RICS UAE Board Annual Magazine 2010-11

Property Professional Group Update
By Jonathan Brown - Chair of Property Committee
There is much evidence to suggest that business processes and technology advances more quickly in tougher
economic times. In light of this there are a couple of current initiatives that should benefit the UAE property
industry in the near future.
Regulation Of Valuers By Dubai Government
Dubai Government will soon issue new legislation governing the practices of property valuers. The supporting
Emirates Book of Valuation Standards has already been drafted and has been circulated for consultation. Abu
Dhabi is likely to issue similar regulations in the not too distant future.
Regulation Of Valuers By RICS
As part of its commitment to protect the public interest and continually raise the standards of its members
the RICS has recently launched the Valuer Registration Scheme. The scheme was formally launched on 20th
October in the UK and will become mandatory in the UK from 30 April 2011 with phased launches following
in the rest of the world. It will apply to all members undertaking valuations carried out under RICS Valuation
Standards (Red Book).
David Rusholme, RICS Director of Valuations commented, “The new scheme will increase quality, and accuracy
in the profession raising even further the credibility of valuers among clients and public authorities. This advance
will ensure that RICS continues to undertake better regulation and provide increased value to valuers and their
clients while acting in the public interest.”
Mark Gerold, Chair of the RICS Valuation Professional Group added, “We have been delighted with the
enthusiasm of our members for this scheme which will reinforce the pre eminence of Chartered Surveyors as the
leading valuation professional wherever they practice in the world. The events of the last two years have clearly
demonstrated the value of sound, independent and consistent advice delivered to globally accepted standards.
That is just what the Chartered Surveyor does and Valuer Registration further underpins this with effective and
practical self regulation.’’
Standardised Basis Of Measurement
Many investors and occupiers will not know the basis of measurement on which their floor areas have been
calculated. This allows unscrupulous developers and agents to gain an unfair advantage by including unusable
accommodation in the calculations, such as balconies, common areas outside the unit, and even parking
spaces. We hope that a standardised basis of measurement will soon be adopted in the UAE which will be
another small step in the direction of giving investors more surety in these troubles times.
Strata Law In Dubai
This eagerly awaited legislation offers some reassurance to owners within multi-owned buildings. Many potential
purchasers are currently deterred by the uncertainty of the service charge costs, the lack of transparency, and
the current inability to recover sums owed by absent owners.
Developers in Dubai were supposed to have established owners associations by 13th October for all completed
developments, but this is currently still very much work in progress. The registration of the associations is
ongoing and this issue is likely to remain in the headlines for several months yet.
Get Involved
Please may I encourage anyone who has any constructive comments on current issues to come forward and
assist the RICS in trying to make a difference.
Jonathan Brown MRICS
UAE Property Professional Group
Royal Institution of Chartered Surveyors
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