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Property and House Prices in Zimbabwe
Properties in Zimbabwe are overpriced, anyone looking to buy a house should ensure the property has been valued by an specialist property valuer. Sellers are also advised to engage a valuer to ensure the price reflects actual property value.
Property analysts said most residential properties and stands on the market were not priced correctly because sellers compare their properties with similar ones in classified sections of newspapers or on the internet, which in most cases were not correctly priced, and trend seems to have continued form then. Potential Zimbabwe property buyers based outside the country are seemed to be confused by the Zimbabwean Property market (http://www.263properties.com/
It was also mentioned that proper evaluations were not being carried out to reflect the real value of these properties thus leading to these properties being overpriced. Another critical point that was mention is that most of these overpricing sellers actually settle for lower prices than those that will be originally advertised. This in turn polarizes
For those who are not aware, valuation is the act of determining the value of a property. It is the price of the property established by appraisal of partly its quality, condition and desirability or the cost of replacement as well as its location regarding recreational facilities etc. Valuation do go further deeper that, though this is merely to give you an idea. If you are selling a property you do need the services of a professional valuator and these are found in most if not all property or estate agents in Zimbabwe (http://www.263properties.com/?
In terms of Statutory Instrument 156 of 2006, valuation means a formal report prepared by a valuer in accordance with his client's instructions stating the valuer's opinion on either the open market value of any property in terms of its capital or rental value. This will be as at a certain date or/and the replacement cost or depreciated replacement cost of any building and improvements thereon as at certain date, whether or not such valuation was arrived at with the assistance of a building construction professional.
According to the Valuer's Act of 1996, a valuer is the person who is registered in terms of the Act, or a company or partnership practising or carrying on business as a valuer in terms of the Act. A valuer's art is more than making estimates and desktop assessments or price appraisal. It requires skills in carrying out researches, feasibility studies for developments, project management, financial consulting and even discount cash flow analysis.
It also involves working with comparable data, searching for relevant information, for example deeds searches, town planning, studying the lease, producing a detailed valuation report which must include information such as full instruction by the client, purpose of the valuation, basis of valuation such as open market value, correct description of the property, the extent of the subject property and date the inspection was made and the effective date of the valuation.
Valuations calculate a building's worth and are vital for a business decision. They are done for various purposes including, capital gains tax and other taxes Zimra may require such as mortgage security. Buyers are advised to seek the services of valuer before engaging into a transactions in buying a house in Zimbabwe (http://www.263properties.com/
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263properties.com is Zimbabwe’s leading property website. We are not estate agents but we offer the service for Zimbabwe home movers to find details of all properties available to buy or rent.