Chestertons, an international property agency, has launched operations across Saudi Arabia by entering into a joint venture with Medad Valuation International.

Medad Valuation International is part of Najeeb Abdullatif Alissa Holding Company (NHC), a growing conglomerate in Saudi Arabia with operations across the kingdom, said a statement.

The new joint venture, ‘Chestertons Saudi Arabia Property Limited’, commenced operations with offices in Riyadh, Jeddah and Al Khobar simultaneously to address the growing needs of its customers in the kingdom, it said.

Chestertons abides by the UK Royal Institute of Chartered Surveyors valuation guidelines and conducts valuations based on a fair market value which are unbiased and based on current market trends and transactions.

Simon Gray, managing director, Chestertons Mena, said: “Chestertons will initially provide valuation and consultancy services including portfolio valuations for property companies, banks and financial institutions; corporate valuations for owner-occupiers (accounting purposes/book value); and retail mortgage valuations for bank lending purposes across all asset classes (residential, commercial, offices, industrial, land, mixed-use buildings, hotels and special purpose buildings). It will also provide feasibility studies development consultancy and market research to its local clients.”

Chestertons will be one of the few companies in Saudi Arabia with the expertise to provide industrial appraisals of primarily plant and machinery, production facilities, stock appraisals (stocks in-trade and transit, inventories) together with power plants and power generating equipment, said the statement.

It will also be providing appraisal services for vehicles and heavy equipment including automobiles, trucks and trailers, buses and construction equipment for banks, financial institutions and leasing companies.

“We intend to combine our regional and international strengths with our partner’s local expertise to serve our valued customers in Saudi Arabia. We are also seeing a lot of interest for valuations from local investors with regard to Saudi based properties,” said Gray.

“Valuations undertaken by a reputed third-party independent company aids investors across the kingdom to understand the market and also, in case of disputes, assist them with support according to the international accounting guidelines. Chestertons is currently supporting 41 leading banks across the region for property appraisals,” he said.

In addition to valuation services, Chestertons Saudi Arabia will be working with its extensive network of offices across central London, to service Saudi Arabian investors looking to invest into the London residential markets either for their own-use or investment purposes.

Chestertons Mena has developed a team of proficient surveyors who specialise in property appraisals. With a network of 30 offices in London and 21 international offices in eleven countries and five continents, Chestertons is rapidly establishing itself as the leading international consultancy partner for property, vehicle and equipment appraisals in the Middle East and Asia.

“Real estate assets are a major ingredient of business across the Kingdom of Saudi Arabia and a key driver of economic growth. The value of these real-estate assets is constantly changing in light of all of the above, resulting in the need for up-to-date professional valuation of assets,” said Gray.

The firm has also created a new ‘International Properties’ arm that will focus on EU-based properties for Middle Eastern investors.  It will facilitate investors from the region to buy properties in Spain, Monaco, Cyprus and several other EU countries from its office in Dubai. The company’s portfolio of properties ranges from apartments to multi-million-euro grand estates in Spain encompassing Marbella, Mallorca, Ibiza and Barcelona, he added. - TradeArabia News Service