![]() We know the process like the backs of our hands and will always provide efficient service. We bring more than 70 years of experience to the table, so you know you’ll deal with veterans when you choose us. To help you understand what sets us apart from our competitors when you need a house valuation for insurance purposes, here’s what we believe keeps us a step ahead: What Sets Us Apart When You Need an Insurance Valuation for Property In the event of a dispute between a lessor and lessee, a valuer may be instructed or appointed to undertake an independent determination of the rental value of the premises held under the terms of an actual lease.ĭ epending on the requirements of the lease, a Valuer may be appointed to undertake an independent determination by acting as an Expert or as an Arbitrator. The best evidence is generally rentals which have been agreed in comparable tenancies, at the relevant date, date with vacant possession (i.e new lettings between arm-length parties), and in particular, where the use is the same or a substantially similar use as the permitted use under the lease. In assessing market rent, the valuer considers the most appropriate evidence in the market place. We subscribe to a number of sources allowing us to view internal photographs of many sold properties in Cyprus and your particular region (obtained from selling brochures).Īll this information allows us to accurately benchmark and compare your property with properties sold within the immediate vicinity and form the basis of how we arrive at your valuation amount.ħ.Market rent reviews in a lease enable the rental to be varied to reflect changes in the market between the date on which the lease commenced or the rent was last reviewed and the relevant review date subject to the terms and conditions of that lease. We confirm both the building and land size of each of these comparable sales with your local council. From the selling agent we will obtain details such as number of rooms, condition of building, improvements, as well as other factors affecting its final sale price. Discussion with selling agents and councilįor verification, we then speak to the selling agents of each of the properties that we believe are most comparable to the subject property. It should be noted that some of these properties are discounted, and may not really be comparable for a number of reasons, such as differing style, construction type, land size etc.ĥ. We maintain a number of sales and rental databases at our office that we can source, given a number of variables such as type of property, location and date of sale to produce a comparable list of sales. Comparison is the premier tool in arriving at a valuation. We then investigate and qualify what comparable properties have been sold recently within your area. other improvements/upgrades/renovations, etc.layout, architectural design, unique elements.We measure both the building and land size, as well as take detailed notes on crucial aspects of the property, including (but not limited to): As supply and demand come to equilibrium, and then later great prospects in natural gas resources eventuate in Cyprus, property prices will significantly increase. As a result, property prices (buying and rental) had to come down. This dramatically reduced consumer confidence and purchasing power in an already somewhat oversupplied market – since salary cuts were endured, unemployment increased, and as people even lost a portion of their savings – and damaged business investor confidence in Cyprus for the short term. ![]() The best example to think of is the Global Financial Crisis and property bubble in 2008 and then more severely in Cyprus in 2013 with the outbreak of the banking crisis. Such conditions influence property prices across the entire island and therefore your property. city, town, village), such as economical and political environment, transport and accessibility, infrastructure, and major developments. This includes all necessary documentation for verification purposes.Ī macro market analysis needs to be put together, looking at general conditions and trends of Cyprus and your property's sub-market (i.e. We obtain information from the client and local council as to the age, construction and size of your building and land, as well as any recent upgrades/improvements. Obtain preliminary information on property to be valued Professional experience, judgment and integrity are certainly required on the part of the valuation firm, of course together with full certification and accreditation.ġ. Below is an overview guide of how Urban Keys undertakes property valuations in Cyprus.Ī great deal of information is collected whilst considerable time is involved in the property valuation process.
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