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Chestertons, an international property agency established in 1805, stated that property valuations market in Abu Dhabi is scaling the growth trajectory. This is due to the significant growth witnessed in hospitality sectors, schools, colleges, commercial and residential developments, labour camps and other clusters that are in different stages of construction. Chestertons is currently supporting over 43 leading banks across the region for property appraisals.
'Valuation' is a fair measurement tool that is used to determine the unbiased price of a property. This process assists both the seller and the buyer to arrive at a price that is neither over nor under-priced. Valuation is an essential component, mandatory for mortgage transactions both in retail and corporate banking.
"Abu Dhabi is a fast growing real estate market and clearly defined property valuations are important to back the confidence of investors. With intricate nuances that rule the property market, it is very much crucial to have the right independent information in order to make informed decisions. Valuations sector is an essential and integral component of the real estate sector especially due to the fluctuating property markets. They form the crux of successful sales and acquisition strategies and deliver quantifiable results, namely return on investment," says Robin Teh, Country Manager & Director of Valuations & Advisory - Chestertons MENA.
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Valuations are carried out for various purposes including accounting, financial use, transactional, mortgage lending, investments and court arbitrations. Valuations undertaken by a third party independent company, such as Chestertons, aid investors across the globe to study the market and also in case of disputes, assist them with support according to the international accounting guidelines.
"Property appraisal is a vital part of the home loan application process and helps to determine the security value of a property being offered to secure a home loan. The appraisal process is required when money is borrowed to buy a new property, or when refinancing. Similarly, when our team of skilled surveyors carry out first-hand physical inspections, facts are accumulated to consolidate and give credibility to the property appraisal reports," added Robin.
"There has been substantial interest from investors for luxury properties in Abu Dhabi. Apart from that, there is a significant interest in affordable properties and this growth in demand has definitely stabilised and boosted the market for property valuations in Abu Dhabi," added Robin.
Chestertons abides by the Royal Institute of Chartered Surveyors - United Kingdom's valuation guidelines and conducts valuations based on a fair market value which are neutral and positioned on current market trends and transactions.
Chestertons MENA has developed a team of proficient surveyors who specialize in property appraisals. Chestertons has a network of 30 offices in London and 21 international offices in 11 countries across 5 continents.
The company with its Middle Eastern headquarters in Dubai offers a full range of property services, including residential and commercial sales and leasing. In addition, the company provides professional property valuation services together with the valuation of plant and machinery. Chestertons MENA also has a very active international sales division, based in Dubai, specializing in the sale of prime, Central London residential apartments and houses to investors from across the entire MENA region.
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