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Investigating the UAE residential valuation system

This research project aims to investigate the United Arab Emirates Residential Valuation System (RVS), identifying issues and proposing improvements. It addresses the need for development in institutional capabilities, valuation standards, trust, external market drivers, and geopolitical uncertainty. The project also considers factors such as regional growth/decline, capital flows, migration, oil price volatility, and global investment market sentiment.

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Investigating the UAE residential valuation system

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  1. Investigating the UAE residential valuation system Simon Huston, Ebraheim Lahbash Ali Parsa

  2. PROJECT AIM An investigation into the United Arab Emirates Residential Valuation System (‘RVS’) The project diagnoses RVS issues and seeks improvements.

  3. Issue Rapid development and economic diversification has opened up UAE residential markets BUT the RVS needs development in terms of: Institutional capabilities Valuation standards Trust

  4. External market drivers Geopolitical uncertainty Regional growth/decline Capital flows Migration Oil price volatility Global investment market sentiment

  5. Internal fragmentation • Administration (Emirate?) • Tenure (locals vs. foreign buyers) • Encumbrances (pipelines) • Building quality • Financial indicators (occupancy, rent) • Neighbourhood • + facilities • -pollution

  6. Literature RICS, 2014, Global valuation standards, VPS 4 Bases of value, assumptions and special assumptions. RICS, 2014, The role of international and local valuation standards in influencing valuation practice in emerging and established markets,, available at: http://eprints.ulster.ac.uk/29529/1/MAIN_REPORT_Global_Valuation_Standards_FR_130314_dwl_aj.pdf RICS, 2014, Red Book, New 9th Edition.Valuation Standards, Royal Institution of Chartered Surveyors. Heps and M.Vatansever, 2011, ‘Forecasting future trends in Dubai housing market by using Box-Jenkins autoregressive integrated moving average’, International Journal of Housing Markets and Analysis, Vol. 4 No. 3, pp. 210-223. N. Crosby and C. Hughes. “The basis of valuations for secured commercial property lending in the UK” Journal of European Real Estate Research, 2012, vol. 4, issue 3, pp. 225 – 242. Crosby, N. (2000). ‘Valuation accuracy, variation and bias in the context of standards and expectations.’ Journal of Property Investment and Finance, 18 (2) :130-161.

  7. Thesis phases

  8. RVS SEM modelling

  9. Institutional capabilities

  10. Preliminary findings • Institutional capacity • Paperwork • Lack of collaboration • Governance (qualifications) • Principles • Low salience valuation standards • Lack of confidence in market reports • Intelligence • Lack of access to GIS / property databases etc

  11. Conclusion UAE RVS research project contributes to: • Sustainable residential market • Institutional capabilities • Technology • Professionalism • administrative process • Standards salience (awareness, use and personal knowledge of recognised standards) • Trust (internal and external in valuations) Thank you!

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