THE VALUATION Chapter of the Surveyors Institute of Zambia (SIZ) wishes to advise members of the public and institution to engage registered Valuation Surveyors under CAP 207 of the laws of Zambia before they purchase property to understand the true market value of the properties they want to purchase or sale.
Further, the Valuation Chapter has also noted with sadness that certain beautiful developments have ended up being white elephants because the investors or developers did not consult the valuation professionals, who are also real estate development appraisers, at inception – that is before the design stage – to determine the highest and best use (HBU) of properties that require development or re-development.
The professionals also ensure that feasibility studies of various development concepts are undertaken to ensure institutional or individual investors develop assets that have good returns and are absorbed by the target customers and not to turn out to be white elephants.
The Valuation Surveyors in Zambia have been trained at a great cost to the government at various institutions, which include the Copperbelt University, to ensure that they provide relevant information in relation to real estate transactions, which include purchase, sale, lending development or re-development.
SIZ Valuation Chapter chairperson