STEER & CO'S VALUATION DIVISION UPDATE

As we head into the tenth month of 2021, we are impressed by the increase in volume of valuations handled by this division of our company.   The growth in all types of valuation briefs has been significant including the ever-present municipal valuation objections/appeals but also a substantial number of market valuations for other purposes, be they sales and acquisitions, balance sheet, litigation and simply owners wanting to buy/sell specific properties.

This latter trend follows the European practice where buyers often obtain professional valuation reports to ensure that the purchase price they are considering to pay is in line with market levels. We have also seen a number of body corporate briefs where a section owner is considering purchasing common property (foyer/roof space/garden) from the body corporate, who seeks a market value of such common property. In addition, we have recently had lessors or lessees briefing our valuers to perform a market rental valuation where leases are being renegotiated. This is particularly prevalent given the significant movement in market rentals owing to the Covid pandemic, evident in some property sectors more than others that have remained more stable or recovered more quickly.

Our valuation division covers the entire Southern African region and we have accepted valuation briefs as far afield as Zambia and Namibia where it is interesting to compare market conditions with the sophisticated market structures in South Africa.  

We are reminded that our infrastructure, particularly the Surveyor General and similar record-keeping functions are the equal of any in the world and this assists the valuer to more accurately determine the data and values of the subject properties.

Insurance replacement values are also an ever-growing field requiring our services, particularly as the community schemes requirements are that these valuations must be prepared on a three yearly cycle.

When we are not actively working on valuation briefs, we ensure we stay up to date on market trends and industry news through attending webinars/seminars presented by our well-organised South African Institute of Valuers (www.saiv.org.za) amongst others.

You are welcome to contact any of our registered professional valuers to enquire about a full range of valuation services from commercial to residential to agricultural, both fixed and moveable property. Please contact Pauline Masconi, the valuations assistant on pauline@steer.co.za for any valuation-related enquiries.