Dubai's real estate industry has been booming for years, with countless apartments and villas being bought and sold on a daily basis. However, when it comes to writing a will that includes these properties, there are certain legal requirements that must be met in order for the process to go smoothly. In this blog post, we'll dive into everything you need to know about apartment and villa valuation in Dubai wills.
Overview of Legal Requirements for Apartment and Villa Valuation in Dubai Wills
It is important to understand the legal requirements for apartment and villa valuation in Dubai wills so that you can make an informed decision about your property.
In Dubai, it is important that apartments and villas valued by a RICS and RERA qualified valuer. The value of your property will be used to calculate your inheritance and inheritance tax liability.
In order to ensure that your property is valued correctly, you should use a reputable valuation company. You can find a list of RICS-qualified valuers on the RICS website.
What Are the Relevant Regulations?
In order to understand the legal requirements for properties be it apartment, villa or land valuation in Dubai wills, it is important to first understand the concepts of market value and property. According to Royal Institution of Chartered Surveyors M Value is defined “The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm's length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion”. Property, on the other hand, is defined as land or buildings, together with any rights attached to them.
In Dubai, apartments and villas are subject to different regulations depending on their location being in freehold, leasehold, freezone or in special jurisdictions. It is important to highlight, the importance of appointing a conveyancer or a lawyer to assist you with this.
What Is a Will Valuation?
A will valuation is an estimation of the market value of your property at the time of an individual’s death. The value of your property is important for two reasons: first, it determines how much money your heirs will receive from your estate; and second, it helps to determine how much money they will owe in taxes.
There are a number of factors that go into determining the market value of your property, including the location, size, and age of the property. The most important factor in determining the value of your property is its market value.
It is important to have a realistic idea of what your property is worth before you create a will. You can estimate the market value of your property by appointing an independent valuer to provide you with a formal valuation report.
How Are Apartment and Villa Valuations Calculated?
The process of valuing an apartment or villa in Dubai is governed by the Dubai Land Department's (DLD) Regulations for Valuation of Buildings, which came into effect on 1st January 2017. The regulations stipulate that all properties must be valued by a DLD-licensed valuer.
The valuation report must include a description of the property, the location, the size, the age, the condition and any special features that may affect the value. It must also state the market value of the property as at the date of valuation.
If you are planning to include your property in your will, it is important to ensure that it is valued correctly. This will ensure that your beneficiaries receive the correct share of your estate.
What Is the Process of Obtaining an Apartment or Villa Valuation?
The process of obtaining an apartment or villa valuation in Dubai is relatively straightforward. However, there are a few key steps that must be followed in order to ensure accuracy and compliance with the law.
Once you have found a registered valuer, they will need to carry out an inspection of the property in order to assess its value. This inspection will usually take place during daylight hours and will involve taking measurements (where applicable), photos and note of any special features or condition issues.
After the inspection has been carried out, the valuer will compile their report which will detail their findings and provide an estimated market value for the property.
Tips on making sure your apartment or villa is properly valued
It is important to ensure that your apartment or villa is property valued in order to avoid any legal issues that may arise in the future. Here are some tips on making sure your property is properly valued:
1. Hire a professional appraiser to assess the value of your property. This will ensure that you get an accurate valuation.
2. Make sure to keep up with the maintenance of your property. This will help to increase its value over time.
3. Keep track of any improvements or renovations that you make to your property. This will help to provide the valuer with further understanding so that all features are reflected accurately in the adopted market value.