What is a Property Valuation?

Market value in terms on real estate is best defined by the International Valuation Standards Council as:

The estimated amount for which an asset (Fixed property) should exchange, on the date of valuation, between a willing buyer and a willing seller, in an arms-length transaction, after proper marketing, wherein the parties had each acted knowledgeably, prudently and without pressure

This analysis should be done as accurately as possible, whilst taking into consideration ALL factors which might affect the valuators professional opinion on the date of valuation and in terms of:

  • Market and economic conditions
  • The physical condition and appearance of the property
  • The area in which the property is situated
  • Surrounding properties and amenities
  • Functionality and practicality of the property
  • Finishes and fixtures
  • Workmanship
  • Realistic Replacement rates/m 2 (should be obtained from accredited contractors)

The Valuator/Appraiser

Property valuations can and should only be done by a professional valuator. It can also be done by a candidate valuator who is under the guidance and supervision of a professional.

A professional valuator as per the standards put forward by the “Namibian Institute of Valuators” can be defined as:

  • a person who holds no less than a Diploma/Degree in Property Science or Real Estate Management obtained through a tertiary institute as accepted by the Valuator General and Financial institutions of Namibia;
  • coupled with at least 5 years in field experience under a professional institution/organisation
  • recognition as a sworn appraiser by the designated authority under oath in the region of operation

Doing a valuation of your property on a yearly basis keeps you as the owner informed and in tune with market conditions that might affect your property negatively or positively. And in doing so allows you to make important decisions on whether to buy or sell property.

Staying smart, through thinking smart, helps you make smart decisions

The Valuators

Erongo Region

Valuers Trust

Hanlie Lofty-Eaton

(Professional Valuator / Sworn Appraiser)

Cell: 081 124 2066

Email: hanlielofty@gmail.com

Khomas Region

Eaton Valuations

Eugene Lofty-Eaton

(Professional Valuator / Sworn Appraiser)

Cell: 081 219 6609

Email: loftye@iway.na