There are many reasons why you should consider getting a property valuation, including if you are keen to sell in the near future.
In fact, in the UAE, you are required by law to have the intended property inspected by a government-certified valuator for any transaction that involves a bank financing option – a method favored by the majority for property handovers. The valuator must perform an analysis and present a valuation report, which the buyer then takes to the bank in order to secure a loan for the sale to proceed.

It is advisable to verify your property’s value on a regular basis. When it’s time to sell, buyers are prone to look it up online. If the internet suggests that the home’s value is lower than what you are asking for, it can damage your negotiating position.
Knowing your property’s value before putting it up for sale gives you an idea of how much you can market it for and how it compares to other listings in the area. Even if you don’t plan to sell, conducting a property valuation before going through with major modifications like remodeling or updating property insurance is also a good idea.

A property valuation cost depends on various factors, such as the type of property, inspection process, valuation methodology, and more. In Dubai, it can cost upwards of AED 2,000 although some services provide free valuations. At Ovaluate, all our valuations are certified and competitively priced, starting at AED 1,833 and structured based on property type. Please refer to our price list for a complete cost breakdown of our offerings.
Offering valuation allows valuation firms to view the property and sell the services. It helps the firms make a potential client and is integral to a real estate agency’s business process.

Bank valuations and market value are not quite the same. A bank appraisal offers internal regulatory and preventive services for property owners to understand a reasonable amount they can claim for their property, while market value refers to a property’s price on the open market – which is often determined by buyers. Due to this reason, property valuation rates need to be less than market value.

You can expect a professional appraiser to look at your property from a prospective buyer’s perspective. They will evaluate a property based on multiple factors such as location, size, zoning, and the scope for future development. Therefore, you can predict an estimation that will more or less be similar to your property’s value.

The majority believes that there is no difference between a valuation and evaluation, primarily because these terms are often used interchangeably. However, a valuation is a formal report, typically delivered by a valuator or valuation firm and covering all aspects of a property’s worth with supporting documentation, while an evaluation is more of an informal, ad hoc process.

Property value simply refers to the amount a purchaser is prepared to pay for a property and the amount a seller willingly accepts. It is determined by various factors like location, size, and quality of the property. On the other hand, fair market value is the price of property on the open competitive market under specific conditions – mainly, that both buyer and seller have relevant information at hand, face no pressure to complete a transaction, and have ample time to mutually consent on a price.

You can easily find your home’s value using these simple methods:

• 1. Consulting an appraiser
• 2. Checking on a virtual property valuation platform
• 3. Requesting for a competitive market analysis
• 4. Looking up properties with similar features to yours

In the case of Ovaluate, our AI does all the above within our platform and gets your valuation certificate delivered in seconds.

Banks usually request an independent third party to carry out a valuation for real estate, to ensure expert and impartial advice is delivered. It is a type of risk analysis for banks to check whether the borrowed amount aligns with their policies. The timeline of bank valuation can vary depending on the bank and the property. Usually, for residential properties, it takes 3 working days. For commercial properties, the process typically takes longer.

It is not necessary to conduct a valuation before remortgaging or receiving a debt rescheduling for your home. However, you should know the approximate market value of your home before proceeding with debt restructuring.

There are plenty of data platforms and sources available for firms and appraisers to gather information. Typically, esteemed valuation firms use several sources to ensure high-quality valuation services. These sources include data from the land department, reputable brokers, and internal or external databases. You can ask your chosen firm about their preferred sources as different companies rely on different collection methods.