We have valued hundreds of standard residential properties in the UAE and the region, based on the local and international valuation standards.
For example, we have valued a freehold residential single row villa, for a bank for the estimated market value of AED 21,000,000/= in Palm Jumeirah.
The property’s estimated age is approx. 6 years old as per the brokers and no material defects are noticed in the subject property inspected.
The subject villa consists of 4 bedrooms, 6 bathrooms, 2 Living Room, 2 Dining Room, 1 Maid’s Room, 1 Kitchen, 5 Balcony, 2 Terrace, 2 Car Parking, 1 Private Garden, 1 Pool and 1 Driver’s room. The property has a full sea view.
The plot size is 13,398 square feet as per the Title Deed provided and 7,300 square feet built up area as per actual measurement.
Sources of Information and Documents Relied Upon
Copies of the Documents
Sale Purchase Agreement
Sold Transactions via Reidin/Dubai Land Department Data.
Market listings for sale and rentals through a number of listing portals.
Discussion with various Broker Agencies.
Similar Valuations done by us in the past.
Our own sales and rentals database.
We have applied the Market Approach in determining the Market Value. We have estimated the market value of the property based on the details provided in the Sources of Information and Documents Relied Upon stated above.
We base our opinion of the market value primarily based on the sold transactions collected for the similar villas and after making appropriate adjustments.
Additionally, we have taken 15 sales listings as our sales comparable. Out of the sales listings 01 sales listings were considered as outliers. Furthermore, we have applied realistic adjustments for the factors such as the size, view, quality, location, placement, listing duration and sales negotiation. All our adjustments are made using the scientific (weighted average rating model) in our valuation calculations.
The sales negotiation discount taken has been adopted after verifying the supply and demand of the property, neighborhood and the market.
We internally double checked our valuation through applying income and cost approaches too.
We disclosed all our valuation calculations, facts, assumptions, observations, market knowledge and experience to our clients through the valuation report.