Valuation Systems: The case of Dubai

To manage development pressures, smart cities rely on reliable information systems. In turbulent times, a robust valuation system helps to regulate transactions and guide property investment. Reliable valuations are particularly important for Gulf cities like Dubai whose property and capital markets absorb regional oil and increasing Asian liquidity. The transformation of the Emirate from an inconsequential fishing village to a glittering global trade, tourism, financial and logistics hub stimulated property markets. However, the 2008 Global Financial Crisis (GFC), continued regional instability and sustainably issues raise concerns. The research investigates whether the Emirati residential valuation system (RVS) is ‘fit for purpose’. Valuation system criteria included valuation output reasonableness, stakeholder information transparency, administrative capability, end-user trust and valuation standards salience. The research collected evidence, using embedded observations, transactions analysis, expert interviews and discussions. Initial results suggest that key UAE residential valuation system improvements should focus on information dissemination, institutional capabilities and dissemination of valuation standards.