The property valuations market in the UAE is growing along with the real estate sector, according to leading property agency Chestertons.

Chestertons is currently supporting 41 leading banks across the region for property appraisals, said a statement.

The property valuations have been a fair measurement tool that is used to determine the unbiased price of a property.

The process assists both the seller and the buyer to arrive at a price that is neither over nor under-priced. The valuation is also required for mortgage transactions both in retail and corporate banking.

Robin The, country manager and director of Valuations and Advisory - Chestertons Mena, said: “Property appraisal today has become a vital part of the home loan application process in the UAE. It helps to determine the security value of a property being offered to secure a home loan.

“The appraisal process is required when an investor borrows money to buy a new property, or while refinancing. Similarly, when our team of expert surveyors carry out first-hand physical inspections, facts are accumulated to consolidate and give credibility to the property appraisal reports.”

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

“Valuations are vital for the industry here as it facilitates transparency and generates the right value based on actual market dynamics. The growth in UAE’s real estate sector has boosted the property valuations market to the next level.  We are seeing a lot of interest for valuations from both local and overseas investors with regard to UAE based properties,” said The.

“Valuations are carried out for various purposes including accounting, financial use, transactional, mortgage lending, investments and court arbitrations. Valuations undertaken by a reputed third party independent company aids investors across the globe to understand the market and also in case of disputes assist them with support according to the international accounting guidelines,” he said.

“In order to assess a property’s value, we need to measure the property, record details on the number and type of rooms, along with fixtures, fittings and any modifications or improvements.

“A property or development’s unique attributes should also be taken into consideration, such as the location, building structure and its condition, building/structural faults, standard of presentation and fit-out, access, good vehicle access and a garage, planning restrictions and local council zoning among other important aspects. We need to then combine these attributes together with recent comparable sales in the surrounding area and prevailing market conditions to produce a comprehensive valuation report,” added The.

Chestertons has its Middle East headquarters in Dubai, which offers a full range of property services, including residential and commercial sales and leasing.

The company also provides professional property valuation services together with the valuation of plant and machinery. It also has an active international sales division in the emirate, specialising in the sale of prime, Central London residential apartments and houses to investors from across the entire Mena region. - TradeArabia News Service