D. Nada Al-Bakr: Real estate valuation affects at least 95% in determining the fair price of a property
A. Walid Al-Namla: The real estate appraiser must be accurate, credible and responsible
A. Ghada Al-Hakami: Comparison with similar buildings is the most appropriate type of valuation
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real estate valuation is one of the ways to value and determine the market value of the property, and this process is done according to several steps based on scientific principles and professional controls by a specialized and trained team, and the real estate appraiser must be certified by the Saudi Commission for Certified Valuers.
As a result of the great economic and financial value of real estate, some fear manipulation in the valuation of buildings, especially large buildings and complexes, and others fear the wrong valuation that directly affects the prices of similar properties.
Amlak real estate newspaper conducted a wide survey on the impact of real estate valuation on real estate prices:
Amlak real estate newspaper conducted a wide survey on the impact of real estate valuation on real estate prices.
Al Baker: Economic variables matter
Dr. Nada Al-Bakr, the first certified real estate appraiser and businesswoman, stresses the importance of practicing real estate buying, selling and managing properties before entering real estate appraisal tasks; because real estate appraisal is primarily based on experience and continuous practical aspects, and the real estate appraiser must be characterized by fairness, integrity and honesty, which are the most important constants that cannot be overlooked.First of all, the real estate appraiser must be characterized by fairness, integrity and honesty, which are the most important constants that cannot be overlooked by the real estate appraiser.
Al-Bakr believes that real estate appraisal affects at least 95% in determining the fair price of the property; because the appraisal gives the actual value of the property according to the current market, its condition, location and equipment, and one of the most important methods of evaluation - as indicated by Al-Bakr - is to calculate the cost and comparison with buildings similar to the property and the expected income, in addition to that the economic variables form the most important part of the fair evaluation unlike the geographical variables that do not have that strong influence.
Real estate appraisal.
The Ant: Academic qualifications are essential
Mr. Walid Al-Namla, a café investor, said that knowing the current market and realizing the balance between the value of the property and the financial size and taxes are among the most important requirements for the experience of the real estate appraiser, and academic qualifications and specialized courses have become necessary for the appraiser; because the real estate world has become almost unified in the strong economic countries, but they will not work unless the appraiser practices real estate work himself.
Al-Namla explained that crises affect the evaluation of real estate either through fears of future visions or when disasters such as the Corona pandemic occur; therefore, the real estate evaluator must be credible, accurate and responsible and build his evaluation according to the principles and real estate studies away from illusions and rumors.
Hakami: the impact of the geography of the property
Ms. Ghada Al-Hakami, Supervisor of the Sales and Purchasing Department and a team member of Rubaiyat Najd Real Estate Company, explained that the evaluation depends on many things, even how to build and final finishes enter into the evaluation, and some real estate evaluators still need experience and direct contact with the real estate market and try to understand the projects, their dimensions, strategies and so on.Some real estate evaluators still need experience and direct contact with the real estate market and try to understand the projects, their dimensions, strategies and so on. Al-Hakami believes that the comparison with buildings similar to the property is the most appropriate type of evaluation that depends on the location, price per meter and security and safety standards.
She warned that the geography of the property directly affects the valuation, an example of this is the great difference in real estate prices between North Riyadh and South Riyadh, in addition to the quality of the population is closely related to this, as real estate developers in some neighborhoods may prefer to sell or rent to people of a certain class or high income and so on.
Real estate developers in some neighborhoods may prefer to sell or rent to people of a certain class or high income and so on.
