Few days back, Dubai Land Department Organized a Workshop on valuating real estate value? What impact do you think will it have in the long term on the real estate market of Dubai? Will it be beneficial in wake of new laws being introduced?
There exist a lot of people who do not know how to valuate a property or how a property is being valuated. They just end up in selling a property on really low price or they fall victim to purchasing property on an expensive rate. This creates lack of confidence among the people and they avoid the sale or purchase of property because they fear to bear any kind of loss.
Workshops like this can create awareness among the people and can boost up their confidence. They can also educate people to understand the property valuation mechanism and allow them to share their expertise.
It is quite true that mostly people remain unaware of real estate issues in any country. It is because real estate brokers deal such issues of renting, selling or purchasing property on people’s behalf. Most of the time, they get deceived by either purchasing property at high rates or selling property at lower rates as compared to the market prices.
Such workshops create awareness in common people regarding several issues of real estate, let the people understand the property valuation processes & mechanisms and allow the experts to spread their word of knowledge. I suggest that this process should not be halted and such workshops should be held more than once in year, as these workshops are really beneficial.
(2 Answers)
