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The property valuations market in Abu Dhabi is scaling the growth trajectory due to significant growth in development, according to property agency Chestertons. Valuation is a fair measurement tool to determine the unbiased price of a property and is mandatory for mortgage transactions both in retail and corporate banking.
New projects in hospitality, school, commercial and residential development, as well as labour camps and other clusters that are in different stages of construction, are creating new demand for valuation services, according to Chestertons.
''Abu Dhabi is a fast growing real estate market and clearly defined property valuations are important to back the confidence of investors,'' said Robin Teh, Country Manager and Director of Valuations and Advisory at Chestertons Middle East and North Africa. ''With intricate nuances that rule the property market, it is very much crucial to have the right independent information to make informed decisions.
''The 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.''
Valuations are carried out for various purposes, including accounting, financial use, transactional, mortgage lending, investment and court arbitrations.
''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,'' said Robin. ''The appraisal process is required when money is borrowed to buy a new property, or when refinancing. 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 stabilized and boosted the market for property valuations in Abu Dhabi.''
Source: Property Weekly