How Long Does a Property Valuation Take in Dubai? Find out the answer to this question in this complete guide about the property valuation timeline in Dubai.
Property valuation is extremely important when it comes to buying or selling a certain property. It helps you figure out how much money is required to buy a certain property and how much you can make after selling
The process of property valuation requires patience and attention to detail. Not doing it properly can lead to financial loss. In this article, we are going to discuss how long a property valuation usually takes in Dubai. This information will help you reach a quick decision about the price of a certain property so stay with us till the end.
What is Property Valuation?
Property valuation in Dubai is a process that involves a detailed assessment of various features of a property. Based on these features, the valuer estimates the most accurate price of the property which helps buyers as well as sellers to get the best deals.
The property valuation eliminates financial risks and gives you confidence as well as peace of mind that you are buying or selling your property at the right price.
How Long Does a Property Valuation Take in Dubai?
In Dubai, it takes about 5 to 8 working days to get a real estate valuation certificate. This duration may vary based on the size of your house and some unique features that it might have.
A surveyor can conduct a house valuation in about one hour to 90 minutes. The valuation processes that last longer give you more opportunities to ask the right questions and clear any confusion about the valuation.
The valuation process helps you find out what your house is worth and also figure out ways you can increase its market value. This way you can make quick adjustments that make your house look better to the buyer.
What Does a Valuer Focus on During Property Valuation?
Here are a few things that a property valuer pays attention to while evaluating a certain building
Location
A valuer knows everything about the local area and the available facilities. The deep knowledge of the location allows them to come up with the most appropriate price for the house.
Property Size
Proper valuers know the price per square foot in your desired area. This allows them to find out the most accurate price of the building based on the plot size. apart from the size, they also consider the available amenities and design of the building which gives you the best rates.
Property Type
A valuer knows what property types are currently high in demand. They understand how much a certain type of building costs in a certain part of Dubai. This helps them reach a quick decision about the price.
Property Condition
Property valuation services inspect both the interior as well as the exterior of the building very keenly. They know how much renovation has been done and what are some possible future repair costs. This allows them to come up with a better price by deducting costs that will come on improvements of the property.
Number of Rooms
A property that has the right balance between the number of rooms and the available living space usually costs more. The valuers focus on things like whether the number of rooms is more than what is needed by the residents. The number of available rooms thus affects the property prices directly.
Parking Space
Off-street parking can increase the price of a building by as much as 10%. Valuers help you reduce damage risks and bring down insurance costs by looking for buddings that come with safe parking spaces.
Market Pricing Trends for Similar Properties
A valuer uses the recent pricing trends for buildings and properties that are similar to yours. This helps them determine the most recent prices of these properties that are acceptable to both sellers as well as buyers.
How Long is a Property Valuation Estimation Valid for?
Property valuation, once received in document form, stays valid as long as the market conditions stay the same as they were at the time of valuation. It is highly recommended, however, that you put the place that you had valued by some expert on sale within three months of the valuation.
If your property has been up for sale for a considerably long time, then it is better to have the valuation done again so that you get the best price. The valuations done by most lenders are usually valid for as long as 6 months.
Conclusion
So, now you know how long a typical valuation process takes in Dubai and what are some of the major factors that a valuer considers in the process. The valuation duration depends on factors like your location, building size, the number of rooms, and the available living facilities.
We really hope you have learned something of value here and we wish you the very best in getting the most accurate valuation for your commercial or residential property in Dubai.
Frequently Asked Questions
How do you evaluate property value in Dubai?
You can do this by using online property valuation tools or by hiring a professional appraiser. You can also do this by getting a comparative market analysis.
Which is the most important factor in the valuation of property?
The location of the property is without a doubt the most important factor in property valuation. It determines facilities like the ease of commute, accessibility to places like schools, hospitals, parks, landmarks, etc., and overall safety and security.
How much does it cost to get a property valuation?
You can get property valuation for about AED 2000 to AED 6500 in Dubai based on the size and type of your property.
What brings down the value of a house?
This can happen due to bad location, poor facilities, structural defects, and lack of accessibility. All these factors directly affect the cost and drop the price.
What are the 3 main approaches in property valuation?
The three approaches used in property valuation are the cost approach, the income approach, and the market sales comparison approach.
