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Paper eres2016_35:
Dubai residential valuation system: market exploration, embedded institutional participation, archival research and expert interviews

id eres2016_35
authors Lhabash, Ebraheim; Simon Huston, Ali Parsa
year 2016
title Dubai residential valuation system: market exploration, embedded institutional participation, archival research and expert interviews
source 23rd Annual European Real Estate Society Conference in Regensburg, Germany
summary External regional instability and low oil prices have unsettled the UAE's real estate markets but internal valuation system weakness across institutional capability, standards salience and trust could also accentuate volatility. To investigate internal system maturity, we first analysed over 100,000 residential Dubai property transactions in five high-transaction locales, looking for valuation inaccuracy compared to realized prices. Iconic properties, such in the Burj Khalifa, were significant outliers. Desktop research and site visits also found that major developments distort statistical analysis. Seeking deeper qualitative insights, we conducted walk-through procedural tests (archival research) on 20 valuations from each of the five locales at the Dubai Land Department ('DLD'). Embedded observation, operational DLD participation in valuation meetings and expert interviews provided further system insights across the three articulated explanatory domains of capabilities, standards salience and stakeholder trust. The final reflective phase of the research invokes a panel discussion to consider Arab and UAE institutional and cultural idiosyncrasies before articulating any operational recommendations or adjustments to policy and UAE valuation standards.
series ERES:conference
type paper session
discussion No discussions. Post discussion ...
ratings
session International Real Estate
last changed 2017/11/18 16:16
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