ADF is already working with a panel of valuation firms that ensure that property valuations are conducted using regulated professionals,” said Rob Jackson, RICS Middle East director.
“The introduction of RICS Valuer Registration is a fundamental step to supporting a transparent and sustainable property market through the adoption of international standards and best practice. It will provide governments, lenders, agents and auditors access to professional, regulated valuers which complements their own internal risk management standards.”
