AbstractOver the past thirty years, Dubai has emerged from the UAE desert to become a global metropolis. Its rapid transformation has not been without challenges. Its volatile residential property arena evolved from immature roots into an emerging market bolstered by significant international investment. However, to become truly mature, this market needs to address policy, property, planning and residential valuation concerns. This thesis uses a draft framework or toolkit to systematically investigate issues related to the residential valuation system in Dubai. The explanatory framework integrates elements from evolutionary economics, institutional theory and systems theory to identify five key dimensions for a robust valuation system: output, information, capabilities, trust and standards. These dimensions were assessed via exploratory, operational and reflexive phases. Desktop explorations were supported by embedded research at the Dubai Land Department and among various valuation stakeholders. After site visits to key development projects and statistical analyses of sales transactions, the researcher interviewed senior stakeholders in the public, private and governmentrelated sectors. Subsequently, the interviews were supported by a focus group meeting with key valuation system decision makers.
The study highlights several deficiencies in the current system. Most critical is the inadequate dissemination of reliable property and planning information. Second, many valuers are not independent, or seem unaware of their fiduciary duties, or whilst the dissemination and implementation of international valuation standards would help, there remains a critical shortage of professional valuers with the metacognition expertise to value complex projects. However, the thesis was unable to find a ‘valuation system blueprint’. Rather it recognises the need for ongoing dialogue, adaptation and continuous policy learning.
|Date of Award||Aug 2017|
|Sponsors||Royal Agricultural University|
|Supervisor||Ali Parsa (Supervisor) & Simon Huston (Supervisor)|
- real estate