Valuation

Valuation & Market Analysis (ECR 37 of 2015)

Executive Council Resolution No. 37 of 2015 makes valuation a regulated profession in Dubai: only valuers on RERA's Roll, working through authorised Firms, banks or financial institutions, may value property. The exam tests who may value, registration and its periods, report contents, duties and fines, and simple comparison, income and cost arithmetic.

Real estate mathematics and valuation6 min read7 sections

Must-know for the exam

No natural person may value property in Dubai without being on RERA's Roll; no company may practise without RERA Authorisation (ECR 37/2015 Art. 4; in force 12 Oct 2026).
The resolution covers free zones and Special Development Zones, including DIFC, but not Government entities or the valuers they employ (Art. 2).
Valuer: UAE national, good conduct, DLD-accredited qualifications, 2 years' experience or the training year; non-UAE nationals need 5 consecutive years (Arts. 5-6).
Registration and Authorisation last one year; renew within the 30 days before expiry; RERA decides complete applications within 10 working days (Arts. 7, 8, 12, 13).
A bank's valuer values for that bank alone; a valuer works for one Firm only; a Firm owner may own one Firm (Arts. 4(d), 16(12)-(14)).
Reports must state purpose, market value basis, date, the valuer's relationship to the client, assumptions, value in figures and words, and Roll number (Art. 15).
Keep valuation files at least 5 years; keep client data confidential; follow the DLD's Real Property Valuation Book (Art. 16).
Fines (in force 12 Oct 2026): AED 20,000 unregistered valuer, AED 30,000 unauthorised company; doubled for a repeat within a year, maximum AED 200,000 (Art. 21, Schedule 2).
Extra sanctions: suspension up to 6 months, training, striking off, revoking Authorisation; reinstatement only after 2 years (Arts. 21, 24).
Methods (DLD Valuation Guide 2025): comparison of adjusted sales, income (NOI divided by capitalisation rate), cost (land plus replacement cost less depreciation).

On this page · 7 sections

Traps that cost marks

Assuming a broker card lets a broker issue valuation reports.
Capitalising gross rent instead of net operating income.
Thinking an employer's consent lets a bank valuer take private work.
Applying the two-year experience rule to a non-UAE national.
Ignoring or pro-rating the part month, when the schedule rounds it up to a full month.
Treating conflicts as a private matter, when the report must disclose the valuer's relationship to the client.
Applying building depreciation to the land value too.
Assuming the owner's consent alone lets the valuer enter a tenanted unit.

Why it matters on the exam

Brokers price property every day, but a broker card does not allow a broker to issue valuations. The exam checks that you know where brokerage ends and regulated valuation begins, the periods and fines in ECR No. 37 of 2015, and the arithmetic of the three valuation approaches.

•Expect applied items: a broker or bank valuer taking private work, a non-UAE national applying, a Firm practising after expiry.
•Fine calculations round part months up and apply caps; repeat offences double.
•Method questions are arithmetic: adjust comparables, capitalise NOI, depreciate the building but not the land.

Who may value

Who	Requirement	Article
Valuer (UAE national)	Full capacity, good conduct, DLD-accredited qualifications, 2 years' experience or the 1-year training period, fees	Art. 5
Valuer (non-UAE national)	All the above plus at least 5 consecutive years' valuation experience; DLD diploma and accredited course	Art. 6(b); AR 67/2020 Art. 2
Trainee valuer	Training undertaking from a Firm; 1-year training; Firm must notify RERA of absence over 30 consecutive or 40 non-consecutive days	Arts. 9-10

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