Property market players learn about market related valuations
During a recent roadshow in Windhoek, Swakopmund and Ondangwa, FNB Namibia’s Home Loan division brought property industry stakeholders together to state their views on the current state of valuations in the country and the effect on the property market.
A property valuation is carried out by an estate agent or an independent valuer to give clients an accurate idea of the market value of their home.
Madga Talbot, Head of Home Loans, FNB Namibia advised that estate agents, valuators, banks and developers have had numerous questions about property valuations, especially in the upper price segment.
“Valuations currently seem to frustrate industry stakeholder. At FNB Namibia we believe that the current pricing is not only due to negative economic factors, but possibly also based on unfamiliarity,” Talbot said.
Some of the more general criteria include the age of the property, wear and tear, size and room layout, and any extras or additional fittings the house has. Buyers will also need to have a valuation if they’re mortgaging the house, to ensure the lender offers the correct amount.
Furthermore, FNB Namibia’s Group Economist, Namene Kalili, spoke about the current economic state and how this influenced property values, while Pieter Smith of FNB South Africa gave clarity on the methodology of valuations and talked about factors that should be considered to ensure the valuation is correct and market related.