Landmark unit sees demand hike for valuations
Dubai, May 17, 2010
Landmark Valuations, a department within Dubai-based real estate firm Landmark Properties, has seen a marked increase in demand for valuations from both residential and commercial property owners over the past three months.
There are two key factors driving interest in valuations performed by RICS-certified valuers, Landmark said in a statement.
One is the need for businesses and private owners to attain an accurate picture of the value of their holdings for many different purposes.
Secondly, owners seem to be leaning more and more towards companies that can offer RICS qualified valuations to better gauge the current market value of their property as the market continues to witness ongoing capital value and yield shifts.
"Property owners on both the commercial and residential sides are looking for accurate valuations of their real estate investments performed by qualified valuers,” said Saeed Hashmi, head of Valuations at Landmark.
“It’s a sign of increasing maturity in the market that both corporations and individuals want to understand what their properties are worth based on the RICS based valuations, that we can provide,” he added.
“RICS is the world’s leading professional body for qualifications and standards in land, property and construction. We provide this standard to the market which sets us apart from other non qualified valuers within the region.”
The slow but increasing availability of mortgage lending in the UAE is also a factor in rising demand for valuations.
“As more people manage to secure funding for a new home or commercial real estate opportunity, both the investor and the bank want a proper qualified valuation to ensure the price being paid is reflective of the true market value,” Hashmi said.
One of the key differentiators that sets Landmark valuation’s apart from it’s competitors is the key information on trend and patterns it receives from the research department within Landmark Advisory, along with the real-time market deals from Landmark Properties, the brokerage side of the business.
“In a market which is relatively non transparent, having this sort of quality information at your finger tips is a real advantage. Landmark is one of the few companies in the region to have obtained four licenses – we’re certified in property management, advisory, valuations and a RERA certification to conduct brokerage, so we’re able to amalgamate data from all of these sources to give clients the most accurate and up-to-date view of current property valuations.” Hashmi added.
“We have also seen a marked increase in valuations being carried out for both accounting and corporate strategy purposes,” Hashmi concluded. – TradeArabia News Service