Dubai: Dubai Land Department has set December 31 as the deadline for local property valuation companies and their valuators to update their credentials. All relevant documents will need to be submitted into the Trakheesi system, based on which they will be classified.
The classification is based on the five-star system, and is based on four main criteria and nine sub-criteria. The main criteria relate to the number of valuation transactions, their value and type, customer happiness and the extent to which the real estate valuator adheres to the laws, experience of the valuator and social responsibility initiatives and education.
Classification will be based on gold, silver, bronze and general categories.
There are currently 71 valuators working in 48 valuation companies registered to operate in Dubai. By signing up for Trakheesi, customers will be “aware in advance of the classification of companies and the extent of their compliance to the laws and professional ethics before they decide on employing any of them,” said Ali Abdulla Al Ali, Director of the Real Estate Licensing Department.
The Land Department has been operating a licensing regime for brokers for quite some time now.